You need to love meeting people
As an investor, your presence in the boardrooms when those important conversations are taking place prior to and beyond the business pitches is constant. “I quickly realised that what I preferred in the job was probably interaction with people,” said Lucile. As an integral part of that process, Lucile is constantly meeting with people, whether they are colleagues or founders.
”Every other meeting, every other day, you’d need to travel and go and meet [business owners]. You can't just do it for the money because it's going to be a long journey. You’ve got to do it because you love it and you're having fun in the process - and that's why I come back. What drew me personally to it much more was the people because I thought I'd love to get to know those people. They're amazing. They're eccentric and they're doing new things. That was what drew me to it.”
Don’t underestimate the art of storytelling
As with everything, there needs to be a hook: ‘What makes your story worthy of telling?’ which equates to ‘What makes your product worthy of selling?’ That being said, “the way you deliver something is probably as important as what you're delivering,” said Lucile.
Although it’s a trait that can come naturally to others, it’s an essential skill to learn if you plan to pitch a business idea to investors or VCs. “For me, that’s one of the traits of very successful founders that I've realised.”
Speed of action is very important
“Great founders act faster” has proven to be the case in Eight Roads’ performance portfolio. Investors are more likely to be trusting in the business if they can see the products of their investment come to fruition sooner. That’s not to encourage rushing the process due to pressure but is important to show that you are taking things seriously and acting effectively and efficiently upon the feedback given.
“Some people make an intro, and the next week, they've already met the person they’re hiring. Other people take two months to react. That’s one of the traits of very successful founders that I've discovered.”
Make sure the business’ ethos are clear
Things like employee treatment, the work environment, as well as a safe and organised way of running things, is critical to the smooth running of any business. Some startups are on the wrong side of things, and while we can acknowledge room for growth, other things are non-negotiable. “A red flag for us would be any question around culture. We pay very strong attention to Glassdoor reviews of lesser references. If it's at the expense of treating people carefully or even going against the law that would obviously be a red flag because there can be a reputational risk for us, and it's also just against our way of working in general.”
Don’t worry too much about the macro
A lot of time can be spent overthinking different aspects of one’s strategy but no one knows ‘where the macro will be’ years down the line. In fact, Lucile stands by the idea that ‘a little bit of abstraction is necessary if you're a founder.’ In 2020, at the height of Covid-19, Sequoia Capital published a report outlining what they called the ‘Black Swan’. It detailed the dislodging of startups during the and post pandemic, and yet “effectively the opposite happened.”
“My fundamental belief is if you create a good company with strong fundamentals, it will do well no matter what. Obviously, things will go up and down but you should almost be a bit agnostic with the day-to-day,” said Lucile.
But Lucile’s biggest advice to women seeking investment or looking to be an investor is important: “Be bold. I love the phrase: ‘It's easier to ask forgiveness than to get permission’. It's always worth trying.”
RSVP here to reserve your place at the event and get your burning questions answered by Lucile herself.