TRC 006: Mastering the art of startup timingMar 30, 2023
Read time: 4 minutes
It’s often said that timing is a crucial when launching your startup.
Good advice, but how do you validate you have got your timing right?
You might need to convince yourself as well as potential investors.
Here is a method we use to help startup founders answer this important question.
It’s called the WAS, NOW, WILL framework.
This approach will help you effectively convey the market dynamics, customer needs, and future success of your business to potential investors.
🕰️ The WAS: Explaining the Past Landscape Before diving into the value of your solution, it's essential to set the stage by explaining why no one could have taken advantage of this opportunity before.
Here are some points to consider when presenting the WAS:
- Technological limitations: Were there any technological barriers that prevented earlier attempts from succeeding?
- Regulatory changes: Have recent legal or regulatory changes opened up new possibilities for your business?
- Market immaturity: Were previous market conditions not conducive to success, such as lack of customer awareness or infrastructure?
By providing a clear context of the past landscape, you'll showcase your understanding of the market and the unique timing that sets your startup apart.
⚡ The NOW: Showcasing Acute Customer Need The NOW is all about demonstrating the urgency and relevance of your solution. To do this effectively, consider the following aspects:
- Marketplace shifts: What recent changes have both enabled your solution and created immediate demand for it? Consider technological advancements, consumer behavior shifts, or industry disruptions.
- Unmet customer needs: Clearly articulate the problem your solution addresses and why customers need it now. Use data, anecdotes, or testimonials to back up your claims.
By emphasizing the NOW, you'll make a strong case for why your startup is essential and timely, grabbing investors' attention.
🚀 The WILL: Ensuring Future Success Finally, the WILL story is about convincing investors that trends and market forces guarantee your future success. Here's what to focus on:
- Market trends: Identify trends that will propel your startup to success, such as growing consumer demand or technology adoption rates.
- Sustainable competitive advantage: Explain what sets you apart from the competition and how your unique selling points will help you maintain a competitive edge.
- Scalability and growth potential: Show investors your plans for capitalizing on market dynamics and how you'll scale your business in the future.
By painting a compelling picture of the WILL, investors will be more inclined to believe in your startup's potential and invest in your vision.
By mastering this approach, you'll be better equipped to attract investors and build a strong foundation for your business.
🕰️ The WAS: Explain why no one could have taken advantage of this opportunity before.
⚡ The NOW: Demonstrate the urgency and relevance of your solution.
🚀 The WILL: Convince investors that trends and market forces guarantee your future success.
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