Which Social Media is right for you?

Social media runs our world, there are so many different types of platforms available each with its advantageous and disadvantageous. Choose the right platform for you and your business based on your goals. Develop a plan on what you want to get out of from using social media whether its to create brand awareness, sell product, marketing  etc.

Facebook

Pros: Marketing, brand awareness, feedback, communication with target market, advertisements for your business

What is now great about Instagram is that it is now connected with Facebook. You can post simultaneously on your Facebook and Instagram all through their publishing tools. Its easy to use and you can share content all from one platform. What puts Instagram ahead of the others is its ability to use user generated content marketing. This is a type of marketing that is created and shared by your consumer. There’s an ever growing popularity with influencer marketing and it is a very easy and cheap  way to market your business. Instagram is your best place to leverage this.  It can also easily be used as a sales platform.

Instagram

Pros: UGC/influencer marketing, young target audience, sales platform

Instagram can connect with your Facebook accounts, making your lives 10 times easier. You can post simultaneously on your Facebook and Instagram all through their publishing tools. Its easy to use and you can share content all from one platform. What puts Instagram ahead of the others is its ability to use user generated content marketing. This is a type of marketing that is created and shared by your consumer. There’s an ever growing popularity with influencer marketing and it is a very easy and cheap  way to market your business. Instagram is your best place to leverage this.  It can also easily be used as a sales platform.

Instagram does have limited capabilities compared to Facebook in terms of content to post. You also need to put in a lot of time in creating content that matches your brand and overall create content that will appeal to the audience.

Linkedin

Pros: Networking, business information, advice, opportunities, contacts

This is the place to go when you want to find new opportunities and create new contacts. You can easily grow your network through this and prompt direct business relationships. You can share knowledge and expertise and get advice. LinkedIn focuses on building business relationships and not for marketing to your consumer but rather to create business opportunities. You should create a page to share information about your business and provide updates on its performance.

Twitter

Pros: Ideas, discussions, information, Discoverable on Google

You can generate content on Twitter through tweets and messages. It is a good place to share ideas, thoughts and to share information. Tweets can also appear in google results, which is unique to the other platforms since Facebook and Instagram do not do this. You can promote content through hashtags and find tweets with a Google search.

The variety of content you can post is limited. If you have visual content created for marketing, leave those for Instagram or Facebook.

Using social media has become the primary method for marketing for many companies. Marketing strategies are consonantly evolving to leverage each social media platform. Keeping an active social media presence for your business is extremely important these days in order to reach your audience and raise brand awareness.

How to Tell your Startup Story

Pitch

The key elements to include are:

  1. Problem
  2. Solution
  3. Product
  4. Traction
  5. Team
  6. Vision

It is always difficult piecing together your start-up story in a deck at the very early stages of your business venture. The early stages are crucial in the growth of a business and acquiring investors are quite tricky. Creating the perfect pitch deck will allow you to smoothly deliver your start-up story to investors to secure that funding. It requires a lot of time and detail and how you piece this together will be the foundation in delivering the perfect pitch to investors. The key elements that are essential in the deck are as followed: problem, solution, product, traction, team and vision.

Tag line

At the very beginning of the deck, the slides should start with a one-liner description of the business. This slide is literally one line or tag line that gives some insight on what the business is at the start. Its short and sweet, be creative!

Problem

The first key element you want to jump into is the problem. This is a great start to the pitch deck as it will allow for the smooth transitioning of the rest of your story. Identify the problem in a clear bold manner. This will intrigue the investor to continue onto investigating what solution you bring to the table and in finding out how big and real is this problem. Its important to keep this slide short, you can go into further detail in person or in a document. For the purpose of the pitch deck, it should remain short and straight to the point

Solution/Product

You pointed out a problem now provide your solution! A good format is description of the solution followed by a few points as to why your way is the best way. Following that, you can proceed two ways either: go into how it works with a few screenshots/demonstrations or go right into your vision. Since all stories are different and depending on what your business is, choose as you see fit based on your start-up. If your startup does not requires much explaining, go right into the vision of where you see your simple concept growing into something massive in the future. If the vision slide is not included in this section it can be included in the end as well.

