What is needed to build a startup? What are the milestones along the way? And how to do you pull that pitch together to get the venture attention and funding your idea deserves. This Slideshare was given at the Harvard iLab and offered:
-- The holistic checklist to think through your venture in a business like plan
-- What matters to a VC/Investor
-- How to think about your roadmap from startup to public company
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Startup Roadmap Workshop
1. Harvard innovation lab : Michael J Skok : Startup Secrets : Roadmap
Roadmap to Success
STARTUP
An insider’s guide to unfair competitive advantage
SECRETS
#startupsecrets
MICHAEL J SKOK
Hi Harvard innovation lab
startupsecrets.com
@mjskok
Tweet questions to:
2. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Why are we here?
• Frequently asked questions:
– What is involved in a startup?
– What are the things I need to think about / learn to be
successful?
– Is my [idea / project / opportunity ] fundable?
– How do I pitch it to raise money?
And many more questions and frequently questioned answers!
• Startup Secrets as a series is designed to bring these
questions to life in practical frameworks and case
studies…
– So we designed this workshop as a Roadmap to Success
• and in turn therefore to the Startup Secrets series as a whole
3. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Tonight’s Agenda – 3 things:-
1. Startup Secrets Roadmap
• Lead in to many Startup Secrets frameworks such as
– Getting Behind The Perfect Pitch
– Building a Compelling Value Proposition (next
week’s class)
2. Paula Long
• Secrets Revealed: Story of Equallogic
• If time, interview about Data Gravity
3. VIP case study - Neoclosure
• Class exercise to help them with their roadmap
4. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Macro: Building an enduring
company…
Vision / Mission
Value
Prop
Enduring
Company
Startup
…
…
…
…
5. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Dots?
Vision / Mission
Value
Prop …
…
…
…
7. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
First step: roadmap
Increasing VALUE
But unlikely linear path!
Decreasing RISK
8. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
The roadmap to success…
• What will yours be ?
Increasing VALUE
Decreasing RISK
Pivots?
Ideation
Repeatability?
Predictability?
Scalability?
Validation?
Profitability?
Funding?
Creation
9. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
The roadmap to success…
• What will yours be ?
• Expect the unexpected…
Pivots?
Outlier
customers
Business Model
Reworking
Iterations
Funding
Mirage
The unexpected:
“near death”
experience
Team
Upgrades
Startup
Euphoria
Growth vs
Leverage?
Increasing VALUE
Decreasing RISK
(see article on LinkedIN [here])
Ideation
Repeatability?
Predictability?
Scalability?
Validation?
Profitability?
Funding?
Creation
RE-Creation!
10. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
The roadmap to success…
• What will yours be ?
• Expect the unexpected…
• Longer, harder, maybe ultimately, even bigger
Outlier
customers
Business Model
Reworking
Iterations
Funding
Mirage
The unexpected:
“near death”
experience
Team
Upgrades
Startup
Euphoria
Growth vs
Leverage?
Increasing VALUE
Decreasing RISK
Pivots?
Ideation
Repeatability?
Predictability?
Scalability?
Validation?
Profitability?
Funding?
Creation
RE-Creation!
11. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
A good first step…
• Some kind of ROADMAP to execute from
– Might take many forms for different audiences…
11
• like a Product Roadmap or Business Plan or Investor
Pitch Deck or even a Napkin Sketch!
– It will almost certainly be wrong!
– But it can’t be mindless, it needs to be mindful!
• So you have some straw man, or baseline to work from
12. Harvard innovation lab : Michael J Skok : Startup Secrets : Roadmap
START UP
An insider’s guide to unfair competitive advantage
SECRETS
MICHAEL J SKOK
Hi Harvard innovation lab
Getting Behind the Perfect Investor Pitch
North Bridge Venture Partners
twitter: @mjskok mjskok.com
13. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Perfect Pitch Checklist
• Example:
– Team
– Value Proposition
– Market Opportunity
– Go To Market plan
– Business Model
– Financials
13
But how are you going to make this
unforgettable and compelling?
14. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
What’s your story?
15. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
What’s your story?
• Two important parts
– You
– Story
• How they intersect
– What opportunity have you uncovered?
– Why are you uniquely suited to address it?
16. Example: Equallogic
Lots of “great” ideas..
Settled on Storage -
Since we were uniquely qualified to tackle the problem
17. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Introducing Paula Long…
Paula’s story?
