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Tech to remove CO2 from oceans. A peer-to-peer toilet marketplace. Real-life networking apps. Bluetooth-shoe inserts for foot pain.
Since launching aFacebook Live seriesfor young entrepreneurs and as the CEO of Hootsuite, I’ve gotten hundreds of business pitches like these. Contestants have 200 characters (just a bit more than a Tweet) to pique my interest. The best of the bunch then face off with me live, to get grilled and sell me on why I should invest.
I faced the same kind of third-degree when I wasgetting my own company off the groundas a young founder. Later, as an angel investor, I got to be the one asking questions. Some startups, you just sense, are going to make it. Others are dead in the water.
So, how do you tell which businesses will thrive and which will fail?
It’s not rocket science. It doesn’t necessarily require an MBA or an advanced degree in finance. Most of the time, it comes down to three words: talent, technology and traction. This is a framework I use myself, and it’s how my company evaluates its acquisitions.
Businesses that check these three boxes are more likely to get funding and, more importantly, more likely to succeed. Whether you’re an entrepreneur pursuing an idea or an investor thinking about funding one, it helps to keep these simple criteria in mind.
Talent. Great business ideas are everywhere. Great implementers are one in a million. I always start assessing a business by gauging the entrepreneur and the team behind the effort. Paramount to me is evidence of fanatical dedication. Part-time entrepreneurs, those who might be starting a business as a side gig or maybe have a bunch of pots on the boil, really don’t cut it.
">Shutterstock
Tech to remove CO2 from oceans. A peer-to-peer toilet marketplace. Real-life networking apps. Bluetooth-shoe inserts for foot pain.
Since launching aFacebook Live seriesfor young entrepreneurs and as the CEO of Hootsuite, I’ve gotten hundreds of business pitches like these. Contestants have 200 characters (just a bit more than a Tweet) to pique my interest. The best of the bunch then face off with me live, to get grilled and sell me on why I should invest.
I faced the same kind of third-degree when I wasgetting my own company off the groundas a young founder. Later, as an angel investor, I got to be the one asking questions. Some startups, you just sense, are going to make it. Others are dead in the water.
So, how do you tell which businesses will thrive and which will fail?
It’s not rocket science. It doesn’t necessarily require an MBA or an advanced degree in finance. Most of the time, it comes down to three words: talent, technology and traction. This is a framework I use myself, and it’s how my company evaluates its acquisitions.
Businesses that check these three boxes are more likely to get funding and, more importantly, more likely to succeed. Whether you’re an entrepreneur pursuing an idea or an investor thinking about funding one, it helps to keep these simple criteria in mind.
Talent. Great business ideas are everywhere. Great implementers are one in a million. I always start assessing a business by gauging the entrepreneur and the team behind the effort. Paramount to me is evidence of fanatical dedication. Part-time entrepreneurs, those who might be starting a business as a side gig or maybe have a bunch of pots on the boil, really don’t cut it.
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