If you’re part of a team making investment decisions, you already know how quickly things can get messy—endless email threads, lost Google Docs, random notes stuck in Slack. Getting everyone on the same page (literally) is half the battle. That’s where CB Insights comes in. It’s built for tracking deals and research, but its memo tools are only as good as the process you set up.
This guide is for analysts, associates, or anyone tasked with writing and sharing investment memos in CB Insights. We’ll cover practical steps, pitfalls, and a few things you can safely skip.
Why Bother With Investment Memos?
If your team’s tired of “just winging it,” investment memos force clarity: they make you lay out the facts, surface opinions, and leave a record for later. A good memo isn’t just paperwork—it’s how you make better decisions and avoid repeating mistakes.
CB Insights tries to make this easier by letting you create, store, and share memos right alongside your deal pipeline. But there are quirks you should know before you dive in.
Step 1: Set Up Your Workspace for Memos
Before you jump in, take a minute to check your CB Insights workspace. Here’s why: if everyone creates memos in their own way, you’ll end up with a mess—missing context, inconsistent formats, and confusion over where things live.
Checklist: - Decide where memos live. Are you using the “Notes” section on company profiles, the “Memo” tool in the Deals module, or uploading external docs? Pick one and stick with it. - Pick a template. CB Insights has basic templates, but you can make your own. Decide what’s mandatory (e.g., investment thesis, risks, diligence notes). - Set permissions. Not everyone needs edit access. Make sure only relevant team members can modify memos; others can view or comment.
Pro tip: If your team hasn’t agreed on a template, start with the basics—problem, solution, team, traction, risks, questions. Don’t overcomplicate it.
Step 2: Start a New Investment Memo
Here’s how to create a new memo in CB Insights. The UI changes from time to time, but the core steps are consistent:
- Find the company or deal. Use the search bar at the top to look up the company you’re targeting.
- Open the deal or company profile. Most teams create memos under specific deals, so start there.
- Navigate to the Notes or Memo section. Look for “Add Memo,” “Notes,” or similar. If you don’t see it, check your permissions or ask your admin.
- Select your template. If your team has a custom template, use it. Otherwise, start with the default and tweak as you go.
- Title your memo clearly. Something like “Series A Memo — Acme Corp — June 2024” beats “Acme Notes.”
- Fill in the key sections:
- Overview: What’s this company or deal about?
- Market: How big is the opportunity, really?
- Team: Who’s running the show?
- Product/Tech: What’s unique or defensible?
- Traction: Any real proof of demand or growth?
- Risks: What could go wrong? (Be honest.)
- Questions: What’s still unknown?
- Recommendation: What are you suggesting?
What works: Keeping memos short and punchy. Nobody reads a 10-page memo unless they have to.
What doesn’t: Dumping in every possible detail or pasting in pitch decks. Use links for that.
Step 3: Collaborate Without Losing Your Mind
CB Insights lets you tag teammates, add comments, and even track who edited what. But don’t expect Slack-level collaboration. The comment system is fine for quick notes, but it’s not built for deep back-and-forth.
How to collaborate: - @Tag teammates in comments for specific feedback. - Use version history if you need to see who changed what. - Avoid side conversations inside memos—keep those in Slack or email, then summarize big points back in the memo for the record.
Pro tip: Assign one “owner” per memo. Too many cooks and you’ll get a Frankenstein document.
Step 4: Attach Supporting Documents (But Don’t Overdo It)
CB Insights lets you attach files—pitch decks, spreadsheets, screenshots, whatever. This is useful, but easy to abuse.
- Attach only what’s necessary. If it’s not directly relevant, leave it out.
- Use links for big files. For monster spreadsheets or giant decks, link to your team’s shared drive instead of uploading.
- Reference attachments in the memo. Don’t assume people will open every file.
What works: Including a 1-2 page summary deck or key diligence findings.
What doesn’t: Uploading every email chain or raw data dump.
Step 5: Share the Memo With Your Team
Once your memo’s ready, it’s time to get eyes on it—without spamming everyone.
Ways to share: - Share the memo link directly. Use CB Insights’ “Share” button to copy a direct link. Send it to your team Slack, email, or whatever you use. - Set access permissions. Double-check who can view or edit. If it’s sensitive, limit to just the deal team. - Add to your investment committee agenda. If your team votes on deals, add the memo link to your IC doc or calendar invite.
What works: Giving people a heads-up (“Hey, memo’s up—comments by Friday noon”).
What doesn’t: Blindly sharing to everyone in the company. Keep it focused.
Step 6: Keep Memos Updated (or Don’t)
Memos should be living docs—at least until a decision’s made. But don’t fall into the trap of endless edits.
- Update memos only when something material changes. New info, a pivot, or a change in risk? Update. Typos? Don’t sweat it.
- Archive or lock memos once a decision’s made. Future you will thank you for the clean record.
Pro tip: Create a quick “Decision Log” at the top or bottom. One line: “Passed – 2024-06-10. Reason: Market too crowded.”
Step 7: Learn From Old Memos
One of the real values of keeping everything in CB Insights is the paper trail. Don’t let it go to waste.
- Review past memos before starting something new. See what you missed last time.
- Build a “lessons learned” doc if you spot patterns (e.g., “We’re always overestimating market size”).
- Don’t be afraid to call out mistakes. That’s how teams get better.
What to Ignore
CB Insights has a lot of bells and whistles—some useful, some just noise.
- Custom fields and scoring systems: If your team isn’t disciplined about filling them out, they just become clutter.
- AI-generated insights: These can be hit or miss. Use your own judgment.
- Excessive tagging: Too many tags and you won’t find anything. Stick to a handful that actually help with search.
Wrapping Up: Keep It Simple, Iterate Often
You don’t need a perfect system right away. Start with a simple memo format everyone can live with. Focus on clarity and decision-making, not on making your memo “pretty” or exhaustive. Use CB Insights for what it’s good at—keeping things organized, searchable, and transparent. Everything else is just noise.
If your team sees value in the process, you’ll improve over time. Don’t be afraid to toss what isn’t working. The best investment memos are the ones people actually read—and act on.