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Y Combinator Cast

04/12/24

@ Y Combinator

Letters of Intent (LOIs) from potential customers are crucial for hard tech companies to show interest and legitimacy, especially if they involve significant values.

Video

Inside The Hard Tech Startups Turning Sci-Fi Into Reality

@ Y Combinator

Inside The Hard Tech Startups Turning Sci-Fi Into Reality

04/12/24

Related Takeaways

Jared Friedman

09/20/19

@ Y Combinator

A well-crafted LOI is valuable; it should be specific and can serve as a roadmap for what you need to build to generate revenue from your product.

Jared Friedman

09/20/19

@ Y Combinator

If pre-sales are not possible, especially in regulated industries like medical, use a Letter of Intent (LOI), which is a non-binding contract that indicates customer interest in purchasing your product when it's ready.

Harvard Innovation Labs Cast

06/12/13

@ Harvard Innovation Labs

If customers express a willingness to pay for your solution, consider asking them for a commitment, like writing a check in advance, to validate your idea.

Y Combinator Cast

12/17/21

@ Y Combinator

For tiny startups, investors may not fund them anyway, so it's important to say what they want to hear to capture their interest for future opportunities.

Wade Foster

08/19/17

@ Y Combinator

Building relationships with partners and founders is essential, especially in the early stages of a startup, as it can lead to valuable opportunities.

Y Combinator Cast

05/31/24

@ Y Combinator

As a founder, you need to sell yourself, especially when your product is still in development. Making potential customers feel valued and showing your commitment to their success can lead to stronger relationships.

Dalton Caldwell

04/18/24

@ Lenny's Podcast

I encourage founders to validate their ideas by talking to potential customers before writing any code or raising money.

Y Combinator Cast

03/01/24

@ Y Combinator

When starting a company, it's crucial to validate your idea rigorously rather than relying on superficial methods like cold emailing a large number of people.

Michael Seibel

11/29/18

@ Y Combinator

Having a couple of customers can significantly increase your leverage when talking to investors, making them more interested in your startup than if you only have an idea.