Do you live outside of Silicon Valley? Watch this video
For all the startups and entrepreneurs outside of Silicon Valley, I want to direct you to this incredible summary by Naval Ravikant of AngelList and VentureHacks on the anatomy of a fundable startup.
This video is a much more comprehensive and detailed version of what I often talk to non-Valley entrepreneurs and startups about. It’s part of the “grooming” process that startups out here get to become fundable and to focus on the right things to get there. People spend a surprising amount of time on things that will contribute little or no value to getting them to a seed round, and this talk is the best I’ve seen in terms of presenting the issues in its entirety.
Naval broke down the 5 main qualities of an “exceptional startup,” in the following order:
- Traction
- Team
- Product
- Social Proof
- Pitch/Presentation
And while all these qualities are important, Naval explained, the most important thing is to understand that:
“Investors are trying to find the exceptional outcomes, so they are looking for something exceptional about the company. Instead of trying to do everything well (traction, team, product, social proof, pitch, etc), do one thing exceptional. As a startup you have to be exceptional in at least one regard.”
(via Founder Institute)
Anyway, please watch it all the way through and enjoy!
7th Founder Showcase – Naval Ravikant Keynote from Founder Showcase on Vimeo.
