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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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.
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.
Contacts are key.
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.
Need to talk this through before you start blabbering.
These days, it’s down to seven or ten seconds. One sentence about you are planning to do.
For events and opportunities? Should be to the point, and well rehearsed.
Same as above, if they let you talk for that long.
Even one or a few pages long. This will keep you on track.
This is essential. You can update once a month.
Business models change over time but you should have at least one. Investors will not take you seriously otherwise.
Small audience usually means small business.
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?
It takes money and time to educate people. Both are hurdles that are best circumvented.
Hopefully, a few months. Otherwise people might wonder what makes you confident it will work.
Success and failure are in the details. How many negative attributes does it take to sink a cool smartphone?
Are you building a group of loyal users, or selling a one-time product?
If there is no competition, probably you haven’t looked hard enough.
What makes you irresistable over the competition?
A strong plus.
Anything less than 100% won’t cut it.
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