This is one of the riskiest assets you can invest in so you should start by expecting to lose any money you invest. Next, your expected return should be minimum 20x-100x range for any investment you make in a 8-12yr time horizon. Remember that this is a very illiquid asset class and you cant just ask for your money back.

Para avaliar riscos e recompensas ao investir em startups em estágio inicial, comece analisando a equipe fundadora, seu histórico e experiência. Examine o mercado-alvo e o potencial de crescimento. Considere a inova??o do produto ou servi?o e sua vantagem competitiva. Realize due diligence financeira e operacional. Diversifique investimentos para mitigar riscos e acompanhe o desempenho regularmente para ajustes estratégicos.

I agree that the team is the most essential part of an early stage start-up. A strong team may save the mediocre project if something goes wrong, while a weak team can drown the good project. The second important part is the unmet need. We see too often start-ups which are focused on their technology rather than on the application. Specifically, in the biotech start-up it is important to have a target product profile from the very beginning. The competitive environment should be assessed both from the point of view of existing options and the pipeline. Cash discipline and raising to reach de-risking events is also important.

One of the ways to minimise the risk in the early stage is to associate a VC with an accelerator or incubator. In these types of programs, many look for entrepreneurial behaviours and quality (Founder Institute), while others look for speed and growth (YC). When an accelerator has worked with a startup over 3-4 months, certain patterns appear: - such as, the founders may or may not know their numbers - personality conflicts - inability to take on advice - floundering, inability to grow - or anything quite the opposite (perfect, healthy, rapid growing company) I weigh the risk within accelerators as early stage startups are simply hard, but this this is one way to minimise the pain and unknowns.

Peser les risques en phase de démarrage, c'est s'appuyer sur les éléments les plus tangibles à ce stade : L'équipe des fondateurs : rapidité d'exécution, compétences actives, ressources, réseaux. Des avantages différenciant : connaissance du marché, reconnaissance par le marché, capacité à établir des barrières à l’entrée. Et en fonction de la maturité du projet : proposition de valeur (forte, différenciant) et segment de clientèle (fort, accessible).