Hugo van de Haar

Working together · Demand-Side Diligence

Commercial diligence for space and deep-tech.

An independent picture of the demand side, built from the public record, for a board or an investment committee. On one company, or on the segment you are weighing before you get to a company.

€12,500one company · two to three weeks · excl. VAT

Book a scoping call

Customer evidence and questions for management

OneWhich relationships are evidenced
A logo wall shows a paying customer, an investor, a partner, a signed memorandum and a demonstration an agency funded in exactly the same way. I trace each name through press releases, procurement records and filings and classify what the evidence supports. Unresolved relationships remain explicitly unverified. The report carries the result as a table, every claimed relationship marked customer, investor, partner or programme, with a source and a date, with unknowns kept separate from confirmed relationships. A relationship does not by itself establish revenue.
TwoThe market it sells into
Who is buying in that segment, and what they have contracted for. I assemble the awards of the past few years into a buyer map: which organisations bought, from whom, at what size where disclosed, and which of them have come back. The report distinguishes disclosed contracts from inferred demand, and states where the record is incomplete.
ThreeHow it compares
Where enough comparable observations exist, I compare disclosed repeat orders and advertised commercial roles, using datasets with a published method. The comparison states its sample, period and gaps. Publicly reported repeat orders do not establish a sector-wide probability, and vacancies do not measure the existing workforce.
FourWhat the revenue depends on
Documented public programmes, their renewal dates and the dependencies they create. Revenue shares are calculated only when financial information supports them; otherwise they remain unknown. Renewals and programme decisions have dates, so the dependencies go on a calendar and the report says which ones the plan has to survive. Then the questions no public source can settle, written for you to ask management directly, with the supporting documents needed to verify each answer.

What you receive.

The report
Ten to fifteen pages, written for this deal alone, a source and a date on every claim, and a list of what the record does not show.
The relationship table
Named relationships classified where supported, with sources and dates. Unverified claims are marked as such.
The buyer map
Who buys in the segment, what they contracted for, and which buyers came back.
The comparison
Disclosed repeat orders and advertised roles, compared only where the sample supports it; otherwise the limits and missing evidence.
The management questions
Written out for your meeting, with the supporting documents needed to verify each answer.
The call
An hour with your team, on the report and on what to do with it.

Two to three weeks. Public-source work can start without target access. Before accepting the assignment, I check whether the available record can support the agreed questions. Financial verification and unresolved claims may require information from management.

Suppliers in orbit around an institutional customer, with one on a path out of it the institutional customer has its own customers Suppliers in orbit around an institutional customer, with one on a path out of it the institutional customer has its own customers
A conceptual illustration of customer concentration, not a distribution measured across suppliers. The report examines the dependencies supported by evidence for the company in scope.

Sources and scope

I work either for a company or for a party assessing it, never both, and a finding is not softened on request. Assessed companies are never named in published work, and no dataset moves because of an engagement.

It is commercial research and not investment advice. It contains no valuation, no view on the round or its terms, and no recommendation either way.

One company

For investors, boards and acquirers assessing a European space or deep-tech company

One target, with sources throughout, so your own team can check any line of it. No hourly rate and no retainer.

Fixed price
€12,500fixed · excl. VAT · two to three weeks
Book a scoping call

Source availability is checked before acceptance or an invoice.

The segment

The same questions asked of a category rather than a company: who the buyers in that segment are, what they have actually contracted for, which suppliers have been bought from twice, and what the demand rests on. For an investor weighing a thesis before weighing a company, or a board deciding whether a market is worth entering.

Longer than a single report, because the record for a segment has to be assembled first. Scope, length and price are set in writing before it starts.

Scoped per assignment
From €25,000scoped in writing before it starts · typically four to six weeks · excl. VAT
Book a scoping call

The agreed scope reflects the evidence available for the segment.

Discuss a diligence project

Tell me the target and the questions you need to resolve. I check source availability before accepting the assignment.

Book a scoping call