Investors will hunt for a solid team foundation to get a brilliant idea off the ground.
While a good idea is crucial, its success depends on the team that can bring it to life.
Entrepreneurs in Residence executive director Greg Riebe says it’s key for investors to take into account the people behind their potential investments.
Riebe leads the Perth Angels Investors Masterclass jointly run through CCI.
Perth Angels is a network of private investors who seek out good ideas in the early stages and Riebe says picking winners is tough but you should always start with the team.
“It’s different to how I might buy on the stock exchange or property. It requires a different set of skills,” he says.
“It is the reserves, why does that team have the ability to win? As an investor that’s the first thing I want to look at.
“One of the things we find with Angel Investing is you should really invest in things you know and how you can add value.
“It’s syndicating with other people that have got those skills and experiences.”
“We think being able to build those skills both from the entrepreneurial side and the investor side is actually really going to increase our diversity of our economy and grow jobs,” Riebe says.
“If we get that right we should be able to diversify our economy through better emerging ventures, technology ventures. And not just IT, it could be agribusiness, it could be advanced manufacturing.”
“We can grow our diversity and through that grow jobs.”
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