17
18. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
My story… and score board so far
Founder
Post-A
Founder
Seed
Post-B
CEO
VPP
VPP
Dir Eng
Dir Eng
Positive so
far
Traded in
1st Inning
Home Run
Bought
Called for Rain
Single
Sold
19. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Macro: Building an enduring
company…
Vision / Mission
Value
Prop
Roadmap Enduring
Company
Startup
…
…
…
…
20. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
STARTUP
An insider’s guide to unfair competitive advantage
SECRETS
Building A Compelling
Value Proposition
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
21. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Valueless Proposition
Build Ideas
Test
“If you build it will they come?”
22. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Value Proposition
Gain Pain
Value
Prop
Evaluate Build
Define
Ideas
Problem
Solution
“If you build it will they come?” vs “If they come, will you build it?!”
23. Example: Equallogic
Lots of “great” ideas..
Settled on Storage -
Since we were uniquely qualified to tackle the problem
24. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
EqualLogic – Value Proposition
Lots of “great” ideas..
Settled on Storage -
Since we were uniquely qualified to tackle the problem
Gain Pain
Value
Prop
Evaluate Build
Define
Ideas
Problem
Solution
“If you build it will they come?” vs “If they come, will you build it?!”
25. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
MVP: Minimum viable product
or Minimum Viable PROBLEM?
25
27. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
If you want to build a billion dollar
business…
Start with a MULTI billion dollar problem
28. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Data Storage…
Market:
Mid-tier Storage:
• $3B initial TAM
• 60% CAGR
Problem:
“Storage is drowning
under it’s own weight”.
Complexity and
business practices:
• Required scare skills
• Archean management
• Complex and expensive
to acquire
29. Storage Dilemma for Mid-Sized Enterprises
Enterprise-Class Pain Compounded by Limited Budgets & IT Resources
Relentless storage demand
growth; low server and storage
utilization
Deployment and management is
complex and disruptive
Data back-up and recovery is
costly and error prone
Buying storage is downright
painful; laden with professional
services and hidden software
license fees
30. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Value Prop
For
Small and Med size companies that need to get a handle on data
storage management and growth
Who are dissatisfied with
Solutions that require huge amounts of time, money and Storage Gurus
to make work.
Our product is a
New type of Storage Area Network (SAN), designed for the IT generalist
That Provides
Automated storage, to do the heavy lift of configuring, managing and
growing storage. All features are include at no extra charge
Unlike
Traditional Storage Vendors who make money from complexity
31. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Value Proposition – as a story…
33. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Value proposition story
• Before…
– Deployment of SANs
took weeks
– With large cost
overruns
– Expensive skilled staff
to maintain, administer
– Ongoing management
headaches
• After…
– All the benefits of SAN,
with none of complexity or
costs.
– People feel in love with the
demo
– We setup a SAN during the
sales call (!)
– From box, to servicing data
in 30minutes.
– Any open with basic IT
skills could be a SAN
Administrator
– Storage manages itself
going forward
33
34. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Examples, case studies
• PROOF of what you do uniquely well
• Articulate from customer viewpoint
– Tangible benefits
• Easily measured ROI?
• Short Payback period?
• Repeat purchase
• Articulate from your viewpoint
– How repeatable, scalable, sticky (low churn/high upsell) it is
(leads up to how you will make money from it later)
34
36. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Case Studies
Submit one on startupsecrets.com - feedback
37. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Market opportunity
38. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Market opportunity
• Broadening of problem statement to general market
– Business Pain
– Technology Need
• Why NOW ?
1. Market dislocations?
2. Forcing events?
3. Buyer Triggers?
38
39. Rapidly Growing Market Opportunity
iSCSI SAN is the Fastest Growing Storage Segment
Source: IDC, May 2007
40. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Market opportunity
• Broadening of problem statement to general market
– Create a simple to deploy and buy Storage Area Network allowing
companies to achieve the benefits of storage consolidation
– Totally new storage architecture designed for storage automation
and scaling. Designed for IT generalists
• Why NOW ?
1. Large desire to move to Storage Area Networks, road blocks to
getting there
2. Storage Growth, Microsoft and then VMWare pushing customers
to SANs
3. Storage refresh and new projects
40
41. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Macro: Building an enduring
company…
Vision / Mission
Value
Prop
Roadmap Enduring
Company
Startup
…
…
…
…
42. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
STARTUP
An insider’s guide to unfair competitive advantage
SECRETS
Company Formation Part I:
Culture, Vision & Mission
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
43. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Vision & Mission
• How the market will evolve?
