3. Know your numbers: Now this one is a non negotiable. Just like understanding emotions is important, understanding numbers and the business plan is equally important for investors. A good founder must be so hands-on that basics like selling price, gross margin, SKUs, shelf life, sales mix, etc., must be answered with absolute clarity. They must also be able to answer questions around customer insights and competition and their differentiator in a convincing manner. Fumbling around these basics or not having the right numbers in the head shows lack of thoroughness and attention to detail. By far, the most important number a founder has to get right is the valuation they ask for. We saw good businesses that got rejected as the founder asked for unreasonable and often beyond ridiculous valuations. Investors want to know that this has been thought through well. Here, the example that comes to mind is the venture with healthy chips and dips, #Tagz. I lost to Ashneer but I was super impressed by the founders’ grasp on their business basics. Often, things happen too quickly at the Tank and post the show, you get more time to think through the venture. I approached the #Tagz team after the show ended and invested in them. I was absolutely right. Their due diligence was the most efficient and quickest due to their sheer grasp and preparedness where their numbers and accounts were concerned.