Mastering Your Envestors Digital Business Plan: Competitive Analysis

Setting your sights on the Innovator Founder Visa? Securing an endorsement letter is a key step, and to shine, you need to impress one of the three official endorsing bodies such as Envestors. Your journey with Envestors involves two critical stages: the initial registration, where you introduce yourself and your vision, and the business plan phase, the heart of your application. No need to stress, though. We're here to help.

Here are the areas you should focus on:

• Market Research
• Competitive Analysis
• Company Description
• Financials
• Marketing and Sales Strategy

Competitive Analysis

Discussing our competitors is crucial for the Innovator Founder Visa application, as it seeks truly innovative market entries. Demonstrating how our company distinguishes itself from the competition is key to convincing them of our groundbreaking offering.

We recommend identifying 3 to 5 competitors, either local or international.

Bad Example

"We have several competitors in the market. But we provide lower costs and better user experience."

Simply stating "several competitors" does not provide any insight into who these competitors are, their market share, strengths, or weaknesses. It lacks specificity about the competitive landscape, which is crucial for understanding the market dynamics and how the business plans to position itself.

Salmo’s Edition

"Our main competitors include Company A, offering similar services but at a higher price point, and Company B, which lacks our advanced technological features. Our competitive advantage lies in our patented technology, which allows for a 30% lower cost of service and a user experience rated 4.5/5 by beta testers, compared to 3.8/5 for our closest competitor."

This is much better because:

• Specific Competitor Identification: It clearly names the main competitors, providing a concrete context for comparison. This specificity helps stakeholders understand the competitive landscape and how the company positions itself within it.
• Detailed Competitive Analysis: By mentioning the higher price point of Company A and the lack of advanced technological features in Company B, the statement gives a clear picture of the competitive advantages and how they differentiate from others in the market.
• Quantