Startup Secrets: Funding Strategies to Go the Distance
Part 1 of Michael Skok’s Harvard i-lab lecture series, “Startup Secrets: An insiders guide to unfair competitive advantage,” Skok laid out one of the first stages of creating a company: defining the value proposition.
Skok says that a strong value proposition is essential for getting your startup off the ground. It will help you to attract customers, raise funding, and ultimately succeed.
Here are some additional tips for creating a strong value proposition:
- Start by understanding your target customer. Who are they? What are their needs and pain points?
- What makes your product or service unique? What benefits does it offer that your competitors don’t?
- Be clear and concise. Your value proposition should be easy to understand and remember.
- Use strong language. Your value proposition should be persuasive and exciting.
- Test your value proposition. Get feedback from potential customers to make sure it’s resonating with them.