Trace is a serial entrepreneur in NYC and now the Managing Director of NYVP making angel investments
I’ve met with hundreds of startup founders over the last two years, heard almost every idea possible and whenever they ask what we invest in, my first response is generally “founders first,” then everything else. At the early seed stage when you generally have a well thought-out idea, maybe an MVP and hopefully some initial customer traction, it’s all about the resourcefulness of the founding team (can be solo founder too) to execute with little financial support.
Our first meeting is like an informal interview, hopefully more like a conversation, where we get to know each other. I’ve run through your deck, did some research, have probably seen similar companies and am curious to learn more with a focus on “what you’ve figured out.” Based on that, while we’re talking, these are a few of the things going through my head in no particular order:
We are also trying to figure out why you’re doing this and what motivates you every day. Let me make it very clear that 99.99999% of the time “passion” is overrated. This is what I imagine when I hear you say it…
Going super founder!
There are a lot of responses like it’s a problem you’ve faced in life or at your previous job; there is no shame in saying you want to make money and/or you really just think that you’re the right team to get this done. It’s easy to see through fake answers that basically say “I just wanted to start a company because everyone is doing it / I’m still looking for a problem to solve, so this is it until I figure it out.”
A lot of our decision is based on this aspect as it really pertains to your vision and where you see the company in 3–5 years. Also you will need to inspire other investors, future employees and clients to share in this so that you can solve it together.
So now you have a better understanding of what we consider heavily before, during and after our meetings. Let me make it clear though that you don’t need to cover all of these and there isn’t really a point system that adds up to tip the scale.