We want to back entrepreneurs that know the stars have aligned perfectly for a billion dollar company to be born today. We’re not alone. According to Marc Andreesen, “The biggest variable in entrepreneurial risk? Timing. By a wide margin.”
That being said, from the outside it always looks like you’re way too early or way too late. If you’re one of the first tackling the problem, you can expect to hear, “Why has nobody else done this?” Usually, there are actually good reasons for this. Point them out and underline your uniqueness and why you think the timing is perfect now, maybe even draw a line to similar technologies in the past.
Or if there’s already an established market, talk about the ongoing shift within the market, which enables your product to actually hit the “right-timing” button. Elaborate about potential technological changes, change in cultural norms as social expectations shifts, regulatory changes or maybe even shift in available resources.
What we’re really looking for:
The Why Now question is the synthesis of the Problem, Solution, Market, and Competition (and everything else). We want an “aha!” moment, and to see a depth of understanding that matches other successful teams we’ve backed.
For example, when we backed Wolt at Seed, German meal delivery startups were raising insane growth rounds and it looked like meal delivery was totally captured. We backed Wolt because Miki Kuusi and the founding team had a deep understanding of the opportunity and knew how to communicate it.