• How will you will lead it?
• What is your mission?
• SEE http://www.mjskok.com/event/vision-mission-culture
(Leads from and consistent with Market Opportunity earlier)
43
44. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Check: Vision or Hallucination?
Visions and hallucinations look the same…
...until you try to realize them
Try to tell the difference early
Big visions may not be much harder to achieve than
smaller ones
From Startup Secrets workshop on “Have you got what it takes?”
Jon Hirschtick, founder Solidworks, Onshape
45. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Summary: A good first step…
• Some kind of ROADMAP to execute from
– Might take many forms for different audiences…
• like a Product Roadmap or Business Plan or Investor
Pitch Deck or even a Napkin Sketch!
– It will almost certainly be wrong!
– But it can’t be mindless, it needs to be mindful!
• So you have some straw man, or baseline to work from
• Startup Secret: How do you balance Vision &
Execution?
– See the post on this on www.mjskok.com at
http://mjskok.com/resource/vision-vs-execution
45
46. Replacing Grey with a Photo
on Slides (in Slide Master):
Insert and place photo, then
change its “order” by clicking
“send backward” multiple times
until notch in lower left corner is
visible. You will need to delete
this grey block to view.
If photo is larger than the
slide’s live-area, reduce
the size or crop the photo. Photo
should bleed off right edge.
Startup Secrets
The EqualLogic’s
Roadmap
Paula Long
Co-Founder and CEO of DataGravity
Co-Founder and VP of Products and Strategy EqualLogic
47. An Entrepreneur’s and Investor’s Dream …
From Attic to IPO $1.4B Acquisition in 6.5 Years
November 5, 1007
Dell To Buy EqualLogic For $1.4 Billion,
Shakes Up Storage Virtualization Market
Lots of “great” ideas,
settled on Storage since
we were uniquely qualified
to tackle the problem
April 1, 2001
17 Purgatory Road
Mont Vernon, NH
48. Prologue
First-time founders with limited executive experience
Founded in a gloomy economic environment
Challenging industry titans in a risk-averse industry
Contrarian market focus
Non-traditional approaches to product architecture
and business model
Risky bet on an emerging standard
49. Most Experts Thought We’d Fail…
Building a box
Unproven Protocol (iSCSI)
Using SATA disks in a storage array
Storage moving to IB or 4GB FC
Automation in Storage was not possible
All-inclusive pricing model
Mid-market focus
Channel sales model
Customer loyalty
51. EqualLogic’s Excellent Adventure
Strongly positive
user & VAR beta feedback
Series A
financing
Series C
financing
2001 2002 2003 2004 2005 2006 2007
Series B
financing
New CEO
CEO replaced; Paula
named interim CEO
Paula
quits
100th
customer
Yet another
new CEO
FCS to Raytheon,
Fidelity and Amherst
Computer
NEWCO
founded
52. EqualLogic’s Excellent Adventure
Strongly positive
user & VAR beta feedback
Series A
financing
Series C
financing
Sell company
File S-1
Storage Magazine
2001 2002 2003 2004 2005 2006 2007
Series B
financing
CEO replaced; Paula
named interim CEO
major customer
crisis
New CEO
Paula
quits
100th
customer
Yet another
new CEO
Sales VP replaced
CFO replaced
2nd delay of major
product release
1st quarterly sales decline;
don’t know why
Paula agrees to
stay on as VP of
Products
FCS to Raytheon,
Fidelity and Amherst
Computer
NEWCO
founded
New CFO and
Sales VP
#1-ranked
midrange array
VPE quits
53. Ingredients to Build a Successful
Enterprise Company
Ingredients
Large Addressable
Market
Radically Simplify or
Remove High Value
Tasks
Change the Business
Model
Incent VARs to Sell
Your Product
Happy Customers
Great Team
• Multi-Billion dollar
Market
• Enabled IT Generalist
to be SAN/Storage
Experts.
• Removed barriers to
Scale Storage
• All Inclusive Software
Licensing.
