The questions Leonis Capital investors ask to see if a startup's tech actually holds up

When assessing the potential of a startup's technology, investors are increasingly focused on the questions that reveal the depth of understanding among founders. For instance, they might inquire about a significant decision the founders made despite opposition from their team. This helps gauge their resilience and leadership in challenging situations. Investors are also keen to learn about the broader market landscape. They often ask what external conditions must align for the startup's success, as well as when the founders last reconsidered an important belief. Such inquiries not only assess adaptability but also the founder's awareness of industry dynamics. Another critical area of inquiry is competition. Founders might be challenged with hypothetical scenarios about what would occur if a competitor were to replicate their product in a short timeframe. This helps investors understand the startup's unique value proposition and barriers to entry. Furthermore, the discussion often extends to the future of AI technology. Investors want to know how advancements in model capabilities could impact the startup's offerings. Strong candidates articulate how improvements could unlock new workflows and drive innovation, rather than merely enhancing existing features. In the fast-evolving AI sector, where giants like Google and OpenAI dominate, investors must discern which startups possess genuine technological advantages. This has led to a focus on understanding the nuances of proprietary data versus foundational models. Investors caution against founders who lean too heavily on claims of superior data, as the pace of AI development often outstrips proprietary efforts. Ultimately, the aim is to identify founders who recognize their technology's defensibility. They should be able to clearly articulate the structural advantages of their products and how they differentiate themselves from larger competitors, rather than relying on superficial features that can be easily replicated. Moreover, the temperament of founders also comes into play. Strong candidates acknowledge their vulnerabilities and engage in candid discussions about potential threats, while weaker ones may become defensive. What truly stands out is the ability of founders to demonstrate intellectual flexibility. They should be able to recount specific instances where they changed their perspectives based on new information. This adaptability is crucial in the unpredictable landscape of AI, where the ability to pivot can mean the difference between success and failure. In summary, the questions investors pose reflect a desire for deeper insights into a startup's technological foundations and the founders' strategic thinking. The best responses reveal a balance of technical understanding, market awareness, and a readiness to adapt to changing circumstances.