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No matter what you may think, you have competitors. A coronary bypass is a substitute for an angioplasty.Maybe not a direct competitor – in the sense of a company offering an identical solution – but at least a substitute. Competitors, simply stated, consist of everybody pursuing the same customer dollars.
They explain how their product can be applied to multiple, very different markets, or they devise a complex suite of products to bring to a market.
Most investors prefer to see a more focused strategy, especially for very early stage companies: a single, superior product that solves a troublesome problem in a single, large market that will be sold through a single, proven distribution strategy.
You are in business to get paid for making pain go away.
Pain, in this setting, is synonymous with market opportunity.
Initially, investors are interested in your technology only in terms of how it: All of these questions can be answered without a highly technical discussion of how your product works.
The details will be reviewed by experts during the due diligence process. Document the technical details in separate white papers.
Investors are in the business of balancing risks versus rewards.
Some of the first things they want to know are what are the risks inherent in your business, and what has been done to mitigate these risks.
That is not to say that additional products, applications, markets, and distribution channels should be discarded – instead, they should be used to enrich and support the highly focused core strategy.
You need to hold the story together with a strong, compelling core thread.