« VCs look at three factors in a startup: first – team, second- team and third – team»,
The team is one of the key success factors for a business.
Ideally in tech startups the teams should be balanced in terms of competences and experience with two or three business and tech savvy co-founders in leadership. The industry data demonstrates that experienced and balanced teams raise 30% more funds and attract three times more customers. On the whole such teams are more effective through all stages of startup lifecycle.
Independent of the team experience, startup’s credibility is largely dependent on the credibility of its leader. Founders capable of constant learning, listening to customers, mentors, and thought leaders, manage to raise 7 times more funds and 3.5 times more users (StartupGenome report). Ability to learn allows for faster understanding of what works and what doesn’t and for timely adjustment of product features or strategy.