What does a great team look like?
The number one reason for investors to invest in a start-up is the team’s qualities, so build it before you raise; but what does a great team look like?
- Credible – Why should an investor believe in anything you say? If they do, it will be primarily because the team has domain expertise, sector experience and preferably has someone with experience as an entrepreneur. If the entrepreneur in your team has built and exited a company whilst making money from past investors, then it scores at all levels and you would find it relatively easier to raise your initial funding.
- Trustworthy – If an investor is going to invest and work with you for at least 3–5 years until a return can be seen, it is imperative that there is mutual trust.
- Likeable – It is preferable that you both like each other. Always research your investors before diving into the deal to ensure that you believe in them and their philosophy.
- Capable – The Hipster-Hacker-Hustler model for the perfect team is that you must have someone in your core team who can
- design a product based on unique customer insights (the Hipster)
- lead on building the product (the Hacker)
- sell to customers and investors (the Hustler)
- All Star – The best team has a combination of factors that gives the impression to investors that you are the best people in the world to take the start-up forward.