The Opening Hook
I was at the Batch 12 launch party and was listening to the startups in batch 12 introduce their concepts to the other startups and mentors in the room.
What I noticed was two things, 1 not all the ideas were that impressive. 2 (the more important one) how founders spoke about their ideas made all the difference.
There was one start up focused on being the largest CRM/ management platform for gyms. Another focused on import/export and retail of ‘smart’ devices, a US small-farm pork importer and a VR firm that could convert 2D drawings into 3D VR.
It was the import/export and retail of ‘smart’ devices that ironically had the best pitch whilst (personally, i feel) having the worst concept. Which highlights my point. Given the amount of pivots a start up does, being able to capture the attention and show some magic is almost more important than the original idea. I’m personally not in agreement with this, but i can see why it happens- we had 1 min to hear from 10 startups then start networking, so you’ve got to capture the attention of people who, due to their experience, wealth, and connections simply can’t afford to give you more time.
This leads me to the advice i gave to the VR firm. Rather than focusing on how their tech works and why its important and all the details of what they do and how they apply their tech. Literally what they should focus on is a simple one-liner, if you can’t explain your concept in 1 sentence you don’t understand what you’re doing enough to sell it. I told the VR guys they should just say — ‘ we can take any engineering blueprint, and, in real time, make it into a VR model you can walk through.’ — one sentence, that should say all you need to get people to come to you and ask you questions.