Key Takeaways from NY Tech Week - Straight from the mouths of NY's premiere tech investors

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Your nascent startup may be poised to change the world—but do investors see it that way? When you’re in the earliest stages, it can be tough to distinguish yourself among a field of founders all vying for investors’ limited attention. And one wrong step could spell disaster.

Fortunately, a New York Tech Week conversation between Fenwick partner Al Cooper and some of Silicon Alley’s premiere investors revealed what makes them tick and what it takes to get a “yes.” Here’s what people like Brooklyn Bridge Ventures general partner Charlie O'Donnell, Entrepreneurs Roundtable Accelerator managing director Brian Hecht, Four Acres founding partner Jenny Friedman, and XRC Ventures director of accelerator Sam Wils look for in a founder.

Commit 100 percent. It almost goes without saying that investors want to know you’re totally dedicated to your startup. But it still bears repeating. They’re all in with their investment, you have to be all in with yours. And that means more than knowing your product or service inside and out—you have to know the market and the competition. You’re building expertise that benefits you while also taking care of legwork for investors.

Exude humble conviction. Founders need to have conviction—after all, you have to believe in what you’re doing. But at the same time, you need to remain humble—to acknowledge the limits of your capability and to get ahead of those limitations rather than acting like they don’t exist. Many companies go under by adhering too closely to a “don’t-say-die” ethos. Humble conviction doesn’t require connections or a track record of selling companies—it's something you simply exude, and funders can sense it.

Take and implement feedback. Investors want founders who can listen and learn from their advice. That means taking negative feedback and using it to improve, but also recognizing and meaningfully engaging with questions that investors may ask or concerns they may raise. Be aware: Investors may test you, probing whether you’ve implemented some feedback since your last meeting or further considered an idea they floated. Don’t disappoint them.

Be a team builder. Exceptional founders are never content being the smartest person in the room. Successful founders collect and surround themselves with experts—whether they’re domain or subject-matter experts. Fielding and empowering a strong team, including legal counsel and accounting, won’t just help you build a better company—doing so demonstrates to funders that you are serious.

Build a track record and put it on display. This one’s a tough truth for first-time founders, but investors love to hear from founders who have already made money for investors. When an investor’s network introduces or vouches for a founder, that founder is likely to go to the top of the investor’s pile. As a result, it’s critical to build your network and leverage early successes.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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