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7位風(fēng)投家談創(chuàng)業(yè):我們?yōu)槭裁匆o你投錢?

7位風(fēng)投家談創(chuàng)業(yè):我們?yōu)槭裁匆o你投錢?

Zara Stone , The Hustle 2016-05-19
是什么讓風(fēng)投家們毫不猶豫地拿出了支票簿?七位知名風(fēng)投人士談創(chuàng)業(yè)中的“人的因素”。

有一天,我的朋友跟我講了他與圖片應(yīng)用Snapchat的最早的一位投資人之間的對(duì)話。我的朋友問(wèn)那個(gè)投資人,他為什么要投資Snapchat,那名投資人的回答引起了我的興趣:

“伊萬(wàn)非常堅(jiān)持地認(rèn)為,Snapchat之所以特殊,就是因?yàn)檫@個(gè)應(yīng)用一打開(kāi)就會(huì)自動(dòng)顯示攝像頭界面。我不明白這一點(diǎn)為什么重要,所以我提出了質(zhì)疑,而伊萬(wàn)則用看傻瓜一樣的眼神看著我。

不不不,它必須得馬上就能打開(kāi)才行。你必須一點(diǎn)開(kāi)Instagram就能直接使用相機(jī)。要不然就太愚蠢了,得點(diǎn)擊很多次?!?/p>

我并不認(rèn)為多點(diǎn)幾次是多么大不了的事,但令我感到驚訝的是,一個(gè)只有22歲的年輕人,對(duì)于這樣小的細(xì)節(jié)也如此固執(zhí),于是我認(rèn)定他一定可以成功。所以我就給他簽了一張支票?!?/p>

很多時(shí)候,我們經(jīng)常忘記了這樣一個(gè)事實(shí):許多后來(lái)被人們稱為“偉大”的公司,起初都是由一兩個(gè)人在車庫(kù)里折騰起來(lái)的。他們當(dāng)時(shí)所做的事,在很多人看來(lái)都很瘋狂、愚蠢、甚至不切實(shí)際。然而一家偉大的公司之所以能成其偉大,就是因?yàn)槠鸪踔辽儆幸粋€(gè)人相信了它的潛力,愿意給它一次機(jī)會(huì)。

不管這個(gè)人是它的第一個(gè)顧客、第一名員工還是第一名投資人,總之,有人給了他們一次機(jī)會(huì)。

正是受這次對(duì)話的啟發(fā),我決定調(diào)查一下,看看一些知名的投資者究竟是基于什么原因,投資了那幾家我比較喜歡的公司。

1、彼得?倪,光速創(chuàng)投(Lightspeed Ventures)合伙人

曾為Nest公司的CEO托尼?法德勒投資(該公司于2015年以32億美元的高價(jià)售出)

“他們就算是去開(kāi)快餐車,我們也會(huì)投資的。”在回顧他向托尼?法德勒的投資時(shí),彼得?倪曾這樣寫道。他與法德勒是1991年在一家名叫General Magic的初創(chuàng)公司實(shí)習(xí)時(shí)認(rèn)識(shí)的。他說(shuō),法德勒從一開(kāi)始就是一名“鶴立雞群”的員工。他行動(dòng)迅速,一絲不茍,而且“永遠(yuǎn)滔滔不絕地談?wù)撝镜陌l(fā)展方向和戰(zhàn)略。”這也給彼得?倪留下了難以磨滅的印象。

多年以后,托尼找到他來(lái)拉投資。彼得?倪說(shuō):“當(dāng)時(shí)我們絲毫沒(méi)有猶豫。我深信托尼和他的合伙人馬特一定會(huì)做出一番大事業(yè)。如果他們是要這筆錢開(kāi)快餐車,那也無(wú)疑將是一臺(tái)改變游戲規(guī)則的快餐車!”

2、黃易山,Reddit前任CEO

曾向Balanced公司的CEO馬丁?塔米茲投資。Balanced是一家主營(yíng)支付業(yè)務(wù)的公司,曾獲355萬(wàn)美元融資。

這家名叫Balanced的初創(chuàng)公司的支付業(yè)務(wù)由于始終不溫不火,便于2015年7月關(guān)停了業(yè)務(wù),將用戶轉(zhuǎn)給了另一家支付業(yè)務(wù)公司Stripe,然后閉門苦思下一步該怎么辦。

然而在此之前的幾年里,Balanced卻曾獲得過(guò)數(shù)百萬(wàn)美元的融資。他們又是如何說(shuō)服投資人的?

