Diligencing the Team for Skills

In diligencing the team, here are some key areas to check:

Sales skills — the CEO and others must be able to sell their product or service.  

In the early stages of a startup, there won’t be a dedicated sales force, and everyone on the team must be able to sell.

Technical skills — the CEO and the team must be tech-savvy as they will be building products and selling customers around that technology.

Those who don’t understand their technology will have a hard time convincing others of its worth.

Customer awareness — the CEO and the team must know their customers well, including their problems, their budgets, and their careabouts.

I find one of the biggest indicators of success is how well the team knows their customer. 

Market awareness — the CEO and the team must know their market well.  

This goes beyond just the general size and growth rates of the market and includes knowledge of key players in the market.

Competition awareness — the CEO and the team must know who their direct competitors are and have some idea of the competitors’ strengths and weaknesses.

Before investing in a startup, check on these points.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.