Traction

Convince your investors your solution is scalable! Its time to give your start-up some credibility with some data. This slide can be “where were at today” showing the kind of attention and momentum your start-up has gained. For early stage companies, this momentum can be the amount of users on a wait-list for when the product is ready or some early users your product has gained. Investors care about the last 3-6 months and the next month. Having a weak 3-6 months prior will lose many investors, if your next month is weak then you’ll lose your momentum. If you can, time your raise according to that.

A great additional add to this section would be to add testimonials from some of the users or clients. This shows that your product is already in use by real people and is already creating a buzz. This is the section that will excite investors.

Market Opportunity

You’ve sold the investor on your ability to execute your solution, so now you should tell them how big the market is. Using graphs and charts from credible sources that can easily present that there’s a huge market opportunity is and that this company is venture scalable.

Vision

What is in store for your company in the next 10 years? If you did not already include this slide now would be a good time. This will show how you plans to take this simple solution to a massive company and what great things it will accomplish.

Team

Introduce the dream team who is going to build this. Include the main team members with titles and summaries of past roles. This will indicate why they’re fit for to build this start-up. This can be done in one slide without going too in depth about each member.

The ask & funds slide

How much funding will it take for you to drive this business? The ask slide should be left for the end of the pitch deck. Include how much funding you will need to bring this company where it needs to be and what does that money get you. How will the funds be allocated and what will you be doing with it. What does that mean for your company?

Thank you/information

A thank you slide with your contact information is appropriate for the very last slide. For example, add an email, LinkedIn, company website or social media.

These are the key elements that every deck needs in order to successfully get across an investor. The order in which you present the key elements should follow the order listed here. However all start-up stories are different and may take a different flow. Some other elements that are optional to add could be competitors, revenue model and financials. Since this is a deck, you don’t need to give away all your information at the very beginning it might be better to include this is a business plan instead, however this is also your business so build a deck that feels right to you!

First impressions make or break you when meeting with investors

first impressions

Securing early funding is critical to a company’s long-term success. As a result, there is a lot of pressure when seeking investors and participating in fundraising rounds. Company leaders must ensure they are completely prepared. For this reason, first impressions are crucial to the success of your business. Creating a good first impression all comes down to one thing: PREPARATION. Founders who think they can bluff their way past anything and can always “wing it”, are setting themselves up for a loss and a missed opportunity. Every opportunity that comes your way is crucial because you might not get an opportunity like it again. You need to give 150% in everything you do.

Be Prepared

No matter how amazing your start-up is or how incredibly faring it is financially-speaking, the fundraising pitch has to be: polished, rehearsed and factually on point. Investors will quickly lose interest if they feel they are dealing with a leadership team that doesn’t understand the market or the most critical business metrics. You need to show up prepared and have practiced your pitch to the point where you can recite it in your sleep.

Not only should you prepare for your pitch but you need to prepare for your audience and anticipate any questions that is going to be thrown your way. This comes down to knowing every detail that matters about your business. Being unable to answer even just one question will give the impression you are not prepared. So be ready for anything. Bluffing your way through it takes a lot of preparation, it is something you will not be able to do. Investors will see right through your bluff. Of course, making the pitch too over the top, especially if the numbers are not quite there will likely make it clear that you are trying to substitute flare for substance. To establish a long lasting investment relationship, being transparent, realistic, and concise will go a long way.

TIP: Send Preview Information Beforehand
It is a good idea that you send a sneak preview of your pitch before your meeting. Any teaser information should be sent just a few days before the big presentation. It is best to keep this preview short, including just a few snippets about some of the key data. Do not reveal too much, but you want to ensure that the information sent proves promising so that it piques the investors interest.

 Differentiate From What’s out there

In general, investors want to be involved with companies that are innovative. This uniqueness can be product-related, clientele-related, or perhaps related to the way the company handles its operations. In order to do that you need to show how your business differentiates from anything else out there. You need to highlight your uniqueness, your unfair advantage that will have investors interested in your business. The key is to demonstrate your company’s singularity and how that translates to handsome returns down the road. This is where companies can get really creative with the pitch, and hopefully share their story in a way that entices those listening.

