Some really great thoughts from a Venture seminar:
1. “Own the Need” – get your target audience (ie. the investor or fund) to internalize the problem that your product or service will solve. If they don’t get it, they’ll never fund it.
I see parallels with this concept and what I believe in what type of product/service I should and should not work on. I truly believe that there are products and services that I am the wrong person to work on, even if user experience and design principles are very universal. Some things just don’t resonate with me, and they don’t have a specific place in my life or serve any purpose or need of mine. Because I can’t or have not internalized it, I can only take this kind of product so far.
Now I also believe that this has little correlation of whether this will be a successful product in the marketplace. The world is full examples of people building stuff that I would never use or I have no affinity for, and yet they are viable businesses.
So this is like getting your investors to “own the need”. If they don’t feel some affinity for it, you’ll never get their support or cash.
2. Lead then with marketing vision – Once you get them to “own the need” then show them how you’ll take it to market and win over users.
3. Convert the toughest accounts – If you can win their respect and support, the other accounts will follow.
4. Avoid lifestyle companies. By lifestyle, they mean that there are entrepeneurs out there will have, on the surface, a great idea, but are only there to take your money and support their expensive lifestyle. Bad for investors because they don’t really care about the business, but only for their own needs….