Get Ed On Budget is a business model innovation helping students learn to earn. It accomplishes what most schools don't do today which is personalize the learning experience to match your goals by finding out who you are and where you're trying to go.
Here are some take aways and feedback about my pitch:
- Pitch as business owner, not as a consumer. At times, consumers and business owners have differing interests. For example, as a small business restuarant owner, you wouldn't want consumers to hang around after their meal, though consumers would.
- Be specific, show details. Pick a location, take a screenshot, any detail helps
- Show average consumer spending, before and after your product
- Don't over promise the financials. If your financials look better than Google's, take another stab at it.
- Show a demo
- It's amazing how many pitches end while investors are wondering..."What is it that you're selling"
- 50/50 is about right for revenue share deals. At first you need them more than they need you, then you use it as leverage
- Pick a niche market for validation and product/market fit
- Cost to build software is $
- Give 100% away initially to prove market validation
- Get 10 people to pay you to prove product
- Don't use slang words, don't expect investors to keep up latest phrases. For instance, what is a MOOC?
- Consumers will compare your price with others, and if significantly cheaper, then they perceive your product to have lower quality. For instance, $11.99 vs $3000, consumers think you are sacrificing quality
- Focus on 1 thing and do it really well.
- Don’t undersell your experiences.
- Don’t ever lead with a negative, be confident about what you know.
- Cost of selling to retail is very high...gotta get 5x retail margin
- Consider sales cycle, how long is it? How long will you need to persuade them decision makers to purchase?
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