The Founder Institute recommends that founders must develop one-sentence pitch to grab potential customers, partners, and investors' attention quickly. Adeo Ressi, CEO of Founder Institute, says, “If you can't describe your business in one-sentence, then you don't understand it well enough.” Background: - Ressi suggests that the best one-sentence pitches are short, have a defined offering and audience, convey the problem being solved, and highlight the unique way in which the startup is tackling the problem.
- Here are few examples of one-sentence pitches:
- “My company, Airto, is developing a web-based social seating check-in platform to help air travelers see who is on board their flight and use Facebook and LinkedIn to assign all flight seats with one click.”
- “My company, GradeZone Points, is developing an online and mobile platform to help socially-conscious businesses reward high school students for good grades and good attendance with deals and local programs that inspire a community-wide concern for education.”
Share your thoughts: - What is your shortest one-sentence pitch for what your startup does?
- What according to you are key elements behind a great one-sentence pitch?
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After winning the Slush 100 Pitching Competition, Immigram's €1M ($1.02M) prize has since been repealed. According to Slush, the group decided to take back Immigram's first-place win "in light of new information" regarding Immigram's "operations in Russia." More: - On Immigram's LinkedIn account, the startup announced it would bow out of the pitching competition.
- Immigram won the competition for its "immigrant-focused, end-to-end global mobility platform."
- The startup's goal was to help IT specialists move to the U.K.
- Several startups spoke out against the decision.
- AIN.capital, for instance, noted that Immigram is hiring for full-time positions in Moscow.
- Moreover, the group spoke out about the startup's Russian ties during a time when Russia was creating so-called "immigration problems" in Ukraine.
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Financial services startup GloriFi will suspend operations as it was unable to raise additional funds, according to the WSJ. CMO Cathy Landtroop blamed the move on "financial challenges" caused by "startup mistakes, the failing economy, and reputational attacks." More: - GloriFi launched its app in September, offering financial services targeted at individuals with conservative values.
- GloriFi raised $50M in 2021 from notable investors such as Ken Griffin and Peter Thiel.
- Last month, the WSJ published a report noting that GloriFi had initiated layoffs, "missed launch dates," and was running out of capital.
- Founder Toby Neugebauer transitioned from CEO to chairman after this report was released.
- In July, GloriFi reached an agreement to go public via a SPAC merger at a $1.7B valuation. However, the company couldn't raise the $60M needed to complete the deal.
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Brain-computer interface developer, Neuralink’s competitor Science Corp. emerged from stealth with $160M in funding. The firm is led by Max Hodak, a former president at Elon Musk’s Neuralink. Hodak co-founded Science Corp. a year ago and has been running it in stealth mode ever since. More: - The firm is leveraging photonics to develop a brain-computer interface.
- Science Corp. developed a prosthetic eye product called Science Eye.
- The product aims to treat retinitis pigmentosa in humans.
- Science Eye has seen initial success after being tested on rabbits, with the firm aiming to start testing it on humans in a year or two.
- The organization’s co-founders include Alan Mardinly, Yifan Kong, Corey Wolin, and Emma Zhou.
- Ripple Labs, Protocol Labs, Paradigm, former GV partner Blake Byers, and Artis Ventures provided the funding.
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The French recycling startup Fairmat raised ~$35M (€34M) Series A. The company recycles hard-to-reuse materials like carbon fiber. More: - Temasek and CNP led the round.
- The lead investors have also secured board seats.
- By next year, Fairmat's goal is to have 100 robots sorting through 200 metric tons of recycling.
- The startup opened its recycling center in October.
- Eventually, the company plans on recycling more hard-to-recycle materials, including vehicles and electronics.
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Autonomous delivery vehicle startup Nuro reduced its workforce by 20% (300 employees) as part of cost-cutting measures. Co-founders Dave Ferguson and Jiajun Zhu said the company overhired in the past two years after they incorrectly assumed the funding environment would remain strong. More: - Nuro was valued at $8.6B following a $600M funding round in Nov. 2021.
- Nuro has raised $2.1B since its inception in 2016, according to Crunchbase.
- Ferguson and Zhu note that Nuro's balance sheet still has over $1B.
- The company has deployed its vehicles on public roads in Texas and California but pulled out of Phoenix, Arizona, in July.
- Its co-founders noted that despite the layoffs, Nuro had achieved its "major milestones" in 2022.
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- HC9 Ventures held a final close of its debut fund at $83M. The firm intends to back healthcare software and services startups in seed to Series A stages.
- Egyptian digital pharmaceutical platform Grinta secured $8M in seed funding co-led by Raed Ventures and Nclude.
- Kalaari Capital led a $2.2M funding into battery startup Clean Energy.
- Legal automation platform SeedLegals will drive blockchain-based carbon offsetting platform JustCarbon’s first fundraiser. The latter is looking to raise $5M in seed funding.
- Last Thursday, the University of Arkansas' Greenhouse Outdoor Recreation Program (GORP) saw seven entrepreneurs graduate from its second cohort. The business incubator provides weekly workshops, mentorship, and $15,000 seed funding to startups completing the program.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Jigney Pathak is a Business Researcher at Inside who loves technology, finance & sports. He has a Bachelor of Business Administration with a finance specialization & has previously worked at Salesforce.
Courtney Rawlings is an Inside Research Analyst living in Los Angeles, California. She has returned to her hometown of LA after spending several years working at Emory University in Atlanta, Georgia, where she is completing a Ph.D. in Art and Architectural History.
| | | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
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