Focus on the problem, not the solution
One of the biggest misconceptions that I’ve seen with founders on their pitches is around focusing on the problem vs. the solution.
Especially with the advent of GenAI, I started to notice that 8/10 pitches mentioned a lot more about the solution than the problem.
I would hear from founders how AI would be used to do these cool things, but there was very little talk about how it was solving the actual problem in depth - it became a bad habit.
Side note: AI fatigue is real.
The best pitches I’ve seen are the ones that can strike a good balance between both, but they’re also the ones that have a higher probability of long-term success.
Let’s talk about a few reasons why this is so important…
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Solutions (i.e. the product) change at a faster rate than the problem - you’re building, testing, and iterating much more quickly. This is because of customer feedback and new insights along your product journey. It’s not unnatural to pivot multiple times.
The *problem* however is much more rigid, and less likely to change (but there are exceptions!)
Ideally, the natural path to take is to identify a core problem, and then find a solution around it. What you don’t want to do is the reverse.
I’ve seen examples of founders trying to mold a problem to fit their solution.
You can end up building something irrelevant consuming huge amounts of time, money, and resources into solving a particular problem that should have never existed.
But how do you know when a problem needs fixing?
That’s when it becomes unique to the founder. Those who are obsessed with the problem are usually the ones who can go the furthest.
The problem needs to bother you A LOT.
It’s when obsession takes over.
It needs to get under your skin and create discomfort for you to the point where you can’t get it off your mind.
The great thing about this approach is that this type of relentlessness will take you down a rabbit hole you actually want to go down.
If the problem matters to you enough, eventually you become fully immersed and relentless in understanding *why* the problem exists and matters to you.
It means that the best problems to solve are also the ones worth solving but hidden in plain sight.
The plus side is that those who stay problem-focused unlock insights that their competitors miss.
But problems that could be solved don’t exist in a vacuum - it needs a solution.
So going back to the pitches:
As mentioned previously, the most memorable pitches are the ones that can do the balancing act between problem and solution, but they also tell a great story about the problem and why it needs addressing.
They then use the problem as a segue into their solution.
But in many cases, the solution itself can convey a ‘set-in-stone’ perspective of what the company is (or will be) doing.
However, this couldn’t be further from the truth.
The solution presented in the deck could change a number of times.
The reality is that it’s not about having THE solution, but it’s having A solution, especially at such an early stage.
Any thoughtful solution to a worthwhile problem is worth building.
The goal is to get your initial solution in the hands of your ideal customer as quickly as possible and iterate from there.
It’s about finding what works and if the solution is truly addressing the problem you’re trying to solve.
You’re not going to get it right the first time, so it’s best to build early and deploy fast.
Over time, you’ll refine the solution and have a much better understanding of the problem. This will then feed back into the investment deck, and all the branding and marketing materials that come with it.
Ultimately, the companies and brands that have longevity are the ones who are completely locked into the problem they want to solve. They understand the problem intimately, better than anyone else, and also have the capabilities to solve it.
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Cheers,
Barry.