Startup executive summary
I went through 70 VC meetings, and every one of them said no.
u201cWe love your team, but we canu2019t get behind the product.
Your market is too competitive.
This wonu2019t get big.
u201d,After pitching all over Silicon Valley, not a single fund or investor was willing to put money into my company.
Why? Because I wasnu2019t telling the right story.
,Thereu2019s a secret you need to know about pitching startups: the business plan is meaningless and the story is everything.
Resources like Sequoiau2019s pitch deck and the Lean Startup Canvas have gotten popular for writing business plans, but both of those perform terribly in practice.
,Why? Because none of them craft a cohesive story around building a massive, industry-defining company.
,The person who figured this out? Elon Musk.
From day one, Musk focused on running Tesla Motors differently u2014 everything based on an idea of creating mass-market appeal for electric vehicles.
In 2006, he put together his entire story in his Secret Tesla Motors Master Plan:,Build sports car,Use that money to build an affordable car,Use that money to build an even more affordable car,While doing above, also provide zero emission electric power generation options,This was the original Tesla Motors executive summary, and every pitch Elon made was a story craft with this idea at its core.
And, Tesla has gone on to be one of the most successful car companies in the world.
,u2014,The moment I realized this, everything changed.
Within a month, we got our first term sheets, raise capital, and build our dream.
,Itu2019s because we told a compelling story backed by facts, and deeply researched market analyses.
Not because we used some basic template to display pictures and numbers and charts.