Nick Ducoff started his career as a lawyer and developed to be serial entrepreneur, an angel investor for many startups and is now the head of New Ventures at Northeastern.
Having dinner with him turned out to be an insightful evening for all the students. Our conversation with him started with a understanding the world of Angel investment and how Ducoff evaluates and invest startups. As budding entrepreneurs it was very helpful for us to understand the investor mindset and outlook towards startups.
5 Things You Gotta Know!
- Have an ace team: Investors look into the experience and the skill sets of all the team members and evaluate the ways in which each team member can contribute to the business. So having a balanced team with varied backgrounds can be of a huge advantage to you.
- Show your Passion: Investors love to see people who have an expertise in their industrial area but since college students our still developing some expertise investors look for the showcase of true passion. If you communicate your passion to solve a problem, it will take your idea to a whole new level.
- Your Financial Matter! When it comes to a futuristic business deals investors do spend a lot of time on validating your financial analysis. Continually validating your idea at various stages of the problem will help you maximize your chances of scoring a deal with an investor. So put the effort in making your financials!
- Prove your idea before you go to an investor: The more you validate your idea, the more an investor is convinced of how serious you are with it. At every stage as your startup progress prove the continued validity of your product and then reach out to an investor with some awesome confidence.
- Know that everything is super quick: Nick shared that he had to make investment decisions overnight. The intense environment in the startup finance world is no joke, deals happen fast and investors are very serious about them so make sure sure to be in very excited and ethusiastic about diving into the world of startups.
So all you young enthusiasts out there, just get out there an seize every opportunity on your way!