Bonobos Founder Andy Dunn's Tips on Angel Investments – Hustle Con 2016

TL;DR

Andy Dunn, founder of Bonobos, argues entrepreneurs need four traits: tenacity, ability to evolve, authenticity, and magnetism. To raise capital, build a great product first, prove $50k trailing revenue in six months, then fundraise from an "infinite supply" of angels (expect ~1,000 nos).

Key insights

• The four required entrepreneurial qualities are tenacity (relentless desire to win, resilience, credit to teammates), ability to evolve (like bonobos – matriarchal, gender parity, changing mind), auth
• Raising money should only begin after hitting $50k trailing revenue in about six months from a real product; earlier fundraising is premature unless you can source a small slug of capital from family
• There is an infinite supply of capital — 99.9% of angels will say no, so you need the resilience to keep going through ~53 no’s before a yes.