The determining factors in the team of founders whose start-ups we back? Simpler than you’d think. Here’s the main 4:
1. A strong team with mixed profiles and open personalities
This comes first for a reason. We look for a team with a firm vision, but who can also listen. It’s something we look for called “flexible resilience”, we need to trust your passion and dedication to your mission but your ability to adapt too. Building a company is long and complex, finding that perfect positioning is tough and really nailing the business model doesn’t happen overnight.
For this reason, we love open personalities, founders who take feedback in a positive manner no matter whether they like what they’re hearing or not! We look for a team with resilience (like onoff’s Taig Khris, who we know for a fact never gives up), and teams that balance complimentary profiles (like +Simple, with their mixed backgrounds of tech, insurance, and entrepreneurial experience). Not forgetting strong track records amongst the founders and experience in the field as well, which is naturally super important.
2. A team who want to work with us
You might be surprised at just how vital this is. Venture capital is not, and never will be, just a way to get money. And at OneRagtime, you’ll be more likely to see us taking the Start-up Hunt to the moon than backing a start-up just to throw cash at the founders and exit stage left. We say yes to entrepreneurs who want to work with us just as much as we want to work with them.
But of course, every venture capital is unique, and not every VC will be the right fit for a start-up. If a start-up is lucky enough to have interest from more than one VC? It’s best not to pit VCs against each other. VCs don’t tend to like hearing that a founding team has a better offer on the table. Again, we want start-ups to choose us because we’re right for them and because they see the value we’ll offer beyond just our term sheet. If you want to work with us, you want to work with us 🙂
3. A team we want to work with
‘Would you go on holiday with them?’
This sounds stupid, but it’s the question we genuinely ask each other before backing a start-up. Like colleagues, we only want to work with people we love. Are you the kind of person we’d like to go for a beer with?
Finding the right fit
4. A team with relentless ambition
We like start-ups that have their eyes set on a big market, like Gestoos (automotive, digital signage and smart homes) or onoff (telecom). We look of course at this competitive landscape, to make sure that it’s not too crowded, but the bottom line is that we’re looking to back global champions. Dreaming big while laying out the clear path to make it a reality is the magic combination.
It goes without saying that there’s the raw business elements we need to see too – the product-market fit, the revenue potential, whether you fit with our investment thesis… but it’s these much more human factors that really make the difference between whether or not we choose to welcome you into the OneRagtime community. So, start-ups – get yourself the best team, do something unprecedented with your technology, and just maybe we’ll walk off into the venture capital sunset together.
Are you an early-stage tech start-up with a mission to shape the world through innovation? Apply to our platform today to get funded, scale your business, and get access to unparalleled resources.