Why now? Why this? Why you? Why bother?

Aug 3

by Marvin Cheung, Head of Research and Strategy

As you move further into the process, you will create a Pitch Deck and a PRD (Product Requirements Document). At a preliminary stage, however, we recommend taking three months or so to research your market and put together a one-page Google Doc. At a high level, you want to focus on these four questions: why now, why this, why you, and why bother.

Why now is a question about context. A solution needs to respond to certain pain points in an industry. Although some truly groundbreaking startups have made industries by offering a solution people did not realize they needed, they had to take on the additional challenge of educating their customers. Why now is also a question about timing. How urgently do people need the solution? How motivated are they to learn and use it?
Why this is a question about your solution: is the solution an appropriate response to the problem? While it might be tempting to respond to every challenge with more technology, traditional or low-tech methods may in fact be cheaper to develop and more effective.
Why you is a question about your network, experience, and ability. There is a steep learning curve for first-time founders: most people would have had very little experience managing cross-functional projects. Can you effectively lead and support a cross functional team? How will you differentiate yourself from the many entrepreneurs in a crowded market?
Why bother is a question about your personal motivations and the solution’s appeal. Be honest with yourself about why you are pursuing this venture. Career development, social impact etc. are great answers; just wanting to make more money is entirely okay too. If you are interested in finding VC funding, you also need to answer questions like: How profitable will the solution be? Is the solution scalable? How quickly will you be able to grow the business? What is the total addressable market? Keep in mind that there is nothing wrong with solutions that do not scale so well but is still profitable eg. starting a small business or private practice.

This is a low-pressure way to explore ideas, so do not be afraid to make mistakes or pivot. We elaborate on business strategies, pricing strategies, compiling a PRD etc. in the

At the end of this process, you should be able to summarize your document into a relatively concise statement like: “Customer X needs Y but only Z is available. This is because of A. As a result, we hypothesize that they will be interested in solution B. Our team is uniquely positioned to develop it because of C.”

Why now? Why this? Why you? Why bother?

Principles, Risk Management and Social Impact Strategy

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