I have had the great privilege of working with an entrepreneur since February as a mentor in Maine Center for Entrepreneurship’s Top Gun accelerator program. We were part of the first ever aquaculture cohort, in cooperation with Focus Maine, the Gulf of Maine Research Institute, Maine Aquaculture Association, Maine Aquaculture Innovation Center and CEI.
The entrepreneur and I worked on customer discovery during the 16-week period, and by the end, we thought we had come up with a great idea that really addressed an important problem in aquaculture. Imagine our surprise when he pitched the whole idea at one of the sessions and the feedback was, “We don’t get it. What problem?”
Our first reaction was annoyance, and denial, but then we thought, “We’re not telling the story well enough.” We went back to the source (customers!) and refined our problem statement. In fact, we uncovered a much bigger and more important problem, one that meshed even better with our idea.
When the entrepreneur pitched at the regional pitch-off, the final version with this bigger and “badder” problem statement was well received, and he is continuing to have productive and impactful conversations with potential backers using the pitch deck we worked on.
Lesson learned: Keep digging. Keep asking questions, especially of potential customers. Don’t fall in love with your first idea, a better one may be just around the corner.