Why startup founders should be using a business canvas to tell their story
January 16, 2019
January 16, 2019
In a world where the window of time a startup founder has to convince an investor or anyone to be interested in their product is increasingly small leading to a dramatic focus on the elevator pitch, the lean canvas provides a picture that paints the story you want to tell but do not have the time to complete.
To gain interest from potential investors, product startup founders need to show quickly and effectively the story of not only the pain points they solve and how they solve them but more importantly to the investor, how that translates into a business opportunity. The lean canvas gives a founder a single page document which tells anyone who looks at it their whole story and opportunity in a concise way to quickly absorb a lot of data fast.
Too often the process of writing a business plan is lost on a startup who is focused on moving fast and a business plan can be a large document that once created is not often used or revisited. Unlike that, the lean business canvas gives teams a one page living document that they can reference and use and removes any excuses to go through the exercises of completing the plan. More importantly, it helps set the product vision and direction so as you work on your product and define which features should be included in the future, your business canvas should be a guiding principle in all future decision making to keep your roadmap on point to align with your business canvas.
Another challenge product startup founders face is learning how to define their business model and product in a few words and removing the extra fluff in how they describe their offering. The reality is most investors are busy people who want to get to the point of the opportunity. They need you to convince them that you can speak to executives at an executive level and that you know what you are talking about and ready to speak to their questions.
If you are working on a product startup and have been pushing off working on your business plan, go ahead and start working on your business canvas instead. This will give you what you need to show your story and be able to maintain it much easier as you move forward.