黃易山在問(wèn)答網(wǎng)站Quora上解釋了他當(dāng)初為什么決定向馬丁?塔米茲投資。

“馬丁并不是一般人,他足智多謀,百折不撓。在創(chuàng)業(yè)界浸淫一段時(shí)間后,你就會(huì)發(fā)現(xiàn),那些堅(jiān)持做事、能做成事的人與普通人真的是有區(qū)別的。馬丁有著極強(qiáng)的職業(yè)道德,而且他總是從各個(gè)角度努力解決,這都給我們留下了深刻印象。這些東西聽(tīng)起來(lái)似乎是理所當(dāng)然的,但實(shí)際上并非人人都具有這些特質(zhì)?!?/p>

“因此,這些特質(zhì)也是初創(chuàng)公司能夠成功的一個(gè)先決條件。初創(chuàng)公司的創(chuàng)始人必須要能夠表現(xiàn)出這種品質(zhì),因?yàn)樗鼤?huì)‘傳染’給團(tuán)隊(duì)的其他人。如果你沒(méi)有繼續(xù)努力、繼續(xù)嘗試的欲望,不去固執(zhí)地全力向前推進(jìn),你就無(wú)法達(dá)到任何成就?!?/p>

黃易山的最后一個(gè)理由是:“他的產(chǎn)品相當(dāng)不錯(cuò),也是當(dāng)時(shí)該領(lǐng)域里唯一的一個(gè)此類產(chǎn)品?!敝档米⒁獾氖牵紫瓤粗械氖莿?chuàng)始人的韌性和職業(yè)道德,其次才是實(shí)際的產(chǎn)品。

3、史蒂夫?凱斯,美國(guó)在線(AOL)聯(lián)合創(chuàng)始人、前任CEO

曾向LivingSocial投資(該公司獲得了9.3473億美元融資)

史蒂夫?凱斯之所以會(huì)向LivingSocial融資,是因?yàn)樗c這家公司的四名創(chuàng)始人都有交情,他們四人以前都曾在他手下工作過(guò)。凱斯回憶道,他們四個(gè)都是“優(yōu)秀的人才”。因此他們決定創(chuàng)立一家做Facebook應(yīng)用的公司時(shí),他很干脆地為他們提供了一筆投資。史蒂夫發(fā)現(xiàn),這家公司聚攏用戶的速度極快,在很短的時(shí)間內(nèi)就吸引了8000萬(wàn)名用戶。同時(shí)他也發(fā)現(xiàn),他們正在想方設(shè)法利用這一龐大的用戶群生錢。

當(dāng)這支團(tuán)隊(duì)拿著商業(yè)計(jì)劃書(shū)又找到史蒂夫時(shí),他表示:“很顯然他們已經(jīng)找到了竅門了,現(xiàn)在是猛踩油門、加大投資的時(shí)候了?!?/p>

4、杰森?卡拉坎尼斯

曾向Thumbtack和Uber投資(這兩家公司目前的市值已分別達(dá)到13億美元和680億美元)。

“我曾經(jīng)向Thumbtack和Uber投過(guò)資。當(dāng)特拉維斯和馬可拿著他們的計(jì)劃書(shū)找到我時(shí),我甚至沒(méi)有費(fèi)心思想過(guò)‘打車軟件’和‘更好的免費(fèi)分類廣告網(wǎng)站’這兩個(gè)點(diǎn)子是否能成功,因?yàn)槲抑?,這兩個(gè)人一定能成功。光憑這些信息,就已經(jīng)足以賭一把了。

這也就是所謂的‘杰森天使投資法則’,即:

你并不需要知道一個(gè)點(diǎn)子是否能夠成功——只知道這個(gè)人能不能成功就夠了。

五年后的今天,我依然在尋找著這樣的信號(hào),也就是看一個(gè)人是不是天生的成功者——哪怕他現(xiàn)在暫時(shí)處于失敗中。我最喜歡的兩個(gè)創(chuàng)業(yè)者都有過(guò)創(chuàng)業(yè)失敗的經(jīng)歷,但我總是迫不及待地想看看他們下一步將做些什么。因?yàn)槲抑?,他們是注定能夠成功的人,注定能夠做出不平凡的業(yè)績(jī),所以最終他們肯定會(huì)成功的……就像伊隆?馬斯克也是第三次創(chuàng)業(yè)才成就了SpaceX,第四次創(chuàng)業(yè)才成就了今天的特斯拉。在Uber之前,特拉維斯也先后創(chuàng)辦過(guò)另兩家公司——Scour和Red Swoosh。但正是他第三次的創(chuàng)業(yè),才有了如今Uber的大紅大紫。

