6.6 Key Terms
ask
specific amount of money or type of assistance requested in a pitch
corporate narrative
story about how a successful company grew from something small into something broad and powerful, serving thousands or even millions of people; it may have marketing purposes, and it may serve as an inspirational story for leaders and employees
elevator pitch
abbreviated pitch, a memorized talk that can get you into the door to put your full pitch deck on display
entrepreneurial contest
any entrepreneurial competition other than a pitch competition; contests may entail submitting business models, long-form prospectuses, or forms tailored to contest specifications
fear of missing out (FOMO)
need to keep up with peers and the personas they represent in social settings, particularly on social media
iceberg principle
writing principle useful for preparing contest documents and pitch decks; following this principle, each word or sentence in the submission or presentation should be backed up with a wealth of supporting information and details that go unspoken in the pitch or proposal, but which you have at the ready should an investor take interest in the details and your knowledge of them
ideation
purposeful process of opening up one’s mind to new trains of thought that branch out in many directions from a stated purpose or problem
mission statement
statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action
noncompete agreement
formal agreement that the person signing the document will not work for another organization that is a direct competitor of their current employer during employment and usually for a specified length of time after employment ends
nondisclosure agreement (NDA)
contract that carries harsh financial penalties should one party to the agreement disclose what they know of the proprietary information
pitch
formal presentation in which you ask for something and that is delivered (usually) to potential investors in a startup
pitch competition
competition that may have cash prizes or mentorship opportunities for winners; you are expected to present your business idea in the form of a presentation, usually with a pitch deck
pitch deck
slide presentation that you create that gives a quick overview of your product and what you’re asking for
problem-solution narrative
brief story of a sentence or two that states a problem affecting many people and offering a solution that is innovative, unique, insightful, or all of these
user interface (UI)
what a customer sees when they use your product; having a variant of a UI is not necessarily grounds for establishing a patent, but having unique design in the broader sense may help you to secure patent protection
value proposition
summary describing the benefits (value) customers can expect from a particular product or service
work-for-hire agreement
agreement between an individual employee and a company states that ownership of innovations belongs to the company, even if an individual makes substantial contributions to the product