Drilling down into business fundamentals, founders and fit, here are some effective questions Angels ask to see which startups stand-out. An updated edition with expanded content prepared for https://www.sandboxph.org/

1. Beyond The Pitch:
The Angels 8Q
Eight Questions
Investors & Startups
Should Ask to Succeed
14 October 2021 Edition

2. https://tinyurl.com/seedstars8
This started as a personal guide so
I could be a better Angel Investor.
It developed into a Playshop that
was first conducted at the Global
Seedstars Summit [Lausanne,
Switzerland 2019].
Rather than answers, I hope this
helps you find your own questions.

3. Even though your
mileage may vary

4. Do you
want
better
answers

5. Start
with
smarter
questions

6. What are
the best
questions
investors
asked you

7. Source: Istock.com / Thoth_Adan
Fundamentals
Founders
Fit

8. • Is the opportunity truly worth
pursuing?
• Or is it a solution in search of
a problem?
• Why now?
Opportunity
What problem are you really trying to solve?

10. https://cdn-images-1.medium.com/max/1600/1*Y3ty23vRKnuaMrM4KNciEg.jpeg

11. Image: https://www.getsoaring.com/why-leaders-need-to-tell-failure-stories/
was a failed
experiment

12. In 2005,a
video dating
site called
YouTube was
launched
0 uploaders for the first 5 days
$20 Even after women were offered money on
Craigslist to upload videos
500
=
=
Hours worth of videos uploaded to
Youtube every minute (Mar 2021)
=
Source: https://medium.com/cornertechandmarketing/the-story-of-youtube-s-history-as-a-dating-site-164dfae475a4/

13. • Are you solving for the right x?
• Or is it what is convenient?
• If it can’t be measured, will it
be investible?
Product Market Fit of the Value Proposition
What is the one unit to measure the pain
you are solving?

14. https://hackernoon.com/10-biases-concepts-to-consider-when-building-products-from-
thinking-fast-and-slow-e900db11271e
Are you solving for the right x?
Check your bias…

15. Is everyone aimed at the same
challenge & on the same page?

16. What’s the best way to measure the pain
you are solving for the customer?

17. • B2B?B2C? B2B2C?
• Have you met them? Suffered
with them?
• What are their actual names?
Customer Focus and Insights
Who are your actual customers?

18. Source: https://medium.com/hackernoon/notes-on-super-founders-11254f693267
85% of
Unicorns
started in crowded
& established
markets
AIM
BIG
Where do Unicorns come from?

19. Strategic Adoption: Where do you begin?
Source: Adapted from Roger’s Technology Adoption Curve
start
small
How far to the
heart of the
market?
Where’s your
customer?

20. Build Foundation
Principles | Process
Push Expansion
Penetration | Innovation
Reframe Definitions
Category | Target Audience
move
FAST
Don’t skip a step or you’ll stumble
Source: Adapted from Roger’s Technology Adoption Curve

21. • Do you know what it will take
to make it in the market?
• Will your solution or service
stand out vs. competition?
• Do you have the resources &
relationships to reach success?
Business Clarity & Market Reality
Besides money, what will it take to
truly succeed?

22. do things
differently
What’s your
moat?
How sharp is
your edge?
…to become distinctly better

23. Lean Canvas Plus β Project Name Date
Version
Cost Structure
Customer Acquisition costs
Distribution costs
Hosting
People, etc.
Revenue Streams
Revenue Model
Life Time Value
Revenue
Gross Margin
Problem
Top 3 Problems
Existing Alternatives
Solution
Top 3 Features
Key Metrics
Key activities you measure
Unique Value
Proposition
Single, clear, compelling
message that states why you are
different and worth paying
attention
High Level Concept
X for Y Analogy
(Familiar + Twist)
Unfair Advantage
What do you have that can’t be
easily copied or bought
Channels
Path to customers
Customer Segments
Target customers
Early Adopters
Characteristics of your ideal
customers/ clients
PRODUCT MARKET
Source: Adapted by Joseph de Leon
Ecosystem
Social/Cultural
Competitors/ Influencers
Legal/ Regulatory
Fortune favors the prepared mind
…but timing is
everything

24. VALUE
PROPOSITION
BUSINESS
MODEL
ECOSYSTEM
BEYOND
MINIMUM
VIABLE
PRODUCT,
BUILD YOUR
MINIMUM
VIABLE
COMPANY
Adapted from Ann Miura-Ko https://tinyurl.com/minimumviablecompany
Is it worth
paying for?
Is it truly
profitable?
Does it play
well with
others?

