What makes a founder stand out?

Founders are heralded to a whole new class of vocation and the limelight of the digital era. However at the end of the day they go through the same or tougher scrutiny, like any candidate going for a job interview.

Unless a founder is self-funded and unless he does not need any outside help or partnership, he needs to demonstrate outstanding traits. He or she is faced with intense competition anywhere in the world. On top of that he has to excel in multi-disciplines which most likely he/she has not been prepared for because many founders have not worked in a corporate or for someone for long.

Why do founders need to stand out?

1. Most founders begin by bootstrapping. They look for "other people's money" to help them sustain their runway to build a business, a team, a pipeline - all the usuals you need to get a company going. Hence they need to fight for attention of investors.
2. Founders like any bosses need to hire talent to help them fulfil their dreams, their vision. Although founders are expected to be all-rounders at least at the early stage, they do need to hire vertical experts. At the start, they may not be able to pay market rate so they need to work harder to attract the relevant talent and gain their loyalty. So founders need to be really special leaders for people to want to follow.
3. Founders need to think big. They are often the brand of their company. Investors invest in the founding team. If they do not have the experience or track record to shout for, their passion, resilience and ability to execute are their best asset.
4. Founders need more than anyone else to leverage. Get creative with asking for help, finding synergies with partnerships and extending their network.

As an investor and the builder of an angel syndicate, my members and I have seen many startups, heard many pitches at our own events as well as events by other communities and accelerators. she1K is the world's 1st corporate executive women angel network that empowers, funds and boards startups. We invest in early stage startups - gender agnostic, industry agnostic. Most of the time, I find that we share similar views of what makes an outstanding founder. It does all boil down to the founder(s).

No two startups are the same. No two founders are the same. Whether you are a business owner or you are an employee. not everyone possess all the skills and knowledge. Being self-aware and honest with yourself will expedite your personal development. Surround yourself with people who can complement you.

How can founders stand out?

I have put together a list of founder traits that draw corporate executives and/or investors to them. Founder or not, this would be helpful to anyone who wishes to advance their position. Learn to ask "How can I get better at this?" rather than ruminate "They don't understand me.".

This is not an exhaustive list but it represents what I base my evaluation on:

a. Pitch-ability --- The world is your oyster. You have more avenues than before to pitch your idea, your business to more people who can invest money, time and/or connections. Master your pitch-ability. Pay attention to the feedback and response you get. Go back to the drawing board if you have to. How many founders do not take heed of the body language cues of your listener? Know your audience so you can tailor the pitch to make it relevant to your audience.A pitch is always work in progress. Build on it as you validate more or incorporate others' feedback into it.

b. Sales-ability --- It is not just selling your idea. Sell your product and your service. Close the sale. It's one thing to be totally passionate about your cause but another to sell a solution to a customer with a problem that needs solving. Substantiate with your proof of concept. Sell that your business model works.

3. Authenticity --- Authenticity is magnetic. Be yourself. Stand firm. Stay true to your beliefs. Tell your story of how you rose above to make things happen. Make sure you have gone that extra mile. That you have taken real actions to have a story that might include failures. Authenticity is so empowering it will influence like no other. Founders who are clear about the why they do what they do and not doing it for all the wrong reasons is what makes them different. You can be super smart and competent and great in building teams but if you miss the element of authenticity, it catches up with you somehow in due time.

4. Learn-ability --- Coachability is more apparent than you can imagine. You wear that on your sleeves. Do not for a moment believe that words can be glossed over especially when you are interacting with seasoned investors and corporate executives. When someone says they don't understand your pitch or your solution, go back to the drawing board. Do not just dismiss it. Do not pay lip service. But also be careful not to be overwhelmed with too many feedback from everyone. Know which feedback to prioritise.

5. Vision-ability --- Your ability to visualise the future of how your business will disrupt and grow is critical to acquiring confidence. Investors and mentors are learning from you too. This is your added-value.

Success is often not a matter of talent but a matter of TENACITY.

Nathaniel Bronner

6. Tenacity--- Tenacity, for me, is the most significant ticket to success. This is the trait that holds dearest to me personally. Applying all you have learnt and not giving up, no matter what gets thrown at you, is the surefire way to achieve what you want. A founder who knows what he or she wants and will not stop till he gets there is impressive. No one will fault anyone for trying. Tenacity makes you resourceful. You may need to pivot. You may need to go back to square one to try all over again. If you are tenacious, you are unstoppable (not blindly). You are detailed. You will make sure that every effort has been applied so that you are not jumping to the wrong conclusions. #selfmade

7. Network-ability --- You don't have to be an extrovert to be effective at networking. But knowing how to ask for help, knowing how to put yourself out there and understanding the importance of building long term relations will propel so much trust. Having good manners is more appreciated than you can imagine. Remember to thank people who opened doors for you. Update the people who opened the doors for you what came out of that. Follow up on every door that was opened regardless.

8. Account-ability --- Whether you are taking a salary or "other people's money", accountability reflects your integrity and builds your authenticity. If all of the above is important, you will find the time to be accountable - even when it was not asked for. Your character is what will carry you through to your next and next venture especially if you are starting young or intend to be a serial entrepreneur.

I used to think starting up is easy and sustaining it is hard. I think today it gets tougher from start to end. The startup economy has gotten more sophisticated. There are more benchmarks to measure against. Investors have gained a lot more experience. As much as there is more access to funding, there is also more choices to make on where the funding should land for the best buck or for the best impact.

About she1K - every 2 months we shortlist 10 startups to evaluate. she1K syndicate members who are primarily corporate executives (90% female representation) will listen to pitches, get involved in deep dives and she1K performs the due diligence on bahelf of their members. We have to-date made 6 investments in the last 12 months in sectors ranging from drones to agritech to medtech but we are open to screening early-stage industry agnostic.

Take a look at our recent C-shark Tank campaign Feb 20 2020 and if you are interested to pitch to us on Apr 28, apply at she1K.com/pitch