This is a sharp breakdown of something most founders underestimate. The nine traits Paul Graham outlines are pattern recognition. Investors like me are constantly deciding whether a founder will still be standing when the glamor wears off and the hard yards begin.
From my side of the table, the two qualities that separate the fundable from the forgettable are clarity and calm under pressure. When a founder can explain their business without theatrics, defend their decisions with evidence, and stay steady when the numbers or the questions turn awkward, you start to believe they can survive the parts of the journey no deck ever captures.
One thing I wish more early founders understood is that authenticity is not a style choice. It is the only reliable way to build trust with people who check everything you say. The founders I have backed over the years have all demonstrated the same thing. They told me the truth early, even when it made them look less shiny.
This piece captures that mindset well. Worth reading twice.
Some brilliant points Susan - clarity over theatrics, substantiate claims and calmness under stress - all pivotal in the room (when pitching). The Founders are the pitch 🌟
The missing key here Chris Tottman shares is investors don't back products– they back founders, and a very certain kind of founder with a very specific set of traits.
That's right ▶️ the founders are the pitch. The materials simply support the narrative but it's the founders that we're weighing & measuring and backing 💰
I’ve always felt that the most undervalued aspect of fundraising is what you call "presence" and Graham calls "being formidable." It's the silent signal that the founder understands the deep risk the investor is taking and that they are the person who can weather the storm.
9 - they mostly forget the audience is interested in the “investment proposition” not the “value proposition “ or in other words “how and why we all get rich” is more interesting than “our product does …” - understand the audience - getting rich at venture speed is huge market share, with high extraction costs (hopefully a market of one vs many) and then the ability to control that market for many years kicking off massive amounts of free cashflow. The narrative aligned with this 🎯
I recently read an article where the author said that the crucial question that founders need to be able to answer is "so what?" When all is said and done and the story's been told, you need to have answered that question, whether it's an investor or a customer asking.
This is a sharp breakdown of something most founders underestimate. The nine traits Paul Graham outlines are pattern recognition. Investors like me are constantly deciding whether a founder will still be standing when the glamor wears off and the hard yards begin.
From my side of the table, the two qualities that separate the fundable from the forgettable are clarity and calm under pressure. When a founder can explain their business without theatrics, defend their decisions with evidence, and stay steady when the numbers or the questions turn awkward, you start to believe they can survive the parts of the journey no deck ever captures.
One thing I wish more early founders understood is that authenticity is not a style choice. It is the only reliable way to build trust with people who check everything you say. The founders I have backed over the years have all demonstrated the same thing. They told me the truth early, even when it made them look less shiny.
This piece captures that mindset well. Worth reading twice.
Some brilliant points Susan - clarity over theatrics, substantiate claims and calmness under stress - all pivotal in the room (when pitching). The Founders are the pitch 🌟
The missing key here Chris Tottman shares is investors don't back products– they back founders, and a very certain kind of founder with a very specific set of traits.
Can you be that person?
That's right ▶️ the founders are the pitch. The materials simply support the narrative but it's the founders that we're weighing & measuring and backing 💰
I’ve always felt that the most undervalued aspect of fundraising is what you call "presence" and Graham calls "being formidable." It's the silent signal that the founder understands the deep risk the investor is taking and that they are the person who can weather the storm.
How much magnetism does the Founder(s) have 💙
Which of these traits do you think founders find hardest to develop without structured feedback?
9 - they mostly forget the audience is interested in the “investment proposition” not the “value proposition “ or in other words “how and why we all get rich” is more interesting than “our product does …” - understand the audience - getting rich at venture speed is huge market share, with high extraction costs (hopefully a market of one vs many) and then the ability to control that market for many years kicking off massive amounts of free cashflow. The narrative aligned with this 🎯
I recently read an article where the author said that the crucial question that founders need to be able to answer is "so what?" When all is said and done and the story's been told, you need to have answered that question, whether it's an investor or a customer asking.