優(yōu)秀的創(chuàng)業(yè)者總會(huì)千方百計(jì)、排除萬(wàn)難地去爭(zhēng)取勝利,因此,作為天使投資人,你并不需要過(guò)于擔(dān)心電動(dòng)汽車能不能火、打車軟件能不能紅、Medium.com究竟是一個(gè)平臺(tái)還是一個(gè)出版物(目前已經(jīng)成了一個(gè)熱門話題)之類的問(wèn)題。你只需要考慮你打算投資的這個(gè)人是不是一個(gè)能夠成功的人?!?/p>

5、喬恩?米德維,眾籌平臺(tái)Our Crowd的CEO、風(fēng)投資本家

曾向ReWalk公司投資,該公司是一個(gè)旨在為癱瘓人群提供幫助的機(jī)器人公司(2017年的營(yíng)收入預(yù)計(jì)將達(dá)2100萬(wàn)美元)

“我們是與日本的安川公司一起投資的,安川公司跟著我們投資了1000萬(wàn)美元。我們之所以會(huì)投資那家公司,是因?yàn)樗膭?chuàng)始人非常有激情,而且有過(guò)創(chuàng)辦一家成功企業(yè)的經(jīng)歷。同時(shí)他也非常了解他打算解決的問(wèn)題,并且提出了一個(gè)很好的解決方案。

這家公司面對(duì)的是一個(gè)巨大的且日益增長(zhǎng)的市場(chǎng)。簡(jiǎn)單來(lái)說(shuō),他們的創(chuàng)業(yè)理念主要基于這樣一個(gè)事實(shí)——目前為癱瘓人群提供的輪椅仍與100年前沒(méi)什么實(shí)質(zhì)變化?!?/p>

6、杰瑞?紐曼,Neu Venture Capital公司風(fēng)險(xiǎn)資本家

曾向移動(dòng)分析服務(wù)公司Flurry投資700萬(wàn)美元(該公司2014年以2.4億美元的價(jià)格出售給了雅虎)

紐曼對(duì)投資博客Full Ratchet表示:“我是Flurry前身那家公司的第一批投資人之一。我認(rèn)識(shí)這家公司的創(chuàng)始人,我之前曾經(jīng)與他共事過(guò),所以和他特別熟。他打算把分析工具構(gòu)建到第一代的iPhone應(yīng)用里。于是iPhone的STK應(yīng)用發(fā)布那天,他給我打了個(gè)電話說(shuō):‘我已經(jīng)把這個(gè)分析解決方案構(gòu)建出來(lái)了’。我說(shuō):‘很好,你應(yīng)該構(gòu)建那個(gè)東西’。他說(shuō):‘不是應(yīng)該,我已經(jīng)構(gòu)建出來(lái)了?!艺f(shuō):‘那不可能,他們剛把STK應(yīng)用發(fā)布出來(lái)。’他說(shuō):‘我們這個(gè)是內(nèi)測(cè)版本,但總之我已經(jīng)弄出來(lái)了?!?/p>

“我認(rèn)為從這兩件事上就很能看出這位創(chuàng)始人的特質(zhì)。另外我還認(rèn)識(shí)他們的技術(shù)員。他們兩人一起創(chuàng)辦了這家公司,我對(duì)他們二人都很了解。我知道他們是一個(gè)很好的團(tuán)隊(duì),因?yàn)樗麄冞^(guò)去也在一起共事過(guò)。我覺(jué)得他們可以利用這種新技術(shù)第一個(gè)殺入市場(chǎng),而這個(gè)市場(chǎng)本身也將成為一個(gè)相當(dāng)龐大的市場(chǎng)——也就是iPhone應(yīng)用市場(chǎng)?!?/p>

7、埃里克?加瑟,科技海岸天使(Tech Coast Angels,一個(gè)擁有300多個(gè)會(huì)員的天使投資組織)圣迭哥分會(huì)理事會(huì)成員兼高科技篩選副總裁

