The difference between investing early into a company and investing early into a protocol is that companies die when they run out of cash, but protocols die when they run out of believers.
Most underappreciated skill for new founders: Numeracy. Can you speak with authority about your numbers, now and in the future?
Can you define the levers of your growth, pick feasible goals, and then hit them week after week, month after month?
This is true product market fit
Smart partners negotiate fair deals because they know that lopsided deals are fragile and that most value accumulates in long term trust relationships.
You can tell a lot about a potential partner by their opening offer.
1/ I believe we are approaching the point (or have we already passed it?) where every startup in the San Francisco Bay Area will have a distributed team. Such is the reality of living in the Bay Area, with housing costs, traffic, commute times, high rents, and more.