Being On Both Sides of Entrepreneurship
Life doesn’t give you many opportunities to be on both sides of the table. Last year we won CES Startup innovation award hosted by Trend Forward Capital. It saved Magalix and took us to a different trajectory, which I’ll share in a different post. This year I was lucky enough to be at the CES 2020 judging panel and hear each entrepreneur’s story, dreams, vision, and plan to make a dent in this world. Being at this side revealed what would work in your favor as an entrepreneur
Start With Your Founding Story
Stories change perspective and transform people. One of the founders started with her vision to provide remote therapy and coaching service. It was a typical pitch at this point. However, My perspective however changed and I got more hooked to their pitch when the founders shared their personal stories. One of them was trapped in an abusive relationship and the other was bullied and had health issues due to his weight issues. They both wished that a startup like theirs was there to help them out. This what makes a VC believe that you can make it work!
The Value Proposition Can Be Outside Of Our Product
The product can be catalysis of larger benefits for your customers. Think of the business as a whole not only the product. Although one of the competing startups had an innovative and environment-friendly product, they didn’t make it because they couldn’t make a clear business case. I had a strong intuition that their customers could save a lot of money due to the reduced carbon footprint when they use the product. However, they kept focusing on their product features that not necessarily would be the main selling point. Print didn’t make it unfortunately although their product was innovative.
Show Your Product Don’t Tell
If you are working on a product that transforms the user experience of a particular aspect of their life, you must show it is used. Another startup had an innovative AR/VR product to help businesses get more insights out of their data. They talked about realized benefits, but they were not able to show the