Startup Check List – Are you Ready?

So you're working on your start-up. People may want to know about you, use your product, invest in you. Are you ready? Here's the checklist.

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Artwork from the book - Startup Check List – Are you Ready? by Mel Rosenberg - מל רוזנברג - Ourboox.com
About the Author
Mel Rosenberg - מל רוזנברג
I'm a writer, scientist, musician, inventor and lecturer. During the daytime I am advisor to the President of Shenkar College, a job I love. I write children's books, satire, and…
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Startup Check List – Are you Ready?

by Mel Rosenberg - מל רוזנברג








Copyright © 2017

These are questions people will ask you. Do you have your answers ready? 

How well/long do you know your co-founder(s)? How did you choose one another?

Cofounders should ideally be really good friends who have known each other a long time. Arguments between cofounders are a major reason for failure, even (or especially) after money come in.

Do you know your ‘space’? How well?

What area are you dealing in? Fintech? Are you an expert (you should be). It’s much harder succeeding in a field that you know little about.

1

Do you know people in your ‘space’? How well?

Contacts are key.

Do you need money now? When will you? How much?

As my friend Doron Nir tells me “When someone invests in your startup, it’s  a miracle.” Do you need the miracle yet? Even if not, you should be prepared to try to make happen. Prepare a budget just in case. Try to attract more money than you think you need now. You will.

Do you have IP that must/should be protected?

Need to talk this through before you start blabbering.

2

Do you have an elevator pitch (20 seconds)?

These days, it’s down to seven or ten seconds. One sentence about you are planning to do.

Do you have a three minute pitch (just a few slides)?

For events and opportunities? Should be to the point, and well rehearsed.

Do you have a five minute pitch (less than ten slides)?

Same as above, if they let you talk for that long.

3

Do you have a plan to market?

Even one or a few pages long. This will keep you on track.

Do you have a one-page executive summary to share?

This is essential. You can update once a month.

4

Do you have a business model? Potential source of revenue?

Business models change over time but you should have at least one. Investors will not take you seriously otherwise.

Can you envision a large enough target audience/market?

Small audience usually means small business.

How badly do they need your product?

People will flock from the corners of the earth and pay great sums of money for a product that restores health. How badly do they need yours?

 

5

Does the market need to be ‘educated’?

It takes money and time to educate people. Both are hurdles that are best circumvented.

 

 

How long till your MVP (minimum viable product) is ready?

Hopefully, a few months. Otherwise people might wonder what makes you confident it will work.

6

Do you have all the technical resources you need?

Success and failure are in the details. How many negative attributes does it take to sink a cool smartphone?

7

Is it a one off or a repeat?

Are you building a group of loyal users, or selling a one-time product?

What is the competition?

If there is no competition, probably you haven’t looked hard enough.

What is your ‘edge’?

What makes you irresistable over the competition?

8

Can Israel (or your own country or city or province) serve as your beta site?

A strong plus.

How sure are you that you’ll succeed?

Anything less than 100% won’t cut it.

9

Maayan Knafo added a few of her own, below.

What does your start-up do??

Describe the reasons that led you to your start up.

What were your first steps to create value?

What was your first interaction with customers like? Did you manage to serve them and deal with their needs and requests?

10

Do you have any more questions or suggestions? Post them on the Padlet on the opposite page! Or e-mail me mel@ourboox.com.

 

 

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