曾投資Portfolium公司(該公司獲得了90萬(wàn)美元融資)。

加瑟對(duì)投資博客Full Rachet表示:“我認(rèn)為,Portfolium是真正能夠解決實(shí)際問(wèn)題的優(yōu)秀公司之一。我剛認(rèn)識(shí)他們的CEO時(shí),他還非常年輕。而且在他身上還發(fā)生過(guò)一個(gè)令人難以置信的故事。有一位天使投資人曾給過(guò)他一筆資金,對(duì)他說(shuō):‘聽(tīng)著,我相信你正在做的東西。我這就給你開(kāi)張支票,你走吧!’然后他就給他開(kāi)了一張支票。他拿著這筆錢去創(chuàng)辦了一個(gè)平臺(tái),你可以把它想象成一個(gè)大學(xué)生版的LinkedIn。我知道這種網(wǎng)站至少已經(jīng)有上百人做過(guò)了,但這家伙卻有著很獨(dú)特的想法。他想解決的,是他自己在大學(xué)畢業(yè)找工作時(shí)也曾遇到過(guò)的一個(gè)非常艱難的問(wèn)題。不過(guò)他意識(shí)到,這個(gè)項(xiàng)目要想創(chuàng)業(yè)成功,他就必須先回到學(xué)校學(xué)習(xí)一下編程,才能構(gòu)建好這個(gè)項(xiàng)目。因?yàn)樗玫降哪枪P種子資金很有限,他沒(méi)法雇人去寫代碼。他沒(méi)有去偷、去借,也沒(méi)有去求人或者請(qǐng)朋友幫忙什么的,而是回到學(xué)校,自己花時(shí)間學(xué)習(xí)寫代碼,最后終于形成了一款MVP級(jí)別的產(chǎn)品。然后他就到了科技海岸天使來(lái)拉投資。

他來(lái)了之后,對(duì)我們說(shuō):‘瞧,我已經(jīng)有了全美雇傭大學(xué)生最多的雇主之一。而且我和圣迭哥、加州等地的學(xué)校系統(tǒng)都有很好的關(guān)系。我們真心覺(jué)得在這方面大有可為?!瘡倪@些事情上,我看到了他在構(gòu)建什么、他在做什么,投資對(duì)我來(lái)說(shuō)也就成了一個(gè)自然而然的選擇。他給人的感覺(jué)就是在解決一個(gè)需要被解決的問(wèn)題,他的解決方案也相當(dāng)聰明。而且他也考慮了收益的問(wèn)題,但卻并沒(méi)有讓收益問(wèn)題左右他的決策。左右他的決策的仍然是用戶。

這一點(diǎn)對(duì)我很重要。因?yàn)橐话銇?lái)說(shuō),創(chuàng)業(yè)者們一旦見(jiàn)了現(xiàn)金,他們的重心就會(huì)被現(xiàn)金吸引了去,從而放松了對(duì)用戶的關(guān)注,特別是在這種早期階段。所以在盡職調(diào)查會(huì)議開(kāi)完后,他當(dāng)時(shí)正要去找當(dāng)?shù)氐牧硪患移髽I(yè)孵化器,我拉住了他,并且把顧問(wèn)拉到旁邊說(shuō):‘你需要多少錢才能挺過(guò)接下來(lái)的三個(gè)月?這樣我們就可以通過(guò)盡職調(diào)查,搞定這筆合作。你需要多少錢才能撐下來(lái)?’可以說(shuō)我甚至愿意當(dāng)場(chǎng)寫張支票給他,原因僅僅是由于其他某個(gè)人也相信他——你可能會(huì)說(shuō)我瘋了。但如果有人愿意直接為他開(kāi)張支票,然后說(shuō):‘快走吧,把它做出來(lái)?!@必然是有原因的。另一個(gè)因素則是他非常注重用戶,不想為了追逐現(xiàn)金而改動(dòng)自己的業(yè)務(wù)模式。所以我對(duì)他的業(yè)務(wù)模式也有信心。”

總結(jié)

每名投資人都希望在創(chuàng)業(yè)者身上看到不同的東西,但是激情、理解和智慧卻是決定你能否拿到那些支票的關(guān)鍵。所以創(chuàng)業(yè)者一定要做好市場(chǎng)調(diào)研,為人們帶來(lái)真正的價(jià)值,并且永遠(yuǎn)不要忘了把重心放在用戶身上。只要你能證明自己的實(shí)力,那么你在尋求投資的時(shí)候,就會(huì)收獲更好的結(jié)果。你的實(shí)力可以通過(guò)專注度和用戶群來(lái)展示,而并不一定非要通過(guò)收益流。

如果你滿足了上面的這幾點(diǎn),你的融資之路將變得容易許多。祝你好運(yùn)?。ㄘ?cái)富中文網(wǎng))

譯者:樸成奎

The other day my bud told me about a conversation he had with one of Snapchat’s first investors. My bud asked the investor why he invested in Snapchat. The investor’s response intrigued me:

“Evan was so insistent that what made Snapchat special was that when the app opened it automatically showed the camera. I didn’t understand why that was important, so I pushed back. When I did, Evan looked at me like an idiot.