• No Array Left Behind
• Excellent Margins
• Protect Deals
• 98% Customer
Satisfaction
• Multi-Billion dollar Market
• Turning storage from a
container to an assets
• Enable IT Generalist to
surface insights from their
data
• Tightly integrate the
solution into a companies
business processes
• Allow Partners to have a
business conversation with
the buyer
• Protect Deals
• Enables Resellers
• Goal : 98% Customer
Satisfaction
54. You Own It…
Adherence to vision
Built what was necessary, not necessarily what would
be fun
Unwavering commitment to customer and partner
success
It is about making money
You must relentlessly and ruthlessly test, tune and
(only then) scale your business model
Create a culture that doesn’t vibrate through the
inevitable ups and downs
55. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Welcome Neoclosure
55
Grace Teo and Kavita Raghavendran
56. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Neoclosure: magnetic seams
Value Proposition:
• Very discreet & sleek function; Looks like a fabric seam
• Faster than zippers, and requires less hand function
• Quieter than Velcro, and self-aligning
Mission: Give designers a new way to incorporate accessible
fabric openings/closures into products without compromising
aesthetics
57. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Let’s help Neoclosure with their
Roadmap…
• Value Prop?
• Vision / Mission?
• Describe the road you see ahead (market evolution)
• How you imagine your journey? (milestones, tangible
steps?)
• Class: what do you think?
57
58. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Neoclosure roadmap?
Increasing VALUE
Decreasing RISK
59. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
What are you missing?
How much of this is incomplete or missing?
• Team
• Value Proposition
• Product
• Go-To-Market
• Business Model
… and many others
60. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Incomplete stand outs are better than
complete stand ups!
• We looking for outstanding:
– People
– Technology or other disruption
– Market opportunity
• One outstanding of the above literally stands out vs. all good, but
none great
• We don’t expect complete
– Team
– Product
– Value prop
– GTM plan
– Business Model
• Entrepreneurs don’t need all the answers!
– Self aware, listening, leaders…
62. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Do you have the right questions?
63. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
What questions should
Neoclosure be asking?
How could he/she get help?
(Not just answers?)
63
Mentorship article: Want the Gift of
Mentorship? 3 Skills for Mastering the Art of
Mentorship
64. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
What else are you missing?!
How much of this is incomplete or missing?
• Team
• Value Proposition
• Product
• Go-To-Market
• Business Model
… and many others
MONEY? See “Funding Strategies To Go The
Distance”
66. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Complete Startup Secrets Workshops
1. Startup Roadmap
2. Building a Compelling Value Proposition
3. Company Formation 1 - Vision, Mission,
Culture
4. Company Formation 2 - Hiring
5. Game Changing Business Models
6. Go To Market 1: Strategy
7. Go To Market 2: Tactics
8. Getting Behind the Perfect Investor Pitch
9. Funding Strategies to go the Distance
10. Turning Products into Companies
11. Have You Got What It Takes?
Full descriptions of all
can be found at:
www.startupsecrets.co
m
67. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Upcoming Workshops
See http://mjskok.com/events for details and sign up
• 10/15 - How to Be Mentored DONE!
• 10/30 - Startup Roadmap DONE!
• 11/5 - Building a Compelling Value Proposition
• 11/20 - Company Formation 1 - Vision, Mission,
Culture
68. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Sign up at …
www.startupsecrets.com
mjskok.com
@mjskok
/mjskok
linkedin.com/in/mjskok
bit.ly/mjskok-google
bit.ly/mjskok-youtube
69. Harvard innovation lab : Michael Hi J Skok : Startup Secrets : Roadmap
Thank you…
Paula Long, Data Gravity
69
and Grace Teo and Kavita Raghavendran, Neoclosure
70. Harvard innovation lab : Michael J Skok : Startup Secrets : Roadmap
Thank You!
STARTUP
SECRETS
#startupsecrets
MICHAEL J SKOK
Hi Harvard innovation lab
startupsecrets.com
@mjskok
Notas do Editor
But where should you start in your Pitch? Just like I did here, give an Agenda of what you’re going to cover, mainly to set expectations.
What expectations you ask? Well, given my comment earlier that presentations often replace business plans, it’s important to set out your pitch.
Is it a comprehensive coverage of your business that will go into detail covering your entire business plan, or is it brief introduction to your business to encourage your audience to learn more in person?
Or is it something in between like an update to your current stakeholders on progress in the business with an interim capital raise?
