T.A. McCann of Gist fame spoke with the TechStars founders today and shared some solid ideas about building products with the customer in mind. One key takeaway that I felt was especially relevant as the founders dig into the product development phase was:
Your elevator pitch should follow a simple "ad-lib": We focus on ______ (target customer) who need _________ (market need), so we provide _________ (feature set) and we charge them ______ (business model). This standardized elevator pitch actually simplifies some of the challenge that the founders have been facing in explaining their business to mentors. His idea is to adjust the answers to the blanks until the statement feels exciting and feels like it accurately describes what you do. I couldn't agree more and hope the founders take this to heart as they hone their business plans.
Thanks to T.A. for coming by!