tech-companyOther than business model canvas and pitch, what documents an early stage technology startup team must and should prepare for their startup idea, and what are the advantages of having them ?
You need to have a business requirements document, system requirements specification document at first. BRD will give a clear picture of what is required. Each and every stakeholder should have a copy of this document. Then your SRS documents will give emphasis on how to achieve it. Of course registering the company name is a must. If you are starting on a technology startup then you must start registering the patents on the design you are working so that it is not copied by any other upcoming startups and this will also help you in legal terms.
The only “must have” documents are the ones requested by an investor. They are going to want to see a pitch and executive summary, and potentially a business plan if there is a second meeting. Putting together substantial bios on your team is critical, as they will determine if you have the skills & experience to execute.
At the idea / prototype stage your biggest priority is your market fit. You have a great idea, but will people use it? Does it solve a real problem? If there are competitors are you 10x better? Who is your customer, what is their lifetime value, and acquisition cost? You should be able to articulate answers to these questions, and have research or customer outreach to back it up.
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