5 Key Attributes to Look for in a Startup Founder
Seed Equity Ventures is a sponsor of the Your Mark on the World Center, which publishes GoodCrowd.info.
Ordinary investors can now invest in startups as a result of the belated implementation of the JOBS Act in May. As you start thinking about investing in startups, one key is to identify an entrepreneur you can back.
Todd Crosland, CEO of our sponsor Seed Equity Ventures, invests in startups along with investors who use the platform. He is an accomplished entrepreneur himself. He recently wrote a blog post about the five key attributes to look for in a startup founder. I’m sharing them here with permission.
When an entrepreneur is pitching you his or her business, their passion for the venture should be apparent from the time they open their mouth. They need to be fully committed to the mission and exemplify that they will do whatever it takes to see it succeed.
Has the founder started a company before? How successful was it? If he or she was able to grow a successful business prior to this venture, they know the ropes better than a first-time founder and have proven they have the dedication it takes to see a company endure.
Plans and challenges change frequently while building a company. Someone who can adapt and focus on the need of the customer, rather than refuse to abandon the original idea, will be more suited to build a winning company.
Acquiring customers and making sales is not an easy task when a company is getting off the ground. When the founder is likely one of just a few employees, if not the only one, they will need to be persistent, tenacious and motivated to keep the company moving forward. Some will want to throw in the towel after hearing “no” several times. A successful founder will keep pushing through until they hear “yes.”
If you are to be an investor in their company, you want a founder who will be able to communicate issues and how he or she plans to solve them effectively. A founder should be in touch with his or her investors regularly, providing updates on the company and its progress.
On Thursday, September 29, 2016 at 4:00 Eastern, Todd will join me here for a live discussion about these five keys and how they influence investment decisions. Tune in here then to watch the interview live. Post questions in the comments below or tweet questions before the interview to @devindthorpe.
Todd Crosland, Seed Equity Ventures
More about Seed Equity Ventures:
Seed Equity Ventures is a registered broker dealer with the U.S. Securities and Exchange Commission and a member of both FINRA and SIPC, providing investment banking services to startups and growth companies from around the world. Seed Equity believes the best entrepreneurs in the world should be funded, no matter who they are or where they live. Investors throughout the world, should have a voice to choose what the future should look like. They should be able to support entrepreneurs who will build that future. Seed Equity was founded to provide growth equity to entrepreneurs and their startups in exciting industries globally.
A seasoned entrepreneur, Mr. Crosland has demonstrated the ability to build successful teams and companies. Mr. Crosland was the Founder, Chairman and CEO of Interbank FX, LLC (“IBFX”; www.IBFX.com), from 2001 until he sold the firm in 2011. IBFX was a Futures Commission Merchant and Retail Foreign Exchange Dealer registered with the U.S. Commodities Futures Trading Commission. IBFX was also authorized and regulated by the Australian Securities and Investments Commission. IBFX was a worldwide leader in retail Forex trading services. IBFX offered individual traders, fund managers and institutional customer’s proprietary technology and tools to trade Forex online. IBFX saw Global customers grow to over 40,000, in more than 140 countries. Annual trading volume reached $750 billion. IBFX had 120 employees and offices in Beijing, China; Seoul, South Korea; Sydney, Australia; Salt Lake City, Utah and London, England. IBFX and Mr. Crosland have received many awards, including: The Ernst and Young Entrepreneur of the Year Award and numerous Inc. 500 awards. Mr. Crosland holds a B.A. in Business (Business Finance) from the University of Utah. He also currently holds the following Securities Licenses: Series 7, 24, and 63 and previously held series 3 and 30 Licenses.
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Devin is a journalist, author and crowdfunding speaker who calls himself a champion of social good. With a goal to help solve some of the world’s biggest problems by 2045, he focuses on telling the stories of those who are leading the way! Learn more at DevinThorpe.com!