Creating a sustainable company from a single product idea or product range needn’t be a single-handed process. In fact, it is recognised that it is almost impossible to build a company if you are the only one calling the shots whilst handling all of the work!
In the world of tech start-ups; experts and leaders claim that a founding company should be typically made up of a team of three. This ‘perfect team’ is commonly made up of one person to build the technology behind the product, one to execute the overall vision of the product and company, and another to cultivate business relationships and focus on the day-to-day operations of the business.
Invariably during the start-up process there will be a need for ‘outside’ funding and this is when the strength and mix of the founding team is critical to gaining the investment they need to grow their business.
Funders don’t just look for great products to invest in; they also look to invest in the team behind the product and arguably more! They look for a balance of motivation where the team has to work hard for one another and sometimes others as well as experience! In fact, generally they will be looking for coachability so very much backing teams on who they will become rather than the people they are currently.
The team needs to have grit and a real passion for their product with a defined and workable mission. They need to be resilient, courageous and have the determination to execute their ideas for their business to be successful. But it doesn’t stop here – they need to be able to demonstrate exceptional leadership qualities as well as being able to work with everyone from Investors to office and production staff.
Smart ideas need smart teams who can credibly unlock the scale of value of those ideas and more so if they are looking for funding or investment.
If you’ve got an idea you want to take to market, we can assist you through the product development journey. Although we do not fund projects ourselves, we have a comprehensive directory of business angels and companies who regularly invest in new businesses wishing to develop products.