Chances of Funding
Every successful business starts with a great idea. Now is the time to enroll friends & family and start putting together your seed money. VCs want to see that you can enroll others to invest and that you also have skin in the game. If you won’t invest and you can’t raise initial funds for your idea, why would a VC invest?
Wireframes are like the blueprints of your dream house. They show exactly what will be built. They show VCs how you intend to serve your users. Now you know your idea can be a reality.
How important is a brand? Well, if you bought a $1,000 coat at a fancy retail store and lost it and then found the same exact coat being sold off the back of a truck, would you pay $1,000 for it? Same coat. Of course not — same product, different brand, different perceived value. If you want big bucks from VCs, make sure you have maxed your perceived value first.
The Sizzle presentation can be a click-through emulating the experience a user will have or a short video inspiring users to join or both. Whereas the wireframes are the substance, this is the sexy part. Now the VC can see the 3D model of your house rather than just the blueprints. Now we are getting them excited.
Forget MVP, Most Lovable Product is what you need. Better to build small but really well than have a broader system that “kinda” works. Users are sophisticated and have very VERY little attention span. Loose them once and they are lost. Great idea, great brand, great presentation, you gotta have great user experience too. (How many apps do you have you don’t use on your phone right now?)
Woo Hoo! ParTay time right? Absolutely. You’ve QA’d this left and right and now it’s ready for primetime. There’s just one more thing missing — users!
Nothing gets a VC more excited than seeing you have traction. Why? Less risk. If you have proven people want your service then their investment is at far less risk. Makes sense, right?