An analysis of interviews with venture capitalists across 7 regions — uncovering the traits, behaviours, and preferences that drive early-stage investment decisions globally.
Across every region and background, VCs converge on a remarkably consistent picture of what makes a fundable founder.
While universal traits like resilience and coachability cross all borders, there are meaningful regional differences in what VCs prioritise.
* % of VCs willing to read cold emails. Fewer than 1 in 10 annual investments actually originate from cold outreach. Primary investment source across all regions: referrals from existing portfolio founders.
Aggregated across all 103 VCs globally — the definitive ranking of traits that drive investment decisions.
Your pitch competes with hundreds — sometimes thousands — of others every year. Understanding the volume gives you a sense of the odds.
| Region | VCs Surveyed | Annual Deals (Median) | Investments/yr | Investment Rate | Cold Email Receptivity |
|---|---|---|---|---|---|
| Global | 103 | 10 | 1.0% | 69% | |
| US / North America | 14 | 14 | 0.5% | 57% | |
| Asia (ex Middle East) | 27 | 8 | 0.6% | 78% | |
| Middle East | 15 | 7 | 0.9% | 60% | |
| Europe | 13 | 10 | 1.0% | 69% | |
| Latin America | 13 | 6 | 0.6% | 62% | |
| Africa | 11 | 10 | 0.83% | 82% | |
| Oceania | 10 | 8 | 0.67% | 80% |
The data tells a clear story — and it's more nuanced than "be resilient and coachable." Here's what founders should actually take from this research.
The Founders' Stack Psyche tools measure exactly the traits VCs look for — coachability, resilience, adaptability, and more — with validated psychometric instruments.