I think you have to have really thought about what the business opportunity is and understand the size and scope of the market that you’re addressing. You have to have a really clear indication of what your value proposition is: what is it that you are going to do, why is it can be better than anything else that is out there?
You have to have an understanding of how you’re going to price it. They use the word monetize, but that’s really shorthand for how are you going to bring in money? What is it that you’re going to offer that people are going to actually exchange money for?
When you’ve thought about all those things and have an understanding of the business, then I turn to what the team is going to look like. To execute that, it doesn’t mean that you have to have all the team members in place, but you have to have an understanding of who is going to be required.
We often see cases where somebody is a brilliant product person; they’ve got this idea for a product and it can be the next greatest product on Earth, but they’re not an engineer, and they’ve never written software code. So that really means that if you’re going to talk about raising money, you need to understand what you can do, what you can’t do it, and who you’re going to bring on your team to augment it so you can actually realize this vision that you’ve got. So your team is really critical.
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