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:
- Analysis of market (TAM) – Is it big enough? Billion dollar? Million dollar?
- Convincing management team – Can the team execute? Do they have a track record?
- 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