25. • Passion is not enough.
• How do you think?
• How do you lose?
Founder Fit & Team Value
What makes you the best person to do this?

26. • Do you have the right mix?
• How do you actually work
together? Who decides?
• Even if your idea isn’t a winner,
are you?
Founder Fit & Team Value
What makes your team the best to win this?

27. Distinct Personalities for
Different Parts of the Deal

28. Invent
Invite
Present
Contract
Fulfil
Satisfaction Metrics
Complete
Assess
Inventors
Performers
Producers
Judges

29. • What’s possible for the startup
that that they might not see
for themselves?
Angel Fit & Impact (What you should ask your Angels & Investors)
What is the real potential?

30. https://www.umbel.com/blog/services/know-what-you-dont-know/
Where are
your own
blind
spots

31. • Besides money, how can the
Angels help get the startups to
where they need to go next?
Angel Fit & Impact (What you should ask your Angels & Investors)
How can we make a difference?

32. How can Angels make a
meaningful difference?
Pray for an Angel, an Exit or an Asset
❑ Personal Mentorship & Practical Experience
❑ Business Networks for Sales & Scale
❑ Support start-ups, events, orgs & legislation
❑ Provide services that cater to your start-up
❑ The company could buy your start-up
ask for
more than
money

33. Start-ups need to successfully make
5 pivotal transitions to achieve scale
Opportunistic
➔ Strategic
1
Project
➔ Product
2
People
➔ Process
3
Ownership
➔ Partnership
4
Relationship
➔ Brand
5
Source:
Adapted from Built to Scale: Taking Middle-Market Companies to the Next Level, Sawney (Northwestern University, 2014)
Growth
eats cash
so think of
success
risks

34. The Philippine ecosystem is about
to have real breakthrough start-ups

35. 1. Opportunity: What problem are you really trying to solve?
Is it worth pursuing? Or is it a solution looking for a problem? Why Now?
2. Product Market Fit: What is the one unit to measure the pain you’re solving?
Are you solving for the right x? Or what’s convenient? If it can't be measured, is it investible?
3. Customer Focus & Insights: Who are your customers?
Are they real people or a talking point? Have you suffered with them? What are their names?
4. Business Clarity & Market Reality: Besides money, what will it take to succeed?
Do you know what it takes to make it in the market? Will your solution stand out? How far can you go now?
5. Founder Fit & Values: What makes you the best person to do this?
Is it only passion? How do you solve problems? How do you lose?
6. Team Fit & Culture: What makes you to best team to win this?
Do you have the right mix? How do you actually work together? If the idea isn't a winner, are you?
7. Angel Fit: What is their potential?
What are the possibilities they don't see for themselves? What are their blind spots?
8. Angel Impact: How can we make a difference together?
Besides money, how can we help get them where they need to go next?

36. Listen and Be open

37. MAIN.PH
MANILA ANGEL INVESTORS NETWORK
The Philippines’ most active investor network,
committed to a world-class startup ecosystem
• Investment, Mentorship & Market Access
• Focused on Post MVP, Pre-Seed to Seed start-ups
• High-Growth, High-Impact & Sector Agnostic
Special programs & funding for women led startups
Are you ready to grow? pitch@main.ph
Portfolio Highlights

38. Source: Adapted with permission from Influence Ecology
How do we
get better at
each stage
of the
game?
What RESULTS do we want?
Financial, Social & Strategic
What are your aims?
What are their aims?
How can helping them achieve their
aims further yours?
What RESOURCES do we need?
HIT (Human, Intangible, Tangible)
What ROUTE do we take?
Make, Buy or Fake (Syndicate)

39. Thank
you