Successfully Pitching Your Startup: Pt 1 Idea vs Product
Dreams cannot be achieved without setting goals, just as ideas cannot be confused with products. Dreams are easy, but dreams by themselves are just that… dreams. They are imaginary and they don’t produce tangible results. Your idea is not something tangible that you can successfully pitch to an investor.
The word ‘idea’ often refers to a mental impression. We use this word all the time to present a suggestion that we have or a particular desire or ambition. Just because someone said they had an idea of writing a book, doesn’t mean they’ve written it or have even started it.
A product is an “object or service created as a result of a process and serves a need or satisfies a want.” It is a combination of tangible and intangible attributes. Many investors are influenced by product characteristics. Palatable features that can be seen by them personally, in action. Evident information and research.
Many are eager to pitch their idea before they have a product. They believe that their idea IS their product. But they’ve barely worked it out. They’ve thought up this dream and have no set goals to show. When you have an actual product, you have a name, icons, something to show, something tangible. And it’s a good idea to have some marketing done. Investors want to see the product, they don’t want to hear about what it could become. Having the actual product available turns your idea into a reality.
When you decide to turn that idea into a reality, you’re entering a full-time career. In order to create something tangible, e you have to be fully committed. It’s going require your money, funding, time, working overtime, blood, sweat, and tears. VERB and LIT are great examples of what full time looks like. Driving across 27 states in one month to land fruitful investors, or throwing parties and rallying up potential users. The willingness to go all in!
Dreams occupy your mind. Goals take over your reality. Successfully pitch your startup with your product and not a moment before then.