Archive for the ‘venture capital’ Category

Great advice to help communicate about what the hell you’re doing!

September 27, 2010

Got this great pearl from here:

A Sack of Seattle

“Your elevator pitch should follow a simple “ad-lib”: We focus on ______ (target customer) who need _________ (market need), so we provide _________ (feature set) and we charge them ______ (business model). This standardized elevator pitch actually simplifies some of the challenge that the founders have been facing in explaining their business to mentors. His idea is to adjust the answers to the blanks until the statement feels exciting and feels like it accurately describes what you do. I couldn’t agree more and hope the founders take this to heart as they hone their business plans.”

For fear of mucking with a rather eloquent piece of advice, here are a couple thoughts

1. Where it says “need,” “want” works in the realm of consumer stuff.
2. Businesses are fluid and startups are especially so, so “not completely sure” is probably the truth in some of the blanks. It would be nice if that “not completely sure” were limited to one or perhaps two blanks. Never mind funding, it’s kind of hard to lead a team much less build a business if these things aren’t both understood and explainable.