#5 No Demos

As you may tell buy now, i see over 100 ideas per year, and in many years 300.

by now i have been in over 1000 first meetings, and perhaps closer to 2000.

man, believe it or not, i can still improve.

i say to my self, think of it as a consultation meeting, not as a VC meeting. but i am still too aggressive, and too frank.

i will make a daring claim:

i have been in less than 10 meetings where the demo blew me away

Instant_Demo_96

and most have not been in a first meeting

my point is this. if your demo is a killer, i will most probably see it later. but why in a first meeting?

if you are in a good market, and your business case is good enough, there will be time for a demo later.

what usually happens is:

  • the demo does not work
  • performance is lousy because of our IT (management and administration of technology in our office)
  • it takes too much time
  • it is too focused on some feature, not on the opportunity

also, and this requires some research, most demos that blow me away, end up being poor business opportunities

why?

i am not sure i have the answer. part of it may be about innovation vs execution

another may be that if you are too focused on the demo, you may be less worried about the packaging, the distribution, the marketing.

in general, in Israel, we have great technolgies and poor packaging and marketing, and few people consider the distribution strategy enough.

how the heck do you get the product into the hands of customers?

and how much does it cost?

few entrepreneurs start with that question.

i often stop an entrepreneur before a demo and ask them, what do you want me to think after the demo?

boy, it is not an easy moment. usually, a long silence ensues.

entrepreneurs mind set usually starts with how to make a unique technology. good. but not good enough.

why do customers care about your uniqueness?

is it sustainable?

do you have an unfair advantage?

forget the demo. i am a VC, not a customer.

there will be time for demos later.

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