i looked at the questions, and said to myself, "oh shoot, i dont know the answer to many of the questions!"
honest question, anyone care to share their answer especially for question:
why not sell your house, why you're better, what if somebody (startup/big guy) copy your idea with less price, why cant i pay somebody to do it (outsource), without sounding cliche or boasting?
- Why not sell your house?
-- "We're really focused on the business and are trying to limit outside distractions, like where is my family going to live, or how am I going to drive to meetings. But liquidating some assets is always an option"
- Why are you better?
-- This is going to be different in every situation, especially if you're entering a crowded market. This is your secret sauce. Ideally team expertise should be a part of your response as well.
- What if somebody copies you at half the price
-- "It's true others will always try to copy us if we are successful, but we have a 2-year product roadmap. If they do copy us, we will always be a step ahead in our roadmap. Our roadmap is so important because our team has "X" experience in "Y" customer pains." And if your product isn't core to the "Big Guys" business you could always mention that and say that they won't be able to focus on the specific problem the way you will.
- Why can't I outsource?
-- You should definitely boast about why you are the team to solve this problem. Investors are pretty optimistic and they get super excited about awesome teams. You want to give them reason to believe that you have experiences relating to the problem you're solving that others won't have. This will also allow them to boast to their friends/other investors about team/product they just invested in. And can help you round up others for your round.
They want to know if you really have "skin in the game". Just say "that's not a risk I can take, but I have worked X weeks on it for free, and will be on a low salary during the first year or so, and I have had other options - I'm committed".
> why you're better, what if somebody (startup/big guy) copy your idea with less price, why cant i pay somebody to do it (outsource)
Talk about your competitive advantages. I don't know them, and can't give you any non-cliche answers. This is the time for boasting.
If it's a new market, you can point out that scrappy tech companies that "lose" the land grab can be attractive acquisition targets. Would you rather integrate Yahoo! or LinkedIN into your existing business?
If it's an old market, it's got proven fundamentals, and new entrants will probably be deterred by the existing competition.
honest question, anyone care to share their answer especially for question: why not sell your house, why you're better, what if somebody (startup/big guy) copy your idea with less price, why cant i pay somebody to do it (outsource), without sounding cliche or boasting?