What is the “WOW! Statement”?
Master the art of pitching your startup idea to VCs, potential investors, and clients.Sep 14, 2023 · 2 Minute Read
The concept of the “WOW! Statement” was first introduced by the venture capitalist Bill Reichert in his viral article, “Getting to WOW!”. He developed this innovative solution for pitching startups after witnessing countless CEOs bore potential VCs with the classic elevator pitch.
Creating a WOW! Statement might initially seem daunting, but it’s certainly easier than memorizing a 60-second speech. The core idea is to generate interest in your audience.
A Template to Help You Get Started
- What do you do better than anyone else?
- So what? What is the benefit for the customer? You can begin this part with “The big idea behind our company is…“
- How are you different and better than other companies? You can start this with “Unlike other companies that…, we…”
Some Tips to Create Your WOW! Statement
- Simplicity: By simplicity, we mean using simple plain language (everybody should understand what you do, even if they are not familiar with the niche or jargon) and providing straightforward explanations.
- Clarity: What is it that you do? Think about answering this question as if you were talking to a random person in a grocery store.
- Compellingness: The end goal of a WOW! Statement is to sell. Keep that in mind when explaining what you do. You want to instill the lisener’s curiosity without becoming too mysterious in your explanation.
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