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. Receptivity does not measure the share of investments originating from cold email.
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.
Further observations about fundraising and working with founders, shared in individual conversations.
How to read these insights: These topics were not discussed consistently across all interviews. They reflect experiences and preferences expressed in selected conversations, rather than findings measured across the full sample. References to monthly or quarterly reporting concern existing portfolio companies; the interviews do not establish that sending regular updates increases the likelihood of receiving investment.
Some investors said most of their investments came through referrals and trusted networks. Cold outreach also led to investments, but some described it as harder to convert.
Investors described monthly or quarterly reporting and conversations with portfolio founders to understand performance, challenges and support needs.
Interviews included invitations to stay in touch for a later round and examples of investments made after an earlier relationship. Timing and company progress can change the conversation.
Investors described looking for founders who deliver on commitments, demonstrate product or sales progress, and follow through on requested information.
Investors valued visibility into problems as well as achievements. Some preferred direct conversations to carefully polished written updates.
Listening to feedback did not always mean agreeing with the investor. Some valued founders who could consider advice, explain their reasoning and change direction when the evidence warranted it.
Complementary capabilities, clear responsibilities and the ability to work through disagreements featured alongside preferences for solo founders or founding teams.
Investors discussed customer knowledge, commercial realities, financial assumptions and a clear explanation of how funding would be used, alongside personal qualities.
Geography, stage, sector, cheque size and investment mandate can determine whether an opportunity progresses, even when the investor sees strengths in the founders.
The Founders' Stack Psyche tools measure exactly the traits VCs look for — coachability, resilience, adaptability, and more — with validated psychometric instruments.