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.

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

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. • 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?

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

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

11. • 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?

12. 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…

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

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

15. • Are they real people or are
they a talking point?
• B2B or B2C? Have you met
them? Suffered with them?
• What are their actual names?
Customer Focus and Insights
Who are your actual customers?

16. 2.5%
Innovators
13.5%
Early
Adopters
34%
Early
Majority
16%
Laggards
34%
Late
Majority
Strategic Adoption: Don’t skip a step or you’ll stumble
Source:
Adapted from Roger’s Technology Adoption Curve
Where is the
business?
Where is the
rest of the
market?

17. 2.5%
Innovators
13.5%
Early
Adopters
34%
Early
Majority
16%
Laggards
34%
Late
Majority
Build Foundation
Principles | Process
Push Expansion
Penetration | Innovation
Reframe Definitions
Category | Target Audience
What’s your
favorite part
of the ride?
Source:
Adapted from Roger’s Technology Adoption Curve
Strategic Adoption: Ride the Wave or Build a Tunnel?

18. • 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?

19. Lean Canvas Project Name Date
Version
Cost Structure
Fixed & Variable Costs
Customer Acquisition costs
Distribution costs
Hosting
People, etc.
Revenue Streams
Sources of Revenue/ Value
Revenue Model
Life Time Value
Revenue
Gross Margin
Problem
Top 3 Problems
Existing Alternatives
Solution
Top 3 Features
Key Metrics
Key activities you measure
The Work & Action
Unique Value
Proposition
Single, clear, compelling
message that converts
Unawares to Prospects
Unfair Advantage
What do you have that can’t be
easily copied or bought
Channels
Path to customers
Customer Segments
Specify your Target customers
PRODUCT MARKET
High-Level Concept
X for Y Analogy
(Familiar + Twist)
Early Adopters
Characteristics of your ideal
customers/ clients
Fortune favors the prepared mind

20. • 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?

21. • 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?

22. Distinct Personalities for
Different Parts of the Deal

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

24. • 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?

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

26. • 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?

27. 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

28. 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
Always look for more than money…

29. 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?

30. 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)

31. Thank
you

32. 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

33. What will it take for your
next breakthrough?
Joseph de Leon | Director for Venture Strategy
jdl@gravitasprime.com | www.gravitasprime.com
M&A Advisory | Capital Raising | Market Entry Partnerships