Summarize Your Proposed Venture
We are preparing these summaries last in order to leverage the thinking you've already done. Typically the first two come first in your business plan deck, and the last one, the financial summary, comes last to summarize the rationale for your fundraising ask.
1. Core Positioning
Your core positioning is a statement that articulates your organization's focus. It is important to carefully consider each and every word, and to craft a statement that is unique to you and cannot apply to any other team. Here is the best template we've seen to complete this task:
2. Executive Summary
Your Executive Summary should be crisp and clear. It should take very little time to scan and compel people to want to learn more. The typical elements of the executive summary include:
Your Problem Statement
e.g. Surgeons currently spend 10 minutes - or 20% of each surgery - completing task x. Our technology can automate this task.
Your Market Potential
e.g. By year three, we project 100,000 patient procedures yearly for a total revenue of $25M.
Your Goals & Rationale
e.g. Reduce the time needed to complete task x to 1 minute, saving time during each surgery, lowering surgical costs, increasing throughput, eliminating the potential for errors and driving better patient outcomes.
YOUR KEY CHALLENGES
e.g. Convincing surgeons to try a new technique for an established practice.
YOUR ACCOMPLISHMENTS TO DATE
e.g. Developed a working proof-of-concept prototype of automated system and completed 8 market surveys to understand our commercial potential.
e.g. Our next development steps are a, b, c. We require $3M in funding to accomplish this.
3. Financial Estimates
In a single table, summarize the money you require to get to your next milestone, which is typically launch. The summary should include costs for:
User Research, Engineering & Development, IP Filing & Other Legal Costs, Regulatory Consultants and Filing, Commercial Activities, Office Expenses & Hiring
We hope that you have found this primer useful. Once you have your business plan prepared per the questions in this primer, we'd love to hear from you.
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