I’m about ~10 pitches in to meeting with founders to get practice and I’m learning there are 3 things crucial to a pitch that founders aren't getting right: Introducing the Problem, Solution, and Team

Today, let’s dig into what makes a compelling problem.

#ProjectVC
To get your problem statement right, you need to convince me of two parts:
- Pain/Urgency
- Scope.

They are different things. Conflating them is a trap. So let’s differentiate them and how to answer for each of them
Pain/Urgency=

- Your customer is inconvenienced/suffering because you don’t exist
- Your customer is spending time/$$ trying to solve it themselves

Research + Data are your friends here. Show the investor it’s an actual pain point.
Scope =

- Clearly Defined: Your targeted and intentional on your segment and that they feel the problem

- Big Enough (eventually): You recognize that the problem you’re solving now is representative of a much bigger problem (with outsized market size)
Here’s where I’ve seen it go wrong:

- Scope is NOT Urgency. A big market size does not mean an urgent problem.

- Founder’s bite off more than they can solve for in defining their initial scope or haven’t been targeted

- Over-indexing on personal experience re: urgency.
Here’s what u can do to get it right:

- Combine personal experience and research equally to prove urgency

- Balance your immediate target scope and pay homage to the larger opportunity.

- Keep your problem statement to two slides (pain point + scope)
I’ll write more later this week about how to get the solution and team portions right in a pitch deck.

Twitter doesn’t allow for much nuance so I’d love to hear what I’ve missed re: problem statements!

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