500 Startups is one of the largest Accelerators in the Valley and have a feet on the ground approach.
On a recent article Pitch, Please: 14 Must-Read Pitch Lessons Every Startup Founder Should Know they go through some very interesting tips o about how to better explain your business.
One of the most interesting points, is how to position your company in terms of which story to tell. Below is an excerpt:
Traction, Team, Tech, Vision – in general, most startups will fall into one of these categories. If you have (impressive) traction, you have a Traction Story. If you have a great team with a previous exit or serious domain chops, you have a Team Story. If you’ve built interesting technology (read: not a mobile or web app), you have a Tech Story. The problem? Most people choose the wrong story, try to tell all the stories…
Another point, we usually forget, os to avoid saying the obvious:
Don’t waste time explaining what everyone already knows, especially the problem. If you are a logistics company, don’t go on and on about how big the logistics industry is after you say it’s $4T. We get it. If you are a food delivery startup, don’t talk about the problem of not knowing what you’re eating for dinner. Everybody knows. In reality, a) that’s probably not the problem you’re actually solving, and b) we probably already agree it’s a problem — we’re just not convinced your solution is solving it. The more niche, international, or underground your problem/market, the more time you should spend educating.
Ok, enough pigbacking! Go there and read their article: 14 Must-Read Pitch Lessons Every Startup Founder Should Know