There is a lot for entrepreneurs to learn when participating in an accelerator programme. You want to ensure the journey as an entrepreneur is motivating and as aspiring as possible. There will be challenges along the way that you’ll need to face, however this only adds to your knowledge and skill base.
One area of knowledge extension worth highlighting for entrepreneurs, is understanding what they are being assessed on by early stage angel investors. The below describes some of the key areas of questioning investors might follow. Sprout has compiled these with the support of leading angel investors in New Zealand’s investment community.
Early Stage Founder Assessment Areas
- Founder & team aspiration – An assessment of how ‘big’ they are thinking. The preference is to support founder/s that have big goals.
o Aspirations for their idea
o Aspirations for themselves and their development as people
- Willingness and appetite for personal investment – it is important the founders have a strong willingness to put the time in, which involves activities like travelling to meet and learn from customers, making time to meet potential partners and advisors and making their company a main priority in their life.
- How committed are they to the idea?
- Assessment of potential future commitment;
- Evidence of past commitment; developing prototypes, speaking with customers, personal development in entrepreneurship,
- How willing is the team to sacrifice higher paid stable jobs in order to live the entrepreneurial dream?
- If there are gaps in the team e.g. commercial skill, it is good to understand how they might go about filling that gap during the early stages of their company.
- Ability to work with others of different skill sets.
- What is their willingness and understanding of working with others with different skill sets i.e. technical vs commercial skills.