MVP, Elevator pitch, burn rate, gmv, blah blah blah.
This blogs talk about the commonly used jargons in startup ecosystem and why is it essential to know them.If you are an entrepreneur who knows the definition all these terms feel free to comment the jargon which you had to google.
What's your burn rate?
Elevator Pitch:
An elevator pitch is a brief, persuasive speech that you use to spark interest in what your organization does. You can also use it to create interest in a project, idea or product – or in yourself. A good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds, hence the name.
Simple words: Imagine you are in an networking event and there is an investor walking towards the elevator and it a very good opportunity for you to meet the investor personally. So you run towards the elevator to meet him but not making it obvious. Now you are the in the lift with the investor and you have maximum of only 30 seconds to have a conversation. You introduce your startup to the investor with simple words without taking more than 10 seconds for the investor to get a brief idea about your startup. Elevator pitch is all about making use of the limited time you have to introduce your startup with simple words.
If your idea is too complex and you feel you need more time to introduce just talk about a company everyone knows about and connect it to your start up. You might bump into a investors anywhere not necessarily in the elevator and might have shorter time than in an elevator, so keep your elevator pitch short and importantly make sure it grabs the investors attention.
Few Examples: Doordash for pharmacies
MVP ( Minimum Viable Product )
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