TIP: Cover all the key points:

● The problem that you’re solving
● Describe your customer
● Market Size (Problem? How big is it? )
● Why are you best suited to address this?
● Be passionate about the problem you are addressing
● Your solution, why is it 10x better than the state-of-the-art?
● Distribution strategy?
● Monetization strategy
● Current stage
● Competition
● How will you get to the next stage?
● What will it take to get to 10x from that point on?

This may sound like a LONG list, but it is all the important points to articulate in a short presentation and when you are clear in your flow, it can happen in under 10 minutes.

You might have an amazing product but it is how you communicate it and execute it that will sell your product. Just because you have a great product does not mean it will get you anywhere. It’s all about the first impressions you make. It all comes down to how prepared you are and how you differentiate from everyone else. Being prepared will give you the confidence you need to surmount any presentation you give. Exuding confidence is crucial because it will completely change how your audience perceives you. Your body language will change as will the way you deliver the presentation.

The image you first present usually lasts longer and has more impact than any document you will prepare. Many of these are common sense  but I’ve rarely met an entrepreneur who does this well . The fact of the matter is, you only get one chance to make a first impression  so do it right!

Serial Entrepreneur: Dr.Earl Azimov

entrepreneurDr. Earl Azimov, a man with many talents: ranking tennis player, optometrist, serial entrepreneur, investor and the list goes on. Since 2003, we are lucky to have him as an advisor and board member on the PME committee. He has successfully started multiple companies one of them being Mamma.com. One of the very first search engines made available even before Google. Currently he is the co-founder of Global Clean Energy, where they transform waste into energy with hopes of obtaining a sustainable future. Earl has 20 years of experience in private equity, focusing on seed spatial investments in early stage companies. We had the opportunity to have a chat with Earl where he gave us some insight on what he’s learned over the years as a successful entrepreneur but also what he’s noticed about the Montreal entrepreneurial eco-system.

 
Q: You’ve had a very long relationship with PME. What are some of the changes you’ve noticed in the program then and now?

My answer to that is that the criteria for the access of capital from the PME fund has evolved over the years.  As the fund matured and new fund managers were selected, the quality of the start-up companies have improved as a result of the deep vetting from the fund managers. The understanding of what areas are best suited for PME have better developed. This has allowed for overall better structure and has boosted the quality of the services we provide to start-ups.

Q: How has PME contributed to the Montreal start-up eco-system then and now?

PME has been able to give young entrepreneurs access to capital that they would not so easily be able to get elsewhere. Not only do we give start-ups the early financing, we offer  mentoring throughout their entire process. In today’s entrepreneurial eco-system, it’s hard to find a place where they will give you this kind of financing and advice all at once. We really invest in the people that come because we really want to see them succeed. We give them the early seed capital they need and it’s not based on how much revenue they have. PME is the difference between success and failure. In addition, I myself am a mentor at PME and sometimes I’m given a business model where I help them pivot it entirely. I really like to invest in the person rather than the business. It allows me to see their skills and try to work with their model. However, if they don’t fit I help them pivot it and I’ve been successful in doing that almost every time.

Q: you are an accomplished serial entrepreneur.  What surprised you most about Quebec’s entrepreneurial environment?

As an entrepreneur starting out in Quebec, I found it very difficult. Many people will disagree but this is based off my own personal experience in trying to gain capital when starting my businesses. I’ve started many businesses here, and each time I’ve had to raise capital elsewhere in the world. This is most likely due to the lack of capital resources that Quebec has but also they are very shy in taking risks. I own one of the biggest search engines in the world and I could not even get a cent out of Quebec’s capital. I eventually looked elsewhere and was able raise about $25 Million out of Monaco.

 Q: As a board member and investor, you have seen many entrepreneurs pitch their ideas. What are some of the biggest mistakes people make when pitching?

