5 Qualities of an Excellent Startup September 21, 2011 RICCentre By Bryan Watson Naval Ravikant of Venture Hacks and AngelList was quoted in VentureBeat in an article called The Anatomy of a Fundable Startup. I am constantly asked, “what do I need to have to get funding” and, in this, Naval hit the nail on the head. I usually stick with “team, technology, and traction” but he has added a few extras that I quite like. Naval’s 5 main qualities and a few quotes about each include: Traction – “Traction trumps everything” “You want to have about 20% a month growth to look like a hot company” Team – “There’s not a lot of room for non-technologists. One seller, and the rest builders” “Recruit only the best. And if you can’t, you’re not ready. It’s that simple” Product – “Most angels will loath to invest before the launch.” They can usually just wait. Social proof – “It matters, but it’s a bit overrated” “If you have to rely on social proof to get funded (in lieu of other metrics), I question whether you have a great company on your hands” Pitch/ Presentation (this is the least important aspect) See the full video of Naval’s presentation by clicking here. Reposted from National Angel Capital Organization Throughout his career, both in Canada and the UK, Bryan J. Watson has been a champion of entrepreneurship as a vector for the commercialization of advanced technologies. Upon his return to Canada in 2004, Bryan established his venture development consulting practice to help emerging-growth companies overcome the barriers to success they face in the Canadian commercialization ecosystem. Visit Bryan’s blog and the National Angel Capital Organization. The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.