Great teams are the backbone of successful startups.

Posted by Ventures Online on Fri Oct 09 2020
A great idea executed by a mediocre team is likely to go nowhere; a mediocre idea executed by a competent team, determined to make it work, is likely to succeed. Irrespective of how great the idea may be, it still requires a great team to make it work, and investors know this. Yes, both the idea and team are important determinants of success, but a great team is more attractive to investors because it can always pivot.

The skillsets, experiences, and backgrounds of your founding team are an important signal of your team’s capabilities to put plans into action. When assessing a prospect, investors like venture capitalists and angels will pay particular attention to your team and hope to see different and complementary skills that can contribute to the success of your business.

Moreover, open and transparent communication is an important trait for a great team to have. According to the Project Management Institute, one-third of projects fail as a result of poor communication. Communication has a significant impact on productivity, it can make or break your start-up. Each person in your founding team should know what they are there for and understand the direction in which the business is headed.

“Build a team that is efficient and that works well together. When you balance abilities and choose people dedicated to shared success, you are more likely to impress investors.”