Soaib Grewal is an Indian Investment Adviser to 500 Startups, and also leads the 500Design program in India. He attended Innovation Xtreme event recently as a speaker and met up with Grameenphone Accelerator team at the GP house. Soaib heard the pitches from each team and later had one on one session. Here are 5 key takeaways from the group session.Startups should validate their model sooner than later to avoid costly mistakes. Every business must test product market fit by going out to the market and talking to actual customers.
- Startups should validate their model sooner than later to avoid costly mistakes. Every business must test product market fit by going out to the market and talking to actual customers.
- Founders need to contextualise for local users while building businesses based on proven model. It is okay to follow the fundamentals of a model which worked in a different country but founders need to ultimately solve customers’ problems that are unique to the market.
- Investors want to invest in founders who are resilient and can demonstrate the ability to execute their ideas.
- While doing a presentation deck for investors, founders may follow two strategies. Start with traction numbers and then go into problem statement and how it will be solved. Another way would be to start with the problem statement, explain the solution and then end with traction number, to reinforce it. To get attention , explain why you are starting your business and also if the problem is a multi-million dollar problem.
- Most importantly, build your business for your customers and not your investor. Ultimately your customers will prove your business to investors, so focus on them from day one.