Hello and welcome to the Startup Istanbul podcast. In today’s episode, we’re going to be discussing the seven questions that can help founders create a clear and concise pitch for their startup.
First up, we have the question: what does the company do? It’s important to explain the company’s purpose in simple language, without trying to impress the listener with complicated jargon. One tip is to consider walking the listener through the user experience to help them better understand the product.
Next, we have the question: how big is the market? Estimating the market size can be done by researching the existing space or by estimating the number of potential customers and their potential value. There are two approaches to this: the top-down approach, where you determine the total market and estimate your potential share of it, or the bottom-up approach, where you figure out where comparable products are sold, how many of them are sold, and what percentage of those sales you could take. It’s important to avoid the pitfall of assuming all customers are potential buyers.
Third on the list is the question: what progress has the company made so far? It’s important to share the ratio of what has been done to the amount of time spent working on it. Focus on product development and customers first, and other areas such as fundraising or business development second.
Fourth, we have the question: what unique insights does the company have about the problem it is solving? This should be based on deep analysis of current products in the space and personal experience, as well as multiple conversations with customers.
Next up is the question: how is the company’s solution different from competitors? It’s important to explain the unique value proposition of the company’s product or service and how it stands out from competitors.
Sixth on the list is the question: who is the team behind the company? Share the backgrounds and experiences of the team members and how they contribute to the success of the company.
And finally, we have the question: how much funding is the company seeking and how will it be used? Clearly state the amount of funding being sought and how it will be used to achieve the company’s goals.
So those are the seven questions that can help founders create a clear and concise pitch for their startup. We hope you found this episode helpful. Thanks for tuning in.