ALYSSA TAM ‒ NYA MEMBER SPOTLIGHT
Alyssa Tam has over 20 years of experience in the financial services industry across the US and Asia. Alyssa has demonstrated her leadership and expertise as the Chief Innovation & Data Officer of AIG, Director of AIA EDGE, an innovation unit within AIA Group in Hong Kong, and Executive Director of Global Sales Technology at Goldman Sachs Asia. While Alyssa recently became a New York Angels member in 2021, she has become highly active and respected in our organization.
How did you meet New York Angels? Why did you choose NYA?
I was in Hong Kong for nearly 20 years, and in my most recent role, I ran innovation and worked closely with the startup community. I was constantly searching for new investment opportunities. So when I started considering personal angel investment, I knew I wanted to be part of something that had continuous deal flow. The first angel group I looked into was New York Angels. I have friends who have talked a lot about New York Angels, and I have a friend who actually pitched to New York Angels too. I had a unique opportunity to see how New York Angels invests, and it’s a totally different ballgame being able to be part of this network. New York Angels has so many people, who come from all walks of life with very different expertise; this is collective wisdom at its best.
What has been your most memorable experience as a New York Angel?
I really enjoyed being able to lead a deal and learning with NYA members, like Michael, Gene, Steve, Doug, and Cindy to name a few. It was eye-opening for me to see how you lead a deal right from the beginning, starting from screening all the way to due diligence, and deciding whether we proceed to invest or not.
What do you look for when you are investing in a company?
Many angels tend to focus on a specific sector, but for me, I keep a very open mind in terms of where I invest in, which is another reason why being in the New York Angels network helps. I'm focused on the problem the company is trying to solve. I also look at their value proposition and whether they have any traction. Most importantly, I’m assessing the founder and whether she or he is truly passionate about the problem they're trying to solve. The best entrepreneurs are ones with deep personal convictions and experiences. You can see a founder’s passion when they can clearly articulate: 1) how their product solves a real need, and 2) how they care deeply about the solution.
What do founders like most about working with you?
I make myself available to founders whenever I can help with anything, particularly advice or connections. Sometimes it’s as simple as helping with:
“I wanted to run something by you.”
“Can you be my sounding board?”
“I need to connect with someone who's previously worked in ______________. Can you look at your contacts to see if you know someone like that?”
It may sound simple, but I think being there for founders - when they need you - is highly underrated. As an angel investor, my goal is not just writing checks; it’s really about being able to provide support. Entrepreneurship is hard, and I saw many of the challenges that founders faced in my previous professional life. I worked a lot with them, and I tried to empathize with their tumultuous journey. I am available for founders whenever they need help, besides just the check.
What's the biggest difference between companies that you see at Screening and those who make it through to Due Diligence?
Traction is often the biggest differentiator. Many startups are definitely too early for us, as they may not have validated the product and they have not yet generated revenue. Those who have made it through to Due Diligence have a great problem to solve, have validated the product and generates some revenue. Storytelling also gives me a lot of perspective on the founders abilities as well. Sometimes founders can have great products or great ideas, but do they really know what will be most important to their customers? Can they create a pitch that tells the story on how their product is going to transform an industry? Can the founder put themselves in the shoes of investors and anticipate what questions they need to address?
What advice would you give founders who are starting to fundraise?
Talk to people who have been through the fundraising process: get advice, network, talk to mentors and people who have been there, done that. You also have to be ready. A model that I live by is: you have to be ready - you don’t know when a big thing will hit, but when the opportunity comes you want to be ready to give your one minute elevator pitch. Opportunities are for those who are prepared and ready.
Anyone who is an early-stage startup should also consider joining an accelerator. In an accelerator program, you can meet peers who are going through similar experiences and learn from each other. Additionally, you are supported by mentors and experts who can give you advice before you go on a big stage, which is really important because it's almost like having mock interviews before you go on a job interview.
When you look at your past investments, what do you think is most critical for founders to be able to deliver a successful exit?
I believe grit is most important for founders, especially after the last two years. There are a couple of companies that I thought: “Oh my, you know they might not make it because of COVID, the potential lack of funding, people are not meeting, hiring is difficult…” and some have hung on and are thriving. When I look at successful founders with exits, they know how to grind through these difficulties, and they can make those hard decisions of making sure that their employees are okay and their business will be okay. A successful founder will always have: grit, persistence, the ability to be very grounded in terms of expenses, and very clear-minded in terms of what they're trying to achieve.
