There are three things that matter in a start-up: people, people, people. The right team, with the right skills, experience and contacts will have a greater chance of success.
We know the VC view of management teams:
"Quite simply, management is, by far and away, the most important factor that smart investors take into consideration. VCs invest in a management team and its ability to execute on the business plan, first and foremost." (Source: Investopedia)
"I look for great teams, because they can create outstanding returns as well as save your bacon in tough situations." (Source: Bloomberg)
As management teams, we also know the importance of hiring quality people for outsized performance. However, we often neglect how we can improve our chances of finding and attracting the very best. Finding the right people is important. People are the single largest cost - for most companies, they usually account for around two thirds of all costs. If there is only one process you do well in a company, it should be the recruitment process.