If you are an entrepreneur and have a startup, by now you must have seen some of your other startup friends and founders pitch their ideas and projects. This year so far, I have seen around 30 or more. Without failure what I see is the following.
Take a look at your competition analysis table and what yours looks like. If it is the same or similar you may want to read on.
When we start any project it is often because we have found a problem, we have reached an obstacle and something that needs to be fixed. But only something, however sometimes fixing that one thing requires making a lot of changes to other things which is totally understandable. When we look at competitors in a market we need to acknowledge the fact that they have done something right to get to where they are and that they do have a team of bright and capable staff of achieving more. However it is true that they are often brought down by their weight, they are not agile enough, and the bigger the company the longer it may take them to bring about change.
This is where you come in as a startup. You are there to help their customers solve their problems. You are there to fix that one problem which is taking your competitors too long to fix.
Rather than jump and develop everything that your competitor does and tick every box available making yourself the king of the castle, acknowledge the fact that you are solving one problem. Look for that one thing you are fixing, YOUR UNIQUE SELLING POINT, and bring that to the forefront. This one module is what makes you stand out from the rest of the competition. This one module might be the reason why your competition may dish out millions to buy you out. This one module is the one that will help you make an MVP, get your first clients, keep costs down, test improve, and move into profitability. Amazon started with just selling books. Nothing more. That’s all the concentrated on. They didn’t even bother stocking them. They developed a way to order them without cost even if the way they did it was somewhat cunning.
When you describe your competition, make your competition stand out. Show their strength and power. Show how well they have done and how fast they have achieved it. All these points will prove that the market is right, ripe and ready to take up what you sell. It helps the investors see that there is an exit possibility or good dividends to come. Once you have used the power and achievements of your competitors to your advantange, you can then delve into explaining why your one module is unique, why your competitors will not be able to copy you or do it as fast as you can. This is the key point and this is your challenge. Your competitor is often sitting on millions of cash and already has a good chunk of the market.
Your task is to prove why you will be able to do it faster than them and why they will not be able to copy you. Concentrate on just on module. This is your strength. A simple left punch, you can deliver them fast and furious, so hard that the competition will miss the opportunity to hit you back in time. One single blow or many repetitive small punches. Whatever it takes make yourself stand out with one punch and let your competitors shine so that you can rise alongside them.
Want to make your pitchdeck standout amongst your competitors, that is the other startups that are competing with you? Then focus on your USP and use the power of your competition to tell a compelling story. If you have any difficulties in getting the message across give me a shout. We can have a call and discuss how I can help you represent your startup amongst the competition.