Hey Startups, Think Big Then Build Small
A few thoughts for startups based on Startupbootcamp InsurTech’s investor sneak preview.
Last night I was in London checking out the latest cohort from Startupbootcamp InsurTech. I had been to the selection days last November so I was looking forward to seeing the development of the startups over the last three months. The following startups presented with the goal of working out the kinks for the demo day in six days.
Below are some quick thoughts and notes based on the pitches:
- There’s no doubt insurtech is gaining some traction. That said, startups need to focus on the whole experience. If the weak link is the claims experience than it really doesn’t matter how slick the interface might be. Steve Jobs said it and did it best with the reinvention of Apple.
- When pitching, if you can’t connect with the audience in the first 2 minutes it’ll be difficult to capture their interest the rest of the time you’re talking.
- Startups need to think A LOT bigger and work towards that vision. For proof check out Elon Musk’s vision for Tesla; it’s not just an electric car company. This is something that Silicon Valley does very well.
- This is related to no. 3, if you’re worried about stepping on your investor’s toes (i.e.: a legacy insurance company) then you will be hard-pressed to move beyond what already exists.
Keep on keeping on. Iteratively. 🌈