What to Do About the Other 90%!
When I hear a rambling pitch that gets lost trying to describe every detail of a new idea, I have to wonder: if only you knew what little time the investors will actually spend discussing it!
If they ever do talk about you, the only question they will be asking each other is: how can we make money out of it?
If they think your idea has that potential – vast growth, solves a big problem in a credible way, maybe if this is a new and incredibly intriguing product or just that you, the entrepreneur is uniquely qualified to take on a specific market – guess what:
They are going to reduce that to one sentence.
Then, they just as quickly, they will stop talking about the idea and start talking business.
- What does it cost to acquire customers (note, they never mention viral, because they don't believe in it!)
- Is this enough money required to get it off the ground?
- How big can this be and how much would they likely recoup?
- Who would acquire it? (No one really discusses IPOs and never, ICOs)
- How big is the competition and can they reasonably be faced? (If the competition happens to be Google, Apple or Microsoft, go home.)
- Can this entrepreneur (and team) really pull this off?
If you knew just what sentence Investors will use to describe your company, you would be way ahead of the game! (This is why we hold Capital Raising Workshops.)
Instead of fussing over every last feature in your offering, you would get down to the issue of what makes you and your team good enough to make this fly, exactly how you plan to do this and with how much.
Then, you can talk about the probable growth path and exit – who is likely to buy you, why and when.
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