I attended another startup pitch this week. Some ideas where if I put it in a better word emotionally. Startups hadn’t done a lot of work to validating their ideas, their vertical was eco transport and I will be the first to agree that there is a lot of potential to innovate. But is it possible to do so by not being backed by data evidence, or by just transferring ideas from one market to another?
The issue that any startup could face is to introduce a meaningful idea in a market where it is not ready to adopt it. There were a lot of examples we could already learn from. Like Starbucks failing to capture the Australian market.
Emotional vs data-driven decisions, when you should use each of them?
You could use emotional decisions when you try to innovate the market.
For instance, living on Mars is an emotional decision. There is no market for it yet, because no one had ever done it.
Nevertheless, creating a franchise business in another market must make use of that data-driven approach and the “go” or “no go” choice must be thoughtfully determined.
Using this simple formula will help you pitch better your startup and hopefully secure funds to make your dreams come true!