Core 5 questions
Q1 — Map the workflow
"Walk me through how you currently assess management quality or leadership risk before making an investment decision."
Listen for: existing tools, analyst processes, data vendors, manual vs systematic. This tells you where Stronglight fits.
Q2 — Find the gap
"Where does that process feel incomplete or unreliable?"
Listen for: specific pain points, tools that don't fully solve it. "We rely on analyst judgment" = gap.
Q3 — Surface the regret moment ★
"Has there been a situation in the last two years where a governance or management issue affected your portfolio — and you wished you'd seen it earlier?"
Specific + emotional = painkiller confirmed. Vague = vitamin territory. This is the most important question.
Q4 — Test integration
"If you had a behavioral risk score for every public company updated quarterly — where would that fit in your process? Replace anything or add to something?"
"Replace analyst pre-screen" = must-have. "Add to research stack" = nice-to-have. "Not sure" = education needed.
Q5 — Must-have threshold
"What would need to be true for this to become something you budget for — rather than something interesting but optional?"
Listen for: Sharpe/accuracy thresholds, integration requirements, procurement triggers, regulatory requirements.
Signal reading
Must-have signals: "We already pay for something like this" · "We've had a blowup we didn't see coming" · "Compliance requires this screen" · "We'd replace X with this"
Vitamin signals: "That's interesting, we'd look at it" · "Add it to our research stack" · "Useful for context"
Scoring (fill in immediately after the call)
Pain 1 = vague interest · 2 = clear workflow gap · 3 = specific regret moment, budget conversation possible
Fit 1 = unclear where it fits · 2 = add-on to existing stack · 3 = replaces existing spend
Speed 1 = long cycle · 2 = POC in 4-6 weeks · 3 = ready to evaluate now
≥2-2-2 = live opportunity · 3-3-3 = priority close before IC
Segment-specific add-on questions
For quant funds: "What factor tests would you run before adding a new signal to your stack?"
For D&O insurers: "How do you currently price executive misconduct risk in your underwriting model?"
For pension funds: "What's your framework for governance deterioration in existing holdings?"
For credit desks: "When a company gets downgraded — in retrospect, were there management signals you wish you'd caught earlier?"
For Japan institutional: 「データに基づいたガバナンスリスクの定量化に関心はありますか？」