Have you ever felt out of the place in some entrepreneurial discussion or startup talks? Despite being an entrepreneur with an awesome idea, have you been rejected by VCs because you did not converse using the same startup jargon as them? Was there a communication gap between you and your mentors when it came to explaining your idea?
As an initiative to spread awareness among startups and increase startup education in the country, we bring you a series of articles where we are going to explain a few terms that every person in the startup world should know! Understanding the meaning of these words will not let you feel out of the place in any start-up discussion and you will soon become a part of the ecosystem.
We start with the first 5 terms –
- Elevator Pitch – Ever asked to present your ‘Elevator Pitch’ and you were left embarrassed as you did not know the difference between a ‘Pitch’ and an ‘Elevator Pitch’? The concept behind an ‘Elevator Pitch’ is to describe your idea, concept, and product, service in the shortest possible way. Elevator Pitch in itself, is a very short summary of your idea, using minimum number of words.
- Deck – Unfortunately, this does not refer to a Pool Deck or Ship Deck any more! A Deck (or a ‘Pitch Deck’) refers to a description of your idea, usually in a Powerpoint Presentation or a PDF, which is used in face to face meetings with potential investors, mentors etc. It is the in and out story of your start-up.
- Accelerators – Yes, exactly like the accelerator of a car, Accelerators in the startup world help you scale your product or simply ‘accelerate’ the growth of your business. Such programs are time bound and include extensive mentorship and educational inputs to a startup, along with some seed funds sometimes.
- Bootstrap – Bootstrapping a startup usually refers to starting a business with little capital, which is invested by the founders themselves. A startup created with personal finances or the operating revenues of the company is said to be a ‘Bootstrapped Start-up’. This one can definitely be a tough decision for an entrepreneur, but is best suited for revenue-rich business idea such as e-commerce
- Disruptive Technology / Business – One of the most commonly used words and the “in-thing” right now, “disrupting” a whole market segment is the aim of most young and innovative start-ups. Disrupting basically, refers to displacing an existing technology or segment and creating a whole new market network or a new customer segment with a path-breaking innovation. For an easy example, Uber disrupted the on-demand cab service across the globe and so did Amazon in e-commerce.
We will be back with the next five terms that a startup should know before stepping into the ecosystem. Till then, let us know in the Comment section if we can help you better!