Over the years, the biggest thing I’ve noticed is that entrepreneurs tend to exaggerate their financials projections and tend to under deliver. I understand that financial projections are just an assumption however, they need to be somewhat realistic and you need to be able to deliver. The dream is sometimes bigger than the reality. Business plans that are not realistic do not go well with the board. I understand you need to pitch the dream but we like to hear what the earliest revenue is and they need to be realistic.

Q: How do you recommend people prepare for a pitch? Any advice?

My advice is, the best way to prepare is to research who your competition is and what differentiates your company from theirs. Show the investors why your company is better than the rest and show them why. Also demonstrate strategic execution of how you’re going to accomplish this through your business plan. Having a good, thought out business plan is key in demonstrating how serious your business is.

 

Q: Looking back, you’ve seen many entrepreneurs succeed and others not so well. If you can give one piece of advice or a golden rule for an entrepreneur starting out what would it be?

If there is one thing I’ve realized over the years, the difference between success and failure of an entrepreneur is the passion they have. You need to have real passion for the business as this will keep you fighting through any obstacles that you will encounter. You need to believe in the business, yourself and believe that you will succeed. Having this faith in yourself is crucial at times when people might put you down and turn your ideas away. As long as you believe in yourself then you will be able to make it through anything. I’ve seen this a lot when people try to pivot their business. They don’t really believe they can do it or believe in what they’re doing which causes them to fail. What keeps you in the game is the pure passion. Passion and skill are the two key variables for success and the rest will follow.

 

I do not come from a wealthy family, I worked hard for everything that I have. Believe me when I say, I have had a lot of failures but I never gave up and that’s key as an entrepreneur. No matter what has thrown your way, you keep pushing through until you make it and you will eventually.  I’m used to fighting and I like to win, and that’s what it’s all about.

Tips to attracting an investor

angel investorAt each stage of its life cycle, a startup needs funding. No matter how great the idea is, its implementation requires certain resources, both financial and material. Thus, each startup gets to thinking how and where they can attract such resources. So, let’s see what startups need and what they can do to get it.

 

Angel Investors and Venture capitalists are often mentioned together when talking about gaining capital for your company however, they are very different. An angel investor is a individual who uses their own funds to invest in a business. Usually they are successful business people. Venture capitalists funds a business with a pool of money from a professionally managed fund. Angel investors are  individuals who contribute their personal money to support startups they find promising. Their primary interest is not only in receiving the return on their investments but also in wanting to keep the pace with the current trends and to share their expertise with younger entrepreneurs.

 

Venture capitalists, on the contrary, are companies and funds whose financial assets belong to other corporations or funds. In other words, they are responsible to their partners for the money they are prepared to invest into an idea, and this fact influences the approach they take to startup financing.

 

  1. Finding connections

The best way to get the attention of an investor is through a mutual connection. Investors don’t want to meet you, they want to be introduced to you. They come by many start-ups just like yours bombarding their emails and voicemails. In order to get ahead of everyone else, the best way to attract an investor is by finding a mutual connection between the two of you and use that as your in. Being introduced to an investor through this mutual connection will give you a much better chance at getting a meeting with them or even to have them answer your email. Out of the many start-ups that come their way, the one that will peak their interests is the one that was referred to by someone they know and trust

 

  1. Use your Network

Surrounding yourself with the right people will become useful to you and your start-up. Creating a network filled with credible people and other entrepreneurs will be advantageous because you can turn to them for help, or they can point you in the right direction. This will serve as an extremely beneficial tool. You can create a network of people by attending workshops, start-up events (ie Startupfest), accelerators or really any networking events. There are so many different events you can attend to that are made specifically for networking. So get out there and make as many connections as you can because you will not regret it.

 

3.      Find an investor that is also a partner, not just a check

It’s important to do research on the investors you want. You don’t want to reach out to an investor who has no experience in the industry your start-up is in. Firstly, you will be wasting your time reaching out to these investors because chances are they are going to turn you down. Second, it will become of more value to your start-up if you chose an investor who has a background that correlates with your start-ups industry. An investor who can help make your business stronger whether through advice or industry connections and knowledge will ultimately serve you better than an investor who has money to offer and nothing more. Look into each investor and research what other start ups they have invested in.