‘No, no, no – it has to open up right away. You have to click to get to the camera on Instagram. That’s stupid. Two too many clicks.’

I didn’t think it was a big deal to have that many clicks, but I was impressed that a 22-year-old would be that headstrong about something so small that I figured he would make it. So I wrote him a check.”

Far too often we forget that the companies we consider to be great were once a couple of folks tinkering in a garage. What they were working on seemed crazy, impossible, or stupid. However, what makes a great company a great is that at least one person early on trusted the business enough to give it a shot.

Whether they were the first customer, employee, or investor, someone gave them a chance.

And so, inspired by this conversation, I decided to find out what inspired investors to commit to some of my favorite companies.

Peter Nieh, Partner at Lightspeed Ventures

Invested in Tony Fadell, CEO of Nest (sold for $3.2 billion in 2015)

“We would have invested had they been looking to start a food truck,” Peter Nieh wrote about his investment in Tony Fadell, CEO of Nest. Peter met Tony in 1991 during a summer internship at a startup called General Magic. He said Tony was “a standout” employee from the very beginning. This was because Tony was fast, meticulous, and “wouldn’t shut up about the company direction and strategy.” This left a long-lasting, positive impression on Nieh.

Years later when Tony came to him for investment, Peter said: “There was no hesitation from my partnership.” He “had a deep belief that Tony and Matt [his partner] would make something BIG happen no matter what — it would have been a game-changing food truck no doubt!”

Yishan Wong, former Reddit CEO

Invested in Matin Tamizi, CEO of Balanced, a payment startup that raised $3.55 million

Startup Balanced closed shop in July 2015 after failing to make their payments business work. They transferred their customers to Stripe, and sat back to figure out their next steps.

But in the few years they were running, Balanced raised million of dollars. How did they convince people to invest?

Yishan Wong explained on Quora why he invested in CEO Matin Tamizi.

“Matin is an unusually resourceful and relentless guy. After being in startups (working for them, helping them out), you start to see a difference between people who keep on going and get things done, and regular people. What impressed us was how strong his work ethic was and how he would constantly work from a variety of angles to overcome problems. This stuff all sounds obvious, but not everyone actually does it.

So that is one key prerequisite to a good startup (so far as I can tell) – the founder(s) have to exhibit this trait, because it extends into the rest of the team. If you don’t have the will to keep going, keep trying, and generally be pretty stubborn about pushing ahead always, you’re not going to get anywhere.”

Wong’s final reason was that “the product is pretty good, and as far as I can tell, it’s the only one in its space.” Note that the actual product took a backseat to the tenacity and work ethic of the CEO.

Steve Case, co-founder and former CEO of AOL

Invested in LivingSocial (raised $934.73 million)

Steve funded LivingSocial because he had a relationship with the four founders, who’d worked for him before. He said they were “great guys” and invested some money in their first business, a Facebook apps company. Steve observed how quickly they gathered users – around 80 million in a short time period – but noted how they struggled to monetize them.

When the team came up with a social commerce plan, Steve said: “It was clear they were on to something and it was time to slam down the accelerator and invest heavily.”

Jason Calacanis

Invested in Thumbtack and Uber (now valued at $1.3 billion and $68 billion, respectively)

“I invested in Thumbtack and Uber. When Travis and Marco came along with their ideas, I didn’t even try to judge if “on-demand drivers” and “a better craigslist” were winners, because I knew the individuals were winners. That’s enough information to make a bet.

Which leads me to “Jason’s Law of Angel Investing,” which states:

You don’t need to know if the idea will succeed – just the person.

After five years of this, I’m always looking for signals that the person is a winner – even in failure. Two of my favorite founders have had their asses handed to them, and I’m chomping at the bit to see what they will do next, because I know they’re winners who do great work, so eventually they will hit it… just like Elon hit SpaceX on his third swing at bat and Tesla on his fourth, and Travis hit Uber after Scour and Red Swoosh, his first two startups.

