Guys, seriously. Nobody cares about the problem your startup solves!
Having pitched to dozens of VCs (and angels, etc.) over the years, let me tell you: while it may sound interesting, it doesn’t really mean anything.
Anyone can come up with a problem and a solution in 20 seconds. It doesn’t mean it’s a good business idea.
What investors really want is this: a hypothesis that you have empirically proven and evidence it can work at scale. So,
💡 HYPOTHESIS: You have an idea that creates a 25% cost saving for businesses in vertical XYZ
🔎 PROVEN:You’ve sold it to 2 companies and they have each achieved cost savings in this ballpark (proven).
📈 SCALE: You have 10 more companies, including some multinationals, that want to sign up over the next 3 months.
Now THAT’S an interesting proposition. It took me 9 months to raise £500k when talking about product and solution. It took me 2 weeks to raise £2.5m when talking about hypothesis, proof and scale.
👊
Having pitched to dozens of VCs (and angels, etc.) over the years, let me tell you: while it may sound interesting, it doesn’t really mean anything.
Anyone can come up with a problem and a solution in 20 seconds. It doesn’t mean it’s a good business idea.
What investors really want is this: a hypothesis that you have empirically proven and evidence it can work at scale. So,
💡 HYPOTHESIS: You have an idea that creates a 25% cost saving for businesses in vertical XYZ
🔎 PROVEN:You’ve sold it to 2 companies and they have each achieved cost savings in this ballpark (proven).
📈 SCALE: You have 10 more companies, including some multinationals, that want to sign up over the next 3 months.
Now THAT’S an interesting proposition. It took me 9 months to raise £500k when talking about product and solution. It took me 2 weeks to raise £2.5m when talking about hypothesis, proof and scale.
👊
