The inspiration to found a company comes from many places. Maybe you experienced something inconvenient or saw something and thought, “I can do better.” The common thread is that all companies were, and are, created to solve a problem. Most founders, however, are also crap at explaining what that problem is.
You should be able to explain your company in 1-2 sentences in a way that someone with no knowledge of the space you are in can understand it. We’ve worked with many founders that get stuck on the details.
Don’t describe what your product or service does, tell me what you are making easier or more comfortable in my life. That means we don’t need to hear about the inner workings of your no-code AI image analysis platform and how many hidden nodes it has. We want to know that people with no coding knowledge, who previously were unable to use AI, can now utilize it.
So, your platform is not “using AI and ML algorithms to perform analysis of images.” It is “enabling people to focus on high-value tasks by automating/ handling low-value tasks.” Uber, Grab, Lyft, or any of the other ride-share/ ride-hailing apps don’t get you a car, they get you where you need to go.
When considering how to explain what your company does, go that level deeper, particularly if it has an emotional component to it. For mobility companies, “we get you from where you are to where you need to go quickly, easily, and safely” (sometimes, not the scooters). A pharmaceutical startup can say “we save lives by developing new treatments.”
Consider this when you update your pitch.