Let’s be honest: the early days of a startup are chaotic. You’re building the plane while flying it, trying to convince investors that your "broken MVP" is actually the seed of a billion-dollar unicorn, all while navigating a market that shifts like sand under your feet.If you feel like you’re in the trenches, you aren’t alone. But knowing what to focus on amidst that chaos is what separates the founders who scale from the ones who stall.
We recently sat down with Haley Bryant, Partner at Hustle Fund, for an exclusive session with the BonBillo community. Hustle Fund is famous for investing in what they call "hilariously early" startups. They don’t just look for polish; they look for grit, hustle, and the ability to figure it out in real-time.
Haley dropped some serious knowledge bombs on what pre-seed investors are actually looking for in 2026, why "boring" industries are sexy again, and how to navigate an AI-first world. Whether you are bootstrapping in a garage or prepping for your first raise, here is the playbook.
At Hustle Fund, they review thousands of deals. When you are pre-revenue or pre-traction, traditional metrics don't apply. Instead, Haley broke down the five specific criteria they use to evaluate startups at the earliest stages. If you are preparing to pitch, treat this as your checklist.
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Criteria |
The Insight |
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1. Execution |
It’s not about the idea; it’s about the 1% progress you make every single day. Can you move the ball forward consistently? |
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2. Team |
Do you have an "Earned Secret"? Lived experience matters more than a pedigree. |
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3. Market |
Large markets are good; growing markets are better. Look for regulatory or cultural tailwinds. |
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4. Product |
It doesn't need to be perfect. A "broken MVP" that solves a real pain point wins over a polished product nobody wants. |
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5. Fundraisability |
Can you attract capital, talent, and customers? It’s about resource magnetism, not just charm. |
When Haley looks at a startup, she isn’t looking for a polished slide deck or a founder in a Patagonia vest using buzzwords like "synergy." She’s looking for hustle. But not the "grind until you burn out" kind of hustle. She defines it as the grit to figure things out in real-time, relentless focus, and the ability to prioritize what truly moves the needle.
The core thesis at Hustle Fund revolves around one non-negotiable trait: Execution.
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Concept |
What It Means for Founders |
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Velocity of Learning |
You will figure out what isn't working long before you figure out what is. How fast can you cycle through failures? |
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Vision vs. Action |
Great visionaries who cannot execute are dangerous. Investors have been burned by "vibe-coded" products that never ship. |
The Takeaway: Don't worry about having the perfect 5-year plan. Worry about what you are shipping this week. Investors back lines, not dots. They want to see the trajectory of your execution over time.
One of the most profound takeaways from Haley was the concept of the "Earned Secret." In the age of AI, anyone can generate a market research report in seconds. You can ask ChatGPT to give you the TAM of the logistics industry in Southeast Asia, and it will give you a number.
But investors aren't looking for data that is publicly available. They are looking for the insight that you only get by being on the ground.
Haley shared a story about a founder in East Africa. Through deep, boots-on-the-ground work, this founder realized that people weren't avoiding credit cards because they didn't want credit - they were avoiding them because of a specific cultural fear of fraud and people "looking over their shoulder" to steal card numbers. That is a nuance you won't find in a Gartner report. That is an earned secret.
Founder Takeaway: Stop trying to impress investors with generic macro data. Tell them what you know about your customer that nobody else knows because you’ve lived it.
We often think a market needs to be massive today to be venture-backable. Haley challenged this. She argues that market expansion - creating a market that doesn't exist yet or unlocking a dormant one - is where the real returns are.
Specifically, she highlighted Vertical SaaS and AI for "Laggards."
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Opportunity Area |
Why It Works |
Example Tools |
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Home-Based Care |
Highly fragmented, underserved, often run on pen & paper. Digitizing this creates step-function productivity gains. |
Vertical SaaS |
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Logistics & Supply Chain |
Complex workflows that general AI tools can't handle yet. Requires deep integration into daily operations. |
AI Marketplaces |
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Regulatory Shifts |
New laws (like GDPR or the Genius Act) create instant demand for compliance and management tools. |
RegTech |
Here is a hard truth that came up during the session: Building the product is no longer the hardest part.
With Claude code, no-code tools, and AI assistants, the barrier to entry for building software has dropped to near zero. As Haley noted, "The constraint has shifted from engineering to adoption."
This means your competitive advantage isn't just your tech stack; it's your distribution. If you have an embedded distribution advantage - partnerships, a community, or a unique channel - you can move faster than a competitor with slightly better code but no audience.
For founders, this requires a mindset shift. You need to prioritize your Go-To-Market (GTM) strategy as early as your product roadmap. Are you building something that naturally spreads? Do you have a wedge into a specific community?
We discussed the high churn rates in enterprise AI deployments (some reports say 95% failure rates!). Why? Because people don't trust the AI, or they don't know how to fit it into their workflow.
Haley brought up a brilliant point about Human-First Onboarding. Even if you are selling a high-tech AI product, you might need a high-touch, human approach to get people to use it.
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Strategy |
Action Item |
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The "Superhuman" Model |
Don't just give them a login. Do a 1:1 onboarding call to teach them how to change their behavior. |
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Bridge the Gap |
Acknowledge where the user is today vs. where the tech wants them to be. Guide them across the chasm. |
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Services as Software |
Consider a "human-in-the-loop" service model initially to ensure success before fully automating. |
Haley referenced a LinkedIn post comparing the current founder experience to the movie Dune - the sand is constantly shifting beneath your feet. Geopolitical tensions, the AI bubble, economic uncertainty... it’s a lot.
But here is the optimistic spin: Chaos creates opportunity.
The best companies are often born in the worst times because they are forced to be disciplined. They focus on unit economics early. They don't bloat their teams. They solve real problems because nobody pays for "nice-to-haves" in a downturn.
As Haley said, "You have to remain optimistic to build the future." It’s almost a meditative practice - taking one step at a time, focusing on the one thing you can control today.
A final piece of advice for early-stage founders: Hire your cap table.
When you take money from an investor, you aren't just taking cash; you are hiring a business partner who you cannot fire. Choose investors who deserve the right to work alongside you. Look for those who understand your vision, who have patience for the pivots (remember, 30% of startups pivot!), and who bring more than just a check.
At BonBillo, we believe in backing founders who are solving the world's toughest problems. If you are building something that matters, keep executing. That 1% progress every day compounds into something unstoppable.
Ready to accelerate your growth? Join our community of mission-driven founders.