By Cameron Chell
First, I’d like to take this opportunity to briefly introduce myself. I’m Cameron Chell, and I’m thrilled to be the newest member of the Angels & Entrepreneurs advisory board.
I’m a serial entrepreneur who has launched numerous tech startups, like Draganfly Innovations (OTCQB: DFLYF), (CSE: DLFY) ColdBore Technologies, and CurrencyWorks. I’m also the co-founder and CEO of Business Instincts Group (BIG) and BUILD Impossible.
But today, I’m going to get right to the point. I want to talk to you about one of the biggest myths in the startup investing world…
The myth of “impossible,” and why the term “impossible” doesn’t have to exist.
Thanks to what we call “the pivot,” nothing is impossible in startup investing. I’ll talk more about the actual mechanics of “the pivot” in my next piece (stay tuned), but what really matters is the “why” behind every company.
If someone is doing something simply to make money, they’re going to spin their wheels pivoting and iterating, and at some point, say, “This isn’t worth our time.”
Or they’ll say, “We blew through the money and we weren’t successful… Let’s move on to something else or get a job,” or whatever the case may be.
That’s why the “why” is the foundation an entire startup stands on…
When you are dealing with entrepreneurs that focus on “the why,” you will see they and their team are laser-focused on what matters… and that drives results and success.
This is the type of entrepreneur and startup team you want to invest in… which is why it’s at the core of our thematic investment style.
First of all, we bet on management. Second of all, we don’t go into deals or ask anyone to make any investment that we haven’t invested in ourselves. This way, we ensure our objective is always aligned in the long-term.
For the above reasons, the “why” becomes really important. I can’t tell you the countless number of projects we’ve been involved with that years later ended up working… all because we continued to feed it or twist or turn or think or develop, with the management team continuing to fuel their passion as to why they’re doing something.
A lot of people look at that process and say it’s just not a good use of capital, or it’s not a good opportunity cost.
While those are valid statements, our style is to see it through based on a strong “why.”
Impossible doesn’t have to exist, because you never have to quit if your “why” is strong enough.
We’ve stuck it out with some of these companies that may not have succeeded if they had not gone back into incubation.
What came out of sticking with these teams was often entirely new ideas that still accomplished the same “why,” but were even more successful than originally contemplated.
Now, here’s where you come in…
If you, as an investor, can get other people passionately excited about the project that you are in, you’ve demonstrated an invaluable skill.
These “right” people can be complementary to the project and help build the product/service or open doors that the startup would generally not have access to. It’s all about bringing the right people to the table.
And that’s exactly what we’re doing here at the Angels & Entrepreneurs Network.
It’s amazing to work with such an incredible group of people dedicated to being the best angel investors they can be. Alongside Neil Patel and David Weisburd, I can’t wait to share some of my own tricks of the trade with you in the coming weeks and months.
You’ll be hearing from me again next Tuesday, where I’ll go over exactly what it means for a startup to pivot.
Talk shortly,
Cameron Chell
First, I’d like to take this opportunity to briefly introduce myself. I’m Cameron Chell, and I’m thrilled to be the newest member of the Angels & Entrepreneurs advisory board.
I’m a serial entrepreneur who has launched numerous tech startups, like Draganfly Innovations (OTCQB: DFLYF), (CSE: DLFY) ColdBore Technologies, and CurrencyWorks. I’m also the co-founder and CEO of Business Instincts Group (BIG) and BUILD Impossible.
But today, I’m going to get right to the point. I want to talk to you about one of the biggest myths in the startup investing world…
The myth of “impossible,” and why the term “impossible” doesn’t have to exist.
Thanks to what we call “the pivot,” nothing is impossible in startup investing. I’ll talk more about the actual mechanics of “the pivot” in my next piece (stay tuned), but what really matters is the “why” behind every company.
Why does your startup exist?
The fact is that you can almost always pivot if you have a team that’s passionate enough about success or is passionate about why they’re doing a particular thing. Teams can iterate, adjust, move, fundraise, and do whatever it takes in order to nail down exactly why the startup exists.If someone is doing something simply to make money, they’re going to spin their wheels pivoting and iterating, and at some point, say, “This isn’t worth our time.”
Or they’ll say, “We blew through the money and we weren’t successful… Let’s move on to something else or get a job,” or whatever the case may be.
That’s why the “why” is the foundation an entire startup stands on…
What’s Your “Why”?
The “why” is what drives a team to do whatever it takes to make success happen.When you are dealing with entrepreneurs that focus on “the why,” you will see they and their team are laser-focused on what matters… and that drives results and success.
This is the type of entrepreneur and startup team you want to invest in… which is why it’s at the core of our thematic investment style.
First of all, we bet on management. Second of all, we don’t go into deals or ask anyone to make any investment that we haven’t invested in ourselves. This way, we ensure our objective is always aligned in the long-term.
For the above reasons, the “why” becomes really important. I can’t tell you the countless number of projects we’ve been involved with that years later ended up working… all because we continued to feed it or twist or turn or think or develop, with the management team continuing to fuel their passion as to why they’re doing something.
A lot of people look at that process and say it’s just not a good use of capital, or it’s not a good opportunity cost.
While those are valid statements, our style is to see it through based on a strong “why.”
Impossible doesn’t have to exist, because you never have to quit if your “why” is strong enough.
It’s only when you quit that you’ve lost.
If you can hit a one in 10 success rate in angel or VC investing, then it’s said you’re doing awesome. But we’ve found that if you can have a longer time horizon with companies and teams that have a really compelling “why,” your percentage can be much higher.We’ve stuck it out with some of these companies that may not have succeeded if they had not gone back into incubation.
What came out of sticking with these teams was often entirely new ideas that still accomplished the same “why,” but were even more successful than originally contemplated.
Now, here’s where you come in…
Being a part of the collective wisdom of the investor base
The biggest way angel investors can help is by introducing the right people.If you, as an investor, can get other people passionately excited about the project that you are in, you’ve demonstrated an invaluable skill.
These “right” people can be complementary to the project and help build the product/service or open doors that the startup would generally not have access to. It’s all about bringing the right people to the table.
And that’s exactly what we’re doing here at the Angels & Entrepreneurs Network.
It’s amazing to work with such an incredible group of people dedicated to being the best angel investors they can be. Alongside Neil Patel and David Weisburd, I can’t wait to share some of my own tricks of the trade with you in the coming weeks and months.
You’ll be hearing from me again next Tuesday, where I’ll go over exactly what it means for a startup to pivot.
Talk shortly,
Cameron Chell
Follow @angelsandentrepreneurs
Like your way of thinking, what’s your why? That’s the grease that the axle turns on