How to describe your startup idea.
Is it possible to describe your idea with two sentence? even one ?
A strong description of your idea has to stand out and it has to catch someone’s attention. It has to get them to say — A Ha!, that’s interesting. Tell me more. Lets have a look what the biggest names from Silicon Wally are reccomending.
*need a little help, maybe feedback ? Lets chat on twitter @gtabidze
- The Founder Institute’s One-Sentence Pitch Format (one sentence)
is developing (a defined offering)
to help (a target audience)
(solve a problem)
(with a secret sauce)
Example : My company, the Founder Institute, is developing a training and mentoring program to help entrepreneurs learning a new startup create meaningful an enduring technology companies with shared equity that encourages peer support.
We solve [problem] by providing[advantage], to help [target] accomplish[target’s goal].
Depending on the stage you’ve reached, you might follow it up with a second sentence about your business model:
We make money by charging [customers] to get [benefit]
Example : “We make companies more efficient by providing a live feed of comments and questions, so employees can find answers more quickly. We make money by charging companies that want administrative control on their employee networks.”
3. — Describe ideas by answering these questions (c) MITx15390x:
* What is the problem you want to solve
* Who experiences that problem
* How you want to solve that problem
* Why this is a better solution
For example: “I want to solve the problem of clean water scarcity in developing countries. This problem is experienced by people in rural areas where water supply and treatment infrastructure doesn’t exist. I want to solve that problem by providing village-scale pumps that would give every village a way to draw on clean water from underground sources. This would be a better solution because it would be easy and quick to install, it would be simple to operate, it would not require large investments in infrastructure, it would last long, and rural entrepreneurs could even earn money by selling clean water.” *
4. Geof Moore’s Value proposition Statement
For (target customer)
who (statement of the need or opportunity)
our (product/service name) is (product category)
that (statement of benefit)
For example: For non-technical marketers who struggle to find return on investment in social media. Our product is a web-based analytics software that translates engagement metrics into actionable revenue metrics.
5. Steve Blanks’ XYZ
We help X do Y doing Z
For example: We help non-technical marketers discover return on investment in social media by turning engagement metrics into revenue metrics.
6. Petrick Vlaskovit & Branet Cooper’s CPS
Customer (who your customer is)
Problem (what problem you’re solving for the customer)
Solution (what is your solution for the problem)
For example: Customer — We believe our best customers are small and medium-sized businesses markets. Problem — Who cannot easily measure campaign ROI because existing solutions are too expensive, complicated to deploy, display a dizzying array of non-actionable charts. Solution — Low cost, easy to deploy analytic system designed for non technical markets who need actionable metrics.
Remember : to write great startup idea description you have to set words wisely and test it with your potential customers/investors.
Before you go, check this out — In 1 minute, Slack founder will make you rethink how to sell innovation
Need a little help? maybe feedback ? Lets chat on twitter @gtabidze