 

  1. Have co-founders

When you approach investors, you’re not just selling them on your product or service; you’re selling them on your team. Having a good team in place will increase the chances at gaining the attention of an angel investor. It gives your company a bit more credibility knowing that it isn’t backed by just you. Not to mention, having a good team is more attractive as each member brings a different background that can contribute to the success of the company. An investor will be ore inclined to invest in a company that is able to deliver in every aspect.

 

  1. Email

Once you’ve found your connectors, reaching out to them needs to be a sprint not a marathon. You need to set up the email in a way where you can get a quick yes or no response. Follow up within 4-7 days and if you get no response then you move on to the next person. Every email you send needs to be very clear and straight to the point. Everyone gets hundreds of emails a day so you need to be efficient with it. You need to have a clear killer subject line, make it short, forwardable. Give them an easy out therefore you get a quick yes or no response.

 

 

 

 

Make It Montreal

PME co-founder Stephen Bronfman, CEO of Claridge, weighs in on what we’re learning from this pandemic, and the mindset needed to get us through:

We’re gonna have to bounce back, like a lot of people have. I’m a glass-half-full kind of guy; I believe in people. I believe in resiliency and strength. I know we’re gonna get through this, and we’re all gonna have learned a lot. A lot about the basics of life, about ourselves, about our environment, about health, about family, about unity, about teamwork. And about pride. And I think we Canadians, Quebecers, Montrealers, deep down have a lot of pride.

Investing in a sustainable future: CoPower

CoPowerCoPower is a company that is bringing new innovative solutions to the clean energy market. The planet that we call home is dying at an exponential rate and we need more people coming together to bring solutions to create a better, cleaner world. Copower is doing just that by providing financing to clean energy projects across Canada. We sat down with the co-founder of Copower David Berliner to discuss clean energy and building a business.

  1. What does CoPower do?

CoPower provides financing to clean energy and energy efficiency projects across Canada. We do that by raising green bonds from individuals and other investors to make investments on the environment. We put the planet in our portfolio and we do that by using a digital platform. So far, we have raised over 25 million dollars in loans to go towards community projects.

  1. What inspired you to start CoPower?

I have always had an interest in the environment. When I finished my masters, it was almost a natural course for me to continue working in clean energy. I wanted to bring new innovative solutions to the clean energy market so we can create a cleaner, more sustainable and better world to live in for the future generations ahead of us.

  1. What was your goal when you created CoPower?

When we first started CoPower we had two goals in mind. The first one being to grow the company as big as we possibly can and raise the most amount of loans for clean energy. The second thing we aimed to do was grow the clean energy efficiency market by bringing new solutions to the table. We wanted to show people that they could easily have a positive impact on the environment while also getting a return. We wanted to grow the business but also grow the market to raise awareness and inspire others to do the same.

  1. Were there any major changes the company had to go through?

We were constantly making changes in the beginning. Our first business plan talked about connecting clean energy products with investors via a platform. Over time, we had different iterations of what the right product would look like. We had one main idea in mind and that stayed the same throughout the vetting process. What was constantly changing was how we approached that main idea. It was constantly evolving.

  1. What was the deciding factor that pushed you to starting CoPower?

It was not one moment, it was a series of decisions that lead up to this point. We first had the idea and I then discussed it with my family and other entrepreneurs I knew. I tried to share my idea with as many people as possible to get their perspective on it and to validate it. I was nervous at first because I did not know if this was a good idea or not. Its scary trying something you have never done before because there is a constant fear of failing. Organizations like PME were there to encourage us and be our early on supporters. PME was the first place we submitted a business plan too because we had to meet a deadline. This was extremely valuable because we were then able to get feedback and constantly evolve our ideas to grow it into the business it is today.

  1. What is the number one advice you would give to other entrepreneurs like yourself?

Surround yourself with the right people. Wither it be mentors, advisors, coworkers, family etc. There is only so much you can accomplish by yourself. You need to have the right people around you to help you through challenging decisions or personal conflicts you might face. You should not try to deal with everything by yourself because it’s going to be overwhelming. Having the right people around you that will support you but also challenge your ideas will allow you to grow your business and evolve your ideas. Make sure your team is consisted of people you trust and get along with. These are the people who you will be spending a tremendous amount of time with and the people who are going to be responsible for building your vision.

