For Startup Grind Seoul Chapter’s sixth event, as well as its first event of 2015, we invited Mr. Taekkyung Lee, co-founder and CEO of two leading startup accelerators in Korea – MashupAngels and Primer. He imparted great advice especially to early stage startups on (1) how to get in touch with investors (2) criteria in selecting a srtartup to fund and (3) common qualities among successful entrepreneurs.
First of all, Taekkyung pointed out that most early stage startups experience difficulties in finding which investors to contact and how to get in touch with them. Here are two practical pieces of advice on how to meet investors and get their attention.
- Don’t expect a response from one single cold email. Taekkyung mentioned how so many startups naively expect responses back from investors with one single email. He specifically mentioned how cold emails virtually have no appeal and if sent by someone he does not know, the chances of his taking interest are close to none. He also stressed that after sending the email, “stalking,” or badgering investors by obsessively checking up on your status, is not a solution to get anyone’s attention.
- Actively pursue your investors. Taekkyung suggested actively pursuing the investors by following their social networking accounts. For Taekkyung’s case, he openly tweets and shares about events that he plans on attending (hint: Startup Grind!). He mentioned that these events are the best places to meet people face-to-face in a natural environment. He strongly suggested startups to take the initiative to meet the investors face-to-face even if it is only for a couple of minutes.
He then explained his own criteria when selecting a startup to fund. Because his accelerator mostly invests in startups in the very early stages, he mentioned that he looks mostly at the team. He mainly evaluates:
- What the team’s motivation is behind starting a startup
- Why this problem has to be solved
- Why a certain business model was selected over others
- Whether the team has execution capability (He stressed that startups cannot succeed with just a good idea)
He further highlighted two qualities that he found to be common among successful entrepreneurs:
- Problem Solving Skills: Successful entrepreneurs have great problem solving skills. Starting a startup is first and foremost “solving” an unmet consumer need, or a problem that a consumer never identified as a problem. Startups also face diverse, often unexpected, challenges and a successful entrepreneur needs these skills to lead the team to success.
- Perseverance: Successful entrepreneurs have the perseverance to endure hardships or failures. Startups are bound to go through failures and it is easy to decide to quit. However, successful entrepreneurs have the perseverance and strength to endure and overcome the storm.
We would like to thank Mr. Taekkyung Lee for the real-world advice for new entrepreneurs. Another thank you to our sponsors (The Asan Nanum Foundation, SparkLabs, MOUSQ Angel Club, and Samsung OIC) and our partners (Kiwi Productions, Whatap, UBER, and MangoPlate)
See you at our next event on February 25, at Maru180!
