Amit Somani, Managing Partner, Prime Venture Partners, advises startups to focus on three simple yet important points while establishing their startup.
1. A product idea should be developed from the customer pain point. The founders should have a deep understanding of the problem they are going to solve
2. The founder should be able to explain how and why his product is better from others
3. The founder should be able to explain why his team is the best to solve the problem
The startups these days are not focusing much on solving customers’ real problem. The founders should have a deep understanding of the problem he is going to solve and why his product will be 10 times better than others.
For a startup, timing is the most important factor. The founder should ensure that his product is solving the problem at the right time. In short, founders should make sure that they present their product at the right time to the right person for the right problem.
