Investing in what matters: Values over valuations

As Managing Partner of early-stage Silicon Valley venture fund Structure Capital, a US Venture Advisor for the European Innovation Council and a serial tech entrepreneur, Jillian Manus has extensive experience of evaluating ventures and analysing which have good chances of success.

It’s rarely products that fail – it’s people.
Jillian Manus, Structure Capital

“It’s rarely products that fail – it’s people,” she stated when speaking at the 2025 Luxembourg Venture Days. In her keynote speech, she argued that the most important assets for successful investments are the values of the team behind the business. Here are her insights into the core values driving success.

11 core values for success

Trust

“You can’t build a culture of values without trust – and trust can easily be lost. My mission in life is to encourage and facilitate countries to invest into each other’s resources in order to reduce conflict, deepen alliances and increase global security. Building trust between different players is my key personal and professional currency.”

Integrity

“Integrity is twice as important as competence. Do you have integrity? Be honest in your answer – it is crucial.”

Transparency

“Transparency is not only important when using data – it is essential for people. It’s about how we talk to, and about, others. Don’t say things about other people behind their back. If there is a problem, tell them face to face and show them that your objective is to help them do things better.”

Empathy

“Everything that you are building – in particular now in the era of artificial intelligence – is an extension of yourself. You build in your fears, biases and problems. So make sure to have empathy, both in the office and in your life! Put yourself in other people’s shoes and try to show human understanding. That’s how you get the best out of people.”

Patience

“To me, patience is the capacity to accept or tolerate delays, trouble or suffering without getting angry or upset. My advice to you all, and in particular to women working in male-dominated hierarchies, is to never lose your self-control, raise your voice or break down in tears. Why? Because when you do so, you lose your power. Instead, keep yourself anchored and reply with authority.”

Appreciation

“Show the people you work with appreciation – not only for completed work, but also for their efforts along the way. Show them that you recognise their challenges and appreciate how they are dealing with them. People need that constant consideration. Let them know that they matter.”

Humility

“I find humility extremely important, and I don’t see it as much as I would like. Admit it when you are wrong. Own your mistakes and turn them into something good.”

Inclusion

“You can only get your product-market fit right if you really understand the issue that you are trying to solve. You can’t just build a product, you need to immerse yourself in your customers’ world to get a real feel for what they need.”

Curiosity

“Curiosity is a core human value. There is no such thing as a dumb question! The key to success is to be a broad-minded, horizontal thinker and a focused, vertical executor. Asking the right questions is essential.”

Failure

“Failure is fundamental to progress. I invest more in failing founders and companies than in anyone else because they are the ones who know what should not be done. If you never fail, you will never reach your full potential.”

Honour

“What value do you lead with? That’s a question that I have asked a lot of people. Some say they lead with empathy. The Dalai Lama told me he leads with listening. Nelson Mandela said that he led from behind. I lead with honour. My honour is my word. If I say something, I do it. This is my key professional currency.”

Your values become your story

Jillian Manus’s message is clear: for investors, founders and teams alike, embracing trust, empathy and honour is not just good practice – it is good business. And how we behave towards others matters, in all aspects of our lives.

You’re changing their narrative, and how you change it is critical. So take your values and use them to create your story – as part of theirs.
Jillian Manus, Structure Capital

“You are all born into somebody else’s story,” she said. “You’re changing their narrative, and how you change it is critical. So take your values and use them to create your story – as part of theirs.”

In a fast-paced investment landscape, these values offer a compass, not just for choosing ventures, but for shaping the kind of future we want to build together.

Photo credit: Luxinnovation/Shine