The Idea Stage Startup Trap
I spend a lot of time talking to Idea Stage Founders about their fictional startups. Often they’re stuck thinking about their business instead of building it.
The key to initial forward momentum takes a less than 10 hours of work. In fact, I recommend you stop reading after these bullets and start right now.
- Fill out a Lean Canvas
- Build a Pitch Deck
- Famous seed stage pitch decks for inspiration
- To experienced Founders, just e-mail them and ask them if they’d help you with their pitch. You’ll be surprised at how accessible they are to other founders and how much help they will provide.
- Search for early-stage pitch events. I host one called “Pitch-In.”
- Seek out Angel Investors or Economic Development Agencies.
- Rinse & Repeat until your Company exits
- No, Really. This never stops being part of your job as a Founder – unless you bootstrap.
Pitch your Idea Stage Startup
In gardening, you can’t contain the exuberant growth of a seed in a small pot for long. If it doesn’t have room to grow, it runs, distorts in unhealthy ways, gets root bound, then dies.
The exact same thing happens to startup ideas trapped in your head. Like our fictional plant hero, your startup idea requires transplanting. The freedom to grow despite adversity leads to healthy plants that bear fruit.
Pitching your idea in public is equal to planting it in the wild. During your pitch at least one of the following will happen:
- The audience will spot the gaps in your plan.
- You will feel embarrassed about something you said, despite audience barely noticing.
- An expert will tell you about an “Unknown Unknown“. That is to say, a risk that you don’t know about, nor do you know it’s potential impact on your business.
Challenges like these are required to go from Idea Stage to a functioning Startup. In fact, every time you adapt and overcome a challenge to one of your ideas, the startup gets stronger.
There is Magic in Public Accountability
Standing on stage presenting a slide deck takes the idea out of your mind and makes it tangible startup. It’s a promise to the audience. You’re not lying to them – this business is real. You have transfigured an idea to an early stage startup. The audience bears witness to the artifacts, proof-of-life, you are now a Founder.
The journey of 1,000 miles has started with these first steps. Now take the next step, and the next, and the next, until your arrive at your destination.
Remember to be mindful and enjoy the journey.