 

  1. What kind of risks did you need to take

As a founder, you always need to take calculated risks. The first biggest risk we took was joining PME. In the early stages of developing your business the uncertainty of wither,  the business will succeed, or fail is one of the scariest things. Once you get past this and take the big step forward everything else will follow. After that, we started taking one small risk after another. It’s not about taking huge leaps but small steps and taking one tasks at a time in order to move forward.

  1. What were the biggest challenges you faced and how did you over come them?

The biggest challenge I faced starting out as a founder was not feeling confident in what I was doing. I was new at this and it was a scary feeling. It was more of a self-reflecting one but having a network of people you can share your ideas with helped a lot in boosting my confidence and pushing me in the right direction to start CoPower. Discussing your ideas and gaining insight from different perspective is extremely beneficial because it will help you validate your ideas and give you that push you need to start your own business.

Starting your own business is not easy. It’s very scary trying to create something all by yourself. Getting past this fear of failure is a big step that every founder needs to make in order to get things moving. Getting feedback and asking for help from the right people will help you evolve and ignite your ideas giving you the push you need to start your own business.

How to get and test start up ideas

startup

Entrepreneurs are constantly searching for the big idea that is going to make them successful. There is a misconception that in order to start a business you initially need a great idea to start with. Rather than looking for ideas, you should be looking for problems and coming up with solutions. Stop brainstorming for weeks for an idea and start identifying problems that already exists. Brainstorming for solutions is so much more valuable and an efficient way to get a startup going. What is even more valuable is if you have a personal connection to this problem. Is this a problem that you, your family, your peers or even your community faces? Having this personal connection to the problem will be extremely advantageous to you. It will give you that drive and motivation that every entrepreneur needs to get a startup going and you’re more likely to offer a unique perspective. By having a personal connection, you will be able to identify if the solution you propose something that is somewhat viable.

Brainstorming

Brainstorming with friends is the perfect opportunity for you to start thinking about cofounders you might want to bring on. Finding people you can effectively trade and build ideas off is the perfect step to finding a cofounder. You will be able to identify how you work with them and if you get along well right away. Ideally, your cofounder should be someone you get along with and share the same values and goals. Brainstorming together will give you a taste of how you can work and build with them. Sharing ideas with friends is not just a good way to find cofounders but also an efficient way to find a problem, hear their thoughts, and get some validation.

Research

Once you have found a problem, try to think what kind of unique perspective you can bring to the table. It is helpful to research what other solutions exists and compare them to any ideas you might have had.  Identify the failures in the solutions that already exist by competitors. Evaluating what possible competitors are out there and determining how their solution can differ from yours can allow you to bring new ideas to the table that nobody else has done. How can you offer a unique perspective from the solutions that are already out there.

If a solution to your problem does not exist, then you should ask yourself why there is not already a solution. It might mean that your problem is not something that affects a big enough market meaning you will have to go back to brainstorming.  This is where having a personal connection can give you another advantage because it might help you look at the problem in a way that nobody else has seen it. What can you bring to the table that somebody else has not tried?

Don’t get Attached

It is important to remember the first solution you come up with or prototype you build is only the first step. Never become attached to your first idea as changes and adjustments are bound to be made, it’s part of the process. Never fall in love with the idea but fall in love with problem and the customers. Know that there is always room for improvement and do not treat your solution as the final product.

 

What’s next once you have your million dollar idea?

business ideaEither you have been racking your brain for weeks trying to come up with a business idea or a struck of genius just came to you. Regardless of how it came to you, you believe that this is the business idea that is going to make you an entrepreneur! Great, now what?  You are probably very excited to get the ball rolling and you have so many different thoughts going through your mind. It becomes little overwhelming as you don’t know where to start or how to start. How do you start taking action in order to create your dream into a reality? Here’s how! Read carefully as we will give you some guidelines that will help push you in the right direction.

