What approach is likely to get funded? Let me tell you a story:
THE MONEY-MAKING MACHINE
Mr. A has an idea – Picture him as he wakes suddenly with a new vision for a machine. Over the next few months, he spends all his spare time tinkering with it and when friends visit, he talks of nothing else. They just smile and nod. Nobody gets it. When one offers a suggestion, Mr. A interrupts her, saying, “I already know that doesn’t work.”
For months he stays up nights and pours his savings into parts and materials. Over time, discarded components clutter his workbench. Out of funds, he seeks backing to make his idea a reality.
The same idea occurs to people all over the world at about the same time. You spill your morning coffee in your excitement over a new concept that spontaneously occurs to you. You quickly sketch a machine. Sure of its value, you seek counsel from a startup expert and together you draft a concise business plan and write a story to communicate your vision. Because you have limited capital, the plan calls for bootstrapping your R&D by employing a team staffed by students from the local university. That leads to extensive brainstorming and eventually a set of drawings and a rough prototype. The university proudly showcases your technology, providing much-needed exposure. With the knowledge and experience gained from the prototype and a written business plan, you have a blueprint for success and a complete story. Only then do you seek backing to build a commercial version.
Which story leads to a better outcome? Mr.A’s story is “Fund me so I can prove my idea.” You have that part behind you. Your story is, “I have a working prototype, a business plan, and a clear message.” A number of other story points are of interest to a potential investor – You are coachable. You’re a team player. You are open and have sought counsel. You’re resourceful as shown by your method of bootstrapping your R&D. You’re prepared. You draw up a blueprint for your invention, a blueprint for your business, and write a great story before you seek backing.
Look at it from the decision maker’s point of view. Capital is limited. Which investment gets the nod? Mr A’s raw idea or your completed blueprint? Turn your Concept into a Money-Making Machine.
The CORE Insight Story™ - WRITE YOUR BEST OUTCOME
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