By Joey Ferguson
PROVO — A track record of success, transparency and knowledge about company details makes valuable management teams according to a panel of investors at the Utah Seed Fund Summit hosted by the Utah Valley Entrepreneur’s Forum.
“Transparency is really important to us,” Clay Andrus, director of Plus 550, said to an audience of local entrepreneurs at the event, which took place at the Utah Valley Convention Center. “We don’t want someone telling us grand stories and not being honest. We want to know the real deal and we will be transparent and honest with you guys.”
Both Andrus and Steve Grizzell, managing partner of InnoVenture Capital, want to see a management team that knows its company well.
“I look to see how well the leader of the company understands the financial statements they provided to me,” Grizzell said during the panel discussion. “If the numbers mean nothing to the entrepreneur, then they definitely will.”
Other panel members want to see a track record, including Jeff Burningham, managing partner of Peak Capital Partners, and Alex Soffe, chief financial officer of Kickstart Seed Fund.
“We love management teams that have a track record of doing a lot with a little,” Soffe said. “We’re big believers in the lean startup and an entrepreneur that has a clear plan that can take the money they want to raise and get them to the next bump in valuation.”
Character is the most important trait in a management team, said Damon Kirchmeier, managing director at Auxano Funding.