The best advice I can give young entrepreneurs? Get. to. the. point.
I can't emphasize the "keep it simple stupid" (KISS) mantra enough. Too many entrepreneurs walk through the door with good ideas, but if you can't clearly communicate the value of your product, then VCs won't bite, and customers definitely won't bite. In the same vein, it should be crystal clear to anyone listening exactly what pain you're solving and how you're solving it. It's not good enough to just list features. VCs see hundreds or thousands of deals each year, and simply don't have the time to translate cryptic, convoluted and long-winded messages.
Most books talk about refining your elevator pitch. While I think that's a critically important tool in communicating the value of your product, I strongly believe that it has to be even simpler than that. I should be able to see how you're going to solve someone's pain in 3 sentences or less.
I challenge my readers to drastically simplify all of the messages they create around their new business. And if you're not the type who can connect with people based on a simple message, told succinctly, then hire someone who can. They are worth their weight in gold.
Get to the point. Show me the pain. Show me how you solve it. Keep it simple, so I can understand.
If you can manage that in 3 sentences or less, send an email to dawalibi@garagecanada.com.
Friday, November 23, 2007
Keep It Simple Stupid - Message and Value Proposition
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4 comments:
Hey Paul,
I know you can't really promote Guy Kawasaki's books without sounding like you're promoting a colleague but I can! I invite everyone to read Guy's The Art of the Start before submitting a proposal to any VC. It's eye-opening and offers tons of great advice.
I actually don't mind promoting Guy's book. :) I think while the advice is quite high level, it is excellent, and necessary reading for anyone who wants to be an entrepreneur.
I think you're right on, but I'll add one thing. In addition to clearly stating the problem you solve and the value you provide, you need to be able to describe your differentiation. Pitching a VC is no different than any other selling situation in this respect.
Drew,
Great point, but differentiation doesn't help if you can't hook a VC in the first 3 sentences. You can find a slightly refined version of this thought on my new blog here: The VC Whisperer - No One Understands What You're Saying
But as you've pointed out, addressing the competition is important as part of a full pitch, and I talk about that here:
The VC Whisperer - Always Be Looking Over Your Shoulder Or Your Startup Will Get Mugged
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