You’ve got a big vision, and you’re just now putting it together.
You’ve likely got an idea of the problem.
What investors at this stage are likely to like about your business:
Your vision. People back people and their stories, not ideas and business models. Tell your story. What is broken in the world? Who are you and why do you want to fix it?
Your commitment. Tell investors what investment you have in the company. Are you willing to quit your job? Have you asked everyone you know for money? Are you working a full-time job by day and working another full-time job on nights and weekends? People are more likely to invest in you if you share how you invest in yourself.
Your impact. How are you going to change the world? What matters about this company–beyond just making money?
What investors at this stage are likely to ask questions about:
How do we know that your team has the experience to solve the problem? Make sure you highlight you and your team’s experience. Why you? Why know?
What is the specific problem you’re solving–for your customer? Too many ideas are a solution that’s looking for a problem to solve. You might want to try this simple “Mad Lib”: “We sell A to B. B has a problem, and it is C. We solve C through D.” Let’s take, for example, Google. “We sell consumer data to advertisers. Advertisers have a problem, and it is that they don’t know how to reach the right audience online. We solve this problem through the world’s best search engine, which gives advertisers highly customized information.”
How do you know that customers want to buy your product? You should be prepared to talk any evidence (names, goals, numbers are helpful) and specific plans (goals and targets of conversations are helpful) that you have over the next six months to make sure that you’re solving the right problem.