In a world that continuously transforms, staying ahead means embracing innovation not just as a concept, but as an actionable practice. As I engage in the Okanagan 2024 Angel Summit, I am privileged to meet entrepreneurs actively innovating, creating, and advancing their industries, shaping future technologies and business strategies.
Reflecting on my interactions and their business models, I find myself revisiting the core principles of design thinking—a methodology that harnesses creativity and empathy to solve complex problems. Here are crucial aspects every entrepreneur should articulate clearly when pitching an idea:
Clear Problem Framing and Job to Be Done: Define the problem your product addresses clearly and explain the core task that your solution accomplishes. This clarity helps align the product with real user needs and market gaps.
Understanding Personas and Their Journeys: Know who your customers are. Detailed personas and journey maps illustrate how potential customers interact with your product and what motivates them—crucial for crafting targeted solutions.
Product Desirability, Feasibility, and Viability: Evaluate whether your product is desirable to your target market, technically feasible to develop, and economically viable to sustain. This triad forms the backbone of a product’s potential success.
Success Metrics: Define success beyond personal achievements—include specific KPIs like profit margins, cost reduction, revenue growth, and other critical performance indicators.
Clear Product Functionality Testing: Demonstrate how your product functions in real-world scenarios and how testing validates its claims. This builds trust and credibility with potential investors.
Competitor Analysis: Use tools like the 2x2 framework to position your product relative to competitors. This analysis helps in identifying your unique value proposition and potential market advantages.
Funding Allocation: Articulate how you plan to use the funds raised. Detail the benefits this will bring and the challenges it aims to address, ensuring transparency with potential investors.
As the summit progresses, I look forward to continuing the selection process and wish all participants good luck in reaching the semi-finals. Let’s continue to drive change and innovation in our industries!
For more details on the summit, visit https://lnkd.in/g3DR4t7U
#entrepenurship #innovation #advocacy #productivity #angelinvesting #okanagan #kelowna #BC
We are excited to have Amy offer the ins and outs of HR to our cohort!