Inside the Jury Room: What Makes Investors Believe in a Founder by Emi Naganuma

The first impression matters more than founders think 

For Emi Naganuma, confidence starts with something surprisingly simple: how founders communicate and engage with the room. 

“Communication and interaction are extremely important,” she explains. “Even basics such as facial expression, energy, and how naturally the founder engages with the audience should not be underestimated.”  

Very early in the session, jurors ask themselves a fundamental question: Would I want to support and work with this founder? That first impression is not built only through facts and figures. It is shaped through authenticity, clarity, confidence, and presence. Founders who communicate naturally and create a genuine connection with the audience often build trust before discussing the deeper business details. 

Strong founders do not become defensive 

One of the clearest signals during a jury session appears during the Q&A discussion. 

“Founders who are genuinely passionate about their project while also being open to discussions create trust very quickly,” says Naganuma. 

Rather than treating questions as criticism, strong founders engage in conversation. They listen carefully, respond thoughtfully, and remain calm under pressure. According to Naganuma, founders who actually enjoy the Q&A portion often stand out positively because they demonstrate confidence without becoming defensive. This combination of conviction and coachability is often what transforms a good pitch into a memorable one. 

Execution creates confidence 

At an early stage, jurors understand that startups are still evolving. Products may not be fully developed, traction may still be limited, and resources are often constrained. What matters most is whether founders show the ability to execute despite these limitations. “Actual actions speak much louder than talking,” Naganuma explains. 

Even relatively small milestones can become strong signals: proof-of-concepts, pilot projects, industry collaborations, or early customer engagement. These actions demonstrate initiative, persistence, and the ability to create momentum. 

“What investors and jurors want to see is how creatively founders overcome constraints, how proactive they are, and whether they have the hustle and determination to keep pushing forward,” she says. 

The startups that continue conversations after the pitch are often the ones that already show evidence of real-world validation and execution. 

Investors are evaluating the founder, not only the startup 

One aspect founders frequently underestimate is how closely jurors observe the person behind the company. 

“Jurors pay attention not only to the slides or technology, but also to the founder’s character, resilience, professionalism, reactions during Q&A, and overall presence,” says Naganuma. 

At the early stage, investors know that products, markets, and strategies may evolve significantly over time. What remains critical is whether the founder appears capable of leading through uncertainty and adapting along the journey. This is why memorable pitches are rarely the most complex ones. Instead, they are often the clearest and most convincing. 

Before entering the room, Naganuma advises founders to focus on one simple question: What are the key messages I want jurors to remember after the session? 

Ultimately, standing out in a jury room is not about delivering a flawless presentation. It is about communicating a clear vision, demonstrating the ability to execute, and building trust through authentic engagement. For investors and jurors, confidence is created when founders combine conviction with openness, ambition with realism, and strong ideas with tangible action. These are often the qualities that leave a lasting impression long after the pitch has ended.