STEVE TEMARES ‒ NYA MEMBER SPOTLIGHT
Prior to becoming a New York Angels Member in 2022, Steve Temares practiced real estate law and then spent 27 years at Bed Bath & Beyond, where he ran the company for 22 years - first as COO, then eventually as CEO. Steve grew the company significantly to 65,000 associates and $11 billion in revenue and managed several brands, including Christmas Tree Shops, Cost Plus World Market, and buybuy BABY. Steve has been married for 37 years and has three adult daughters, two sons-in-law, and a grandson. Steve shares how New York Angels is a great way to fulfill his intellectual curiosity and maintain relevancy, why he likes to invest in companies within a growing industry, and why successful companies execute with excellence.
How did you meet New York Angels, and why did you decide to join?
Bruce Kaminstein was a member and former vendor at Bed Bath & Beyond. We also shared some mutual friends. Bruce introduced me to New York Angels, and I formally joined at the end of 2022. Initially, I observed meetings, and I found the experience very intellectually stimulating. It’s inspiring to see entrepreneurs passionate about what they’re doing: trying to solve a problem or taking advantage of an opportunity.
What do you enjoy most about being a New York Angel member?
New York Angels is a way for me to fulfill my intellectual curiosity and to maintain relevancy by learning things that I otherwise would not be exposed to. I could read magazines, journals, books and other things – which I do too – but being part of New York Angels and going through due diligence with founders is an incredible way to become educated and deep dive into something. Similarly, New York Angels is a community filled with wonderful people who are subject matter experts in all different areas, which creates a great learning environment. You can also pick your level of involvement with New York Angels giving you flexibility to lead deals, watch videos, attend meetings in-person or online, and more.
What has been your most memorable experience as a New York Angel?
After one of the early NYA meetings that I attended, I took a walk with Mark Schneider and Tom Hirschfeld. We walked together for a number of blocks through the City discussing various topics. They were both warm, bright, interesting people. Tom and I finished walking through the park back to our apartments on the Upper West Side. Tom ended up stopping by my apartment. That experience was an indication of the type of people who I have met through New York Angels: nice, curious, and kind people.
What do you look for when you are investing in a company?
The things that first attract me are usually the qualities of the entrepreneur. I'm always looking for an honest person who is intelligent and driven. I like to have somebody, who is financially competent, with strong budgeting and analytical skills. I also like to see a company within an industry that has the wind at its back. The company should be building toward taking advantage of the industry’s momentum, as opposed to fighting the change that’s already in process.
What do founders appreciate most about working with you?
You’d have to ask them, but I hope they value that I am earnest in trying to help them without overstepping my bounds. I know their time is precious, and I will respect their time and goals. I hope they appreciate that I am very honest and direct with them.
What advice would you give founders starting to fundraise?
If you’re going to make a presentation, be prepared. You need to succinctly and thoroughly lay out your vision and plan. Let the quality of your pitch be your selling tool – it’s not about being a salesperson but about showcasing your plan effectively.
What differentiates companies that you see at Screening versus those who make it through to Due Diligence?
It often comes down to the entrepreneur’s ability to articulate their vision clearly. Their ability to simply explain their product, strategy, and market positioning - including the likelihood of an exit -plays a significant role.
When you look at your past investments, what do you think is most critical for founders to be able to deliver a successful exit?
Ultimately, I think it comes down to execution. Yes, you need to have a great product, a solid strategy, and the right team, but the ability to execute differentiates their success from failure. Founders also need to be intellectually honest about what they are experiencing and willing to pivot and deviate to embrace change. A bit of good fortune also helps - being in the right place at the right time can make all the difference.
Is there anything else you’d like to share?
I usually say no to interviews like this, but I appreciate the opportunity, and I know the monthly newsletter is important to New York Angels, other founders and the early-stage investing community. It’s a great way to showcase all the great work that Liz and Jon do for New York Angels and all the incredible entrepreneurs building the future. I’m very thankful to be part of the New York Angels community.
