It is Monday night and I am in Ithaca, New York, getting ready for bed. I've been teaching my class at Cornell University and coaching my startups during the day and evening breaks. A.C. is in the middle of due diligence question and answer sessions with a VC firm. He is doing great. The outside expert is "getting it" and the lead partner is getting more comfortable with the bplan.
A.C. has learned to answer questions without delivering a PhD thesis (which he is capable of). That is what it takes to close in on a term sheet. The other party is struggling to put together the basic elements of the technology, business model, financial forecasts and a lot more. That leaves little time to "drill down" into inner secrets that are very proprietary. That is where you want the outside party to remain: close enough to be satisfied you can deliver on your bplan, especially the technology.
If you volunteer too much information a lot of bad things can happen. For instance,the other party can get lost and give up hope of understanding what you intend to build. Or you reveal too much and give away, unnecessarily, internal secrets about technology and strategy. And so on.
BOTTOM LINE: The key is to deliver what gets the order and stop. Great sales people will tell you that over and over. So get it right now: answer the questions and stop. Help the other party get to a level of sufficiency and then you have a fine chance of getting your term sheet.