Whatever the case, present your agenda and set your audience’s expectations clearly so you can exceed them with that Steve Job’s like zeal for “one more thing” to put your audience over the top.
To entertain you along the way, as this is pretty dry subject, I will tell a story, as that is often a key element of any presentation. Usually it’s a story about you and how you came to decide to devote your working life to this new idea.
In my case it is the story of a recent trip I made and you can try to guess where I was and then as you do I’ll tell you my story. It's in italics if you want to skip it during this read and just focus on the main slides
So here is my starting point on that journey. It was a hazy morning. I really couldn’t see much except a few glimpses of the fall foliage. But I’ll tell you it wasn’t New England as you can probably tell from the terrain.
Ash’s initial idea
Ash’s initial idea
Ash’s initial idea
Amazon
For (target customers—beachhead segment only)
Who are dissatisfied with (the current market alternative)
Our product is a (new product category)
That provides (key problem-solving capability).
Unlike (the product alternative),
We have assembled (key whole product features for your specific application).
Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
For Great Wall of China, the value proposition was really quite simple, protect the Chinese from the northern nomadic invaders like the Mongols or risk losing their country. And as I walked along the Jinshangling section, I could not help but be struck by the domineering watchtowers, of which there were no less than 67 on this section alone.
In this picture I capture a section of the wall where the contrast between the new bricks on the left and the old bricks on the right is clear. Your value proposition should be equally clear.
However you describe your value proposition, ensure your audience really “gets it”, before proceeding.
And be careful not to make any assumptions here, that may come out of your familiarity with the opportunity. Instead be explicit about what could simply not be done without the solution you are proposing and why that is so compelling.
(One other word of caution here. Many entrepreneurs, particularly technically driven thinkers spend too long on this section of the pitch. Just present it and don't try to describe every detail of the solution, no matter how proud you are of it! Present just enough to be clear as to why it is a breakthrough. And then use outside examples as proof points. See later on for more of this. )
You can test you value proposition without buiding a product by trying out this story and validating what customers are experiencing now, and what they would pay to get to the “after” scenario…
Ultimately no matter what you claim, examples and case studies that proved from your customer’s viewpoint what you can deliver, are more credible than anything else.
So if you have that proof try to explain the tangible benefits the customers are enjoying from your solution.
And try to explain in terms of ROI and payback period.
As investors these mean more to us than random superlatives. But for you as an entrepreneur they should also help you in the pitch to your customers.
To state the obvious if you can walk in with a solution that takes just a few days to show results and thereafter provides a clear ROI, it will be much more successful than an offering that takes months to implement years to show a return and is not measurable in dollars and cents
For extra credit articulate in these proof points how from your own viewpoint the solution was both easily and repeatedly sold and therefore represents a scalable business for you. This will help you lead up to your business model and how you will make money from it later in the presentation.
As I looked down the wall, I imagined the immense vision one must’ve had to have even started the wall. As I took this photo, I began thinking about how many bricks must’ve been used to build it. I subsequently learned that in fact before the use of bricks the Great Wall was mainly built from rammed earth stones and wood. It was only during the Ming Dynasty that bricks and other new materials such as bricks and tiles came to be used and helped quicken the pace of construction.
People often don’t include the 3rd point around customer urgency. You could say it’s optional, but in uncertain economic times, the default option for any customer is to do nothing.
It’s incumbent on you to make sure that your solution, is considered at the top of the list of other potential projects or priorities, as many vendors will no doubt be vying for dollars from your potential customer. And remember that as a startup, you will usually be seeking funds from an existing budget, so you’re actually displacing planned spending priorities.
Hence understanding customer urgency is very important.
People often don’t include the 3rd point around customer urgency. You could say it’s optional, but in uncertain economic times, the default option for any customer is to do nothing.
It’s incumbent on you to make sure that your solution, is considered at the top of the list of other potential projects or priorities, as many vendors will no doubt be vying for dollars from your potential customer. And remember that as a startup, you will usually be seeking funds from an existing budget, so you’re actually displacing planned spending priorities.
Hence understanding customer urgency is very important.
This should lead you up to describing your vision, for how the market will evolve and how you plan to lead it.
Vision is very important to us, because you will usually be looking at markets that will emerge over many years. And because it will be important to be early into a market to lead the it, we look for entrepreneurs who have the vision to see how it will unfold into a big opportunity down the road.
What are the possibilities opened up by your vision?