Great founders grind it out and figure it out, so as angels you really don’t need to overthink if electric cars will work, whether on-demand transportation will scale, or if Medium.com is a platform or a publication (hotly debated) – you just need to know if someone is a winner.”

Jon Medved, CEO of Our Crowd and Venture Capitalist

Invested in ReWalk, a robotics company that helps paraplegics ($21 million estimated 2017 revenue)

“We co-invested alongside the robotics Yasakawa Company, which invested $10 million with us. What led us to go into that company was the fact that the entrepreneur was truly passionate, someone who had a track record that had already built a successful company and he understood this problem very well and came up with a great solution.

The company was addressing a huge and growing market, which is inclusion, the idea that people today who are paralyzed are still sitting in wheelchairs that really haven’t changed much in 100 years.”

Jerry Neumann, Venture Capitalist at Neu Venture Capital

Invested $7 million in Flurry, a mobile analytics service (sold to Yahoo! for $240million in 2014)

“I was one of the first investors in the company that became Flurry. I knew the founder. I had worked with him previously, so I knew him very well,” Neumann toldFull Ratchet. He had decided to build analytics into the first generation of iPhone apps. So he called me that day the iPhone app STK was released and said, “I’ve built this analytics solution.” And I think I said, “That’s great, you should build that.” He said, “No, I’ve already built it.” I said, “That’s not possible, they just released it.” He said, “Well, it’s our beta version, but it’s — I’ve got it.” And then I invested.

I think the two things were really knowing the founder and I also knew their technical person. So the two people who started the company, I knew them really well. I knew they were a good team because they worked together in the past. And I felt like there was this new technology that they could take advantage of and be first to market in something that I thought was gonna be a really big market, this iPhone app market.”

Eric Gasser, VP at Hi-Tech Screeningand Board Member at

Invested in Portfolium (raised $900,000)

“One of the great companies that I thought was solving a problem is called Portfolium,” Gasser toldFull Ratchet. “Their CEO was a young kid when I first met him, and he has an amazing backstory where an angel gave him some capital and said ‘Look, I believe in what you’re doing. I’m just gonna give you a check and just go.’ So he gave him a check, he went to build out this platform to allow — basically think of it as the LinkedIn for college students, right. It’s been done a hundred times, and I get it, but this guy had a unique spin on it. He built something similar to solve a really hard problem for himself when he graduated from school to get himself a job.

He realized that, for him to be successful, he needed to go back to school and learn how to code so he can build this thing. Because he knew the seed money he’d gotten — he wasn’t gonna be able to pay someone to do it, it just wasn’t enough. So instead of beg, borrow, and steal, and all the other friends and fools and all that con stuff, he went back to school, spent some time, I think, while he was in school, wrote — built out an MVP, and then he came to Tech Coast Angels.

And he said ‘Look, I’ve had one of the largest employers for college kids in the country. I’ve got great connections with the school system here in San Diego, in California. We really think there’s something here.’ It was one of those things where I could see what he was building, I could see what he was doing, and it was kind of a no-brainer for me. It was kind of like he’s solving a problem that needs to be solved, and he’s doing it really, really intelligently. And he was thinking about revenues, but they weren’t actually driving his decision making. The customer was driving the decision making.

And that meant a ton to me, because typically what happens is, the founders, once they see cash, they gravitate towards the cash and lose focus on the customer. Especially this early stage. And so during the due diligence meeting, we were done, he was going through a local incubator at the time, and I grabbed him. The advisor, I pulled him aside and said ‘Look, how much do you need to stay alive for the next three months so that we can go through due diligence, we can syndicate this deal, everything we need to keep it going?’ and I was willing to write a check right then solely based on the fact that someone else believed in him — which could mean I’m crazy, but when someone writes a check and says ‘Go away and build it,’ that means something. The next element was that he really believed in his customer and didn’t want to pivot or shift his model to follow the cash. I believed in that model.”

The takeaway

Every investor looks for different things in their entrepreneurs, but passion, understanding, and smarts are key to getting those checks. Do your market research, provide a real value to people, and never forget the focus on the customers. You’ll get a better response if you reach out once you’ve proved yourself – and this can be shown through dedication and user-base, not necessarily a revenue stream.

You’ll have a way easier time if you check all these boxes. Good luck!

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