As a general rule, when I make investments, it’s market first and the strength of the team second, which is quite different from a lot of other angel investors who are more founder-driven. I think that’s a mistake. Even if you have a strong founding team that’s able to pivot, they’ll probably stay trapped in the market they’re already in. Many great teams get taken out by a terrible market. But if you’re in a great market, then the initial idea itself doesn’t matter as much — the area you’re operating in will have other great opportunities to go after. That’s why it’s critical for founders to figure out which market they are actually in.
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