3 MINUTE VIDEO GUIDELINES
The 3 Minute Video is an overview of your new venture through the use of the lean startup model. Below you will find the information that should be covered in your video that addresses your business model. Click on the heading to view a short video on the topic. Failure to include your business model information will result in being eliminated from the competition.
Video Content
You have the option of either using Youtube or Vimeo. It is important that you make your video unlisted so that you do not make your idea public. Please verify that you have submitted a shareable link. Instructions to make your video unlisted.
What is the problem/opportunity:
Identify the problem you are solving. If your product or service doesn't solve a problem
that potential customers have, you don't have a viable business. Consider using a
real customer story that addresses the problem you are solving in the marketplace.
Solution:
Once you have a clearly defined problem that you are solving, you need to explain
the solution. Describe how customers use the product or service and how it addresses
the problem. Be careful of falling into the trap of being focused on your product
and not your customer. What feedback have you received from potential customers to
support your solution.
Target Market/Customer:
Expand on who your ideal customer is and how many of them there are. What is the total
market size and how do you position your company within the market?Define who your
customers are. Who will buy your product or service? Research everything about them.
You want to know demographic information, income statistics, and family makeup. Create
a complete profile of your target market.
Value Proposition:
This statement should explain what benefit you provide for who and how you do it uniquely
well. Describe your target buyer, the problem you solve, and why you are distinctly
better than the alternatives. This statement is extremely important.
Competition:
There is always competition. Even if no one has come up with the exact solution you
have, your potential customers are already solving their problem with some alternative.
Research your competition. You can only set yourself apart if you know what has already
been done. Describe your key differentiators from your competition.
Revenue Model:
How does the company make money?
Cost:
What is your cost of doing business?
Team:
Why are you and your team the right people to build and grow this company? Highlight
the team members and the key expertise that they bring to the table.
Other Resources:
Failure Sucks
9 Things that take a pitch from good to great DEFINITELY READ THIS
Vaylenx Video Pitch Example