Investors look for great founders teams.
The top three items for investors to invest are: team – team – team
You must assemble a top notch team
You heard all that many times. But what does it actually mean? What constitutes such a great founders team?
- Team means team. A founders team is not one founder with a few people joining him or her somehow but multiple founders with more or less equal equity share in the startup. Together thay sculptured and shaped the concept of the business. It takes teamwork to make a dream work.
- The best founders are obsessed, not just passionate about what they do. They make any humanly possible effort to make their idea come true. If they have to move to a different country, they will. If they have to sell everything they posses they will. If they have to live in a shed and have just barely enough to survive they will.
Passion is for pussycats – great founders are obsessed
- Great founders are truly intelligent. Meaning they have the skill to solve a problem by simply thinking through most of its permutations even though neither they nor anybody else ever ever found a solution for a similar problem.
- Having assembled a team of very diverse skills and behavior. Having a generalist working with two specialists (CEO, CTO, CMO). A doer, a a visionary and an detailed subject matter expert are best.
- Bold thinking. Not just a hypothetical billion users or billion dollars but an intelligently constructed ways and a reasoning why and how to get there. Having a reasonable idea about the technology development, the societal trends and industrial movements over the next 10 years, The ability to draw the future like a picture.
- NO respect for anything. Breaking all rules except the law. They do what they think it takes to achieve their goal no matter what anybody in the world tells them to do.
- Complete independence of capital. Great founders make things happen with nothing. To the contrary those who need somebody else’ money to start are definitely not great founders. The only money they need is to grow their company faster than organic growth.
- Top founders are people who can easily attract others: Attract co-founders, attract customers, attract talents, attract investors…
- At least one of the founders in the team is a marvelous communicator. Has the ability to get the message out in a simple way and crafts those messages, so that others can share it as well. Founders are not living in offices and labs but in the market.
- High sense of urgency. Great founders do things significantly faster that their competitors. They have no time for anything but run. From idea to prototype, less than 6 month. from prototype to production less than 6 month. From being in the market to first major market share wins, less than six month, from first market share wins to first international business less than 6 month…