Chat Center – Keith Teare
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About the Episode
Today’s guest is a serial entrepreneur, investor and co-founder of Techcrunch and he walks us through his process for generating with big ideas. Also, if you’re thinking about raising money, then listen to how you can tell your startup’s story that will make investors envious if they don’t join.
Keith Teare is the CEO and Founder of Chat Center and founder Archimedes Labs.
Show Notes
A Unique Process for Generating Big Ideas
Keith shares that he draws two identical circles overlapping with each other by approximately 20%. On the far left is the past and on the far right is the future. The overlapping space at the center is the present. Think of ideas and try to classify them. If the idea is web-based, that is the past. If it is the internet of things, that is the future. Mobile apps are the present but lean moreinto the past. Mobile apps that meet the real world are the present that lean more to the future.
Another analogy would be to pare down the world into the undead and the unborn. The undead would be AOL or Google. Web searches are clearly not growing. They may always be there but they are definitely not growing. The unborn are products that are already out there, forming and growing and one day will become visible. These are the products investors watch out for.
What are these products? Go with what you understand. If you are consumer-focused, it must always answer the question: “What is it that people love doing that they need more of?” These are the products that generate big ideas.
A Startup Story That is the Envy of All
How do you make a start-up story that would make investors envious? If you are writing a book, you start with Chapter1. You labor through each chapter till you get to the ending. This is the exact opposite when telling the story of a startup.If you are looking for investors, you start with the ending. Paint a picture, envision what the startup could be and why would people care.Then tell what you have done so far. Tell how you plan to get from where you are to the ending. This is the roadmap. The storyteller’s passion and enthusiasm must be visible to the investor so much so that the investor is swept along as the story’s ending unfolds. Sell the story to the investor and make him want to join your team. Get the investor focused on the ending, the beautiful vision you have of the product, how people will want it and use it in the future.