Investors are not interested in your product. Not exactly.
Investors think great consider many things when considering an investment: How big is the market? How good is the fit between the founder and the market? Is it a risky scale?
It’s natural for founders to live and breathe for their customers and product, but the dirty little secret of fundraising is that your investors are extremely unlikely to care about your product. And they have several good reasons for being so.
I often see product-focused founders spend a lot of time talking about the solution they’re building. That makes sense. In the context of building a great product, founders create an investment plan that reflects their daily lives. They will spend a lot of time on their product: talking to customers, working with engineering, and trying to slice the marketing pie in a way that makes sense.
So when a founder talks to their investors, obviously the investors should care just as much as they care about the product, right?