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I'm a seasoned angel investor. Here's what I'm looking for from entrepreneurs — and what makes me turn them down.
- Entrepreneur and angel investor William Reeve talks about his approach to startups and what excites him about new ventures.
- Reeve is CEO of the lettings platform Goodlord.co and a non-executive director of Dunelm. One of his companies, LOVEFiLM, was acquired by Amazon in 2011 for $312m.
- Reeve has made 60 investments over his lifetime, with a typical ticket size of £20k ($25k).
- When Reev meets founders, he looks for their ability to listen. The best entrepreneurs are usually naturally curious and good listeners.
- Reeve usually invests in companies that he can support with expertise in tech or fundraising and hiring.
- Reeve's standard ticket size is around £20,000 to £25,000, but he has invested up to about £100,000 in some businesses over multiple investments.
- Reeve offers insight on fundraising strategy or board structures and has found some companies' specific hires, including their CTOs.
- Reeve likes companies that have a "hook" that explains why the business will win in a marketplace. A bad signal is when families work together, like couples or siblings.
- Reeve applies pattern-matching to his investments and looks for companies that have a good chance of success.
- Reeve encourages investors to think about where their edge is — where do they have some advantage over others as an investor? His advice is to invest in people you know.
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