Developing Documentation for Startup Growth Strategy
Executive Summary:
This case study explores the importance of documenting your business in compelling ways that gets the customer and the investor intrigued by what you’re selling.
II. Introduction:
DIVERSD, a tech startup using artificial intelligence to help enterprises navigate their DEI journeys for both intersectionality and voice using Slack and a dashboard to transmit large data sets in real-time.
III. Problem Statement:
Despite a growing need for DEI in enterprise spaces, it’s hard to sell a product without documents that tell the value, key differentiators and the why of a service that investors and customers can understand.
IV. Detailed Analysis:
a. Situation Analysis: Analysis of market for product and customer problems the product would help solve which was a lack of capacity for organizations accountable for driving a DEI strategy.
b. Stakeholder Analysis: Key stakeholders included HR leaders, CEOs and Employee Resource Groups looking for a way to make and measure progress against DEI goals.
c. Data and Evidence: Evidence suggested marginalized members of the workforce were not heard in areas like annual surveys and speaking up against discrimination.
d. Problem-Specific Analysis: Strengths included innovative technology and Future of Work spend topping $1T by 2030; weaknesses were decreased interest and laws stifling the impact of DEI.
V. Solution Exploration:
a. Proposed Solutions: Create all documents necessary to demonstrate understanding of business while sharing capabilities with investors and customers: Business plan, Go-To-Market Strategy, Marketing Strategy, Financial projections, buyer personas, sales deck, pitch decks.
b. Implementation Plan: Created rough draft of each document. Met with team to ensure cohesion. Educated entire team on documents. Pushed them live to share with external interested parties. Total time taken was 3 months.
VI. Results and Impact:
a. Outcome Analysis: Post-completion, lined up a string of investor calls, pitch competitions and customer calls leading to fundraising and sales.
b. Long-term Effect: Documentation was an excellent way to represent DIVERSD when DIVERSD could not or would not be present to speak of itself. Visual representation of team and assets was a plus to getting more meetings scheduled.
VII. Lessons Learned:
Every audience has a particular way they like to receive information. In the case of a startup or any business, one size messaging does not fit all – it’s important to diversify the messages and make sure the audience feels understood.
VIII. Conclusions and Recommendations:
The case study recommends knowing your company in various ways to communicate its strengths to different audiences and constituencies. Having someone with a skill to create communication through the eyes of the customer is key.