  1. Tell people about it

There is a common myth that you should not tell your business idea to anyone. This is false. The first thing you need to do is reach out to your network and share this business idea with as many people as possible. Now, we didn’t say give away your IP or secret sauce, we said talk about it with people who you think would have the same type of problem like you. Getting insight on your business idea from a different perspective will be very informative. By sharing your idea and getting the opinion of other people you will be able to see if what you’re doing has any depth and does it even make sense. Ideally, it would be great to find a mentor or someone with relevant experience but you can also share your business idea with just about anyone. You can share it with perspective customers and see if they would be interested in using your product/ service. Any form of constructive information helps. Talking about your business idea will be extremely beneficial and can easily be done to take you one step closer.

  1. Research

Do your market research. What need does your product or service meet? How is that need currently being serviced? Who are your competitors? Find out what competitors exists and who they are. Research each one of them and find out how your business idea differentiates from theirs. Why would your product or service be superior form everyone else on the market? You need to be better than the rest in order to make it. If your business idea is something that is not even on the market yet, you should research why. Figure out if other people have attempted this or why nobody else is doing this. Is there is a reason for this? It’s also important to research if this something people will buy or need? There is no point in creating something that people will not use.  Who is your customer? What are the demographics of your customer?  Why would they buy from you? Do you have any evidence that they will purchase your product/service? What differentiates your product/service from the competition? What are the strengths or weaknesses of your product/service?

  1. Draft a business plan

Once your market research is complete and you have validated the need, it’s time to write your business plan. A business plan is a written description of your business’s future. In essence, it is a document describes what you plan to do and how you plan to do it. This might seem like a long boring task to do however, it will prove to be very beneficial. At the beginning, it does not need to be elaborate it’s just a good idea to write everything down to organize your thought process. Writing everything down will allow you to see the big picture and put things into perspective. This will enable you to ask yourself the important questions. It is also good to have when you need to refer back to it. It’s hard to keep track of everything when you don’t write it down. Creating a business plan will also help you when you decide to start pitching later on to investors or even just too potential business associates to gain their help in your project.

  1. Prototype

Start building/ designing as soon as possible! Start making sketches, templates, designs. The quicker you start putting something together, the faster you can start getting feedback to improve your original design. Your original idea is never going to be perfect, there will always need to be improvements made and this can only be done once you start actually putting it together. Building a prototype will put your idea to the test. The faster you can get it out, the faster you can bring this idea to market. Today’s world moves quickly, so you want to be able to be the first to do it before any one has a chance. The more feedback and criticism you get, more improvements can be made to obtain a better product outcome.

5. Funds

Start saving your money! In the beginning, it’s best to invest your own money into your project or use money from friends and family. When you are just at the idea/prototyping stage you still have a lot to do and adding in investors will only cause you more stress and pressure. You might underestimate how much money you will need to pour into this project so save and spend wisely.

I hope that this guide has given you some structure on where and how to start once you have your million dollar idea. Taking action on an idea is the most challenging and intimidating part. However, if you really believe in the business idea and your capabilities then the possibilities are endless. Start by taking small steps in the right direction and slowly things will come together. If you have the passion and drive to keep you going then nothing else will stop you in creating your dream into a reality!

 

 

 

The Ultimate Startup Gift Guide


Hello,

Are you looking to kick-start your startup? PME wants to ensure you are equipped for the startup life. We have compiled the ultimate guide for you and all of your ambitious friends this holiday season.

We all have that friend who is anxiously planning for the future and foresees his startup making millions of dollars. In order to get the ball rolling, check out Ted Talks and partake in all of their wisdom. With enough information, you will surely conquer all the VC’s in Montreal. However, when you are at that big meeting, ensure that your pitch makes the cut by reading our guide to creating a perfect pitch deck beforehand. For all you data junkie out there, ensure you understand your metrics and watch your e-commerce soar!

We will be taking a holiday break at ProMontreal Entrepreneurs and will return with more exciting events and news in January. Wishing you a relaxing and restful holiday.

P.S. Please refrain from using plastic straws in your eggnog