Good advice from a couple of entrepreneurs

I had the opportunity to ask a couple of entrepreneurs some questions and these were the takeaways that I thought were valuable.

  • Funding pitch needs to have 3 things:
    1. Analysis of market (TAM) – Is it big enough?  Billion dollar?  Million dollar?
    2. Convincing management team – Can the team execute?  Do they have a track record?
    3. Technology / software / product – Can you show the tangible?  Demo / prototype?
  • Focus on a market that you can dominate by 80%, it’s a mistake to start off too broad
  • Figure out how to get your first customer, contact potential customers now and get some traction
  • Even if you don’t have a product to show, you should still do some customer validation of your startup idea verbally

Sophia Perl

Sophia Perl is a product manager for a database tool at IBM. She has over 10 years of software development and management experience. Sophia holds a BS in Computer Science from University of Southern California and an MBA from University of California at Davis. She is the creator of iPhone apps PicPredict and Eventabulous.

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