Early stage investments, unfair advantages
True expertise, nice people.
Commerce and adjacent industries
Team, traction, transparency
Teams or individual founders are key to success. We conceptualize founders/teams as set of practices, i.e. embodied pools of resources in terms of know-that, know-how, shared vision and determination. Thus you should be able to draw upon those practices that are necessary for your business. (We are not looking for the greatest ideas: ideas do not exist beyond these embodied pools and only generate value when enacted.)
Traction is a sum of data points that support your hypotheses. Most often these data points come in the form of weak signals that precede cash flow. Nevertheless these signals are important to us in order to limit our risks. Thus they should be measurable and useful for careful generalization.
Finally, we are convinced that it takes integrity, respect and hard work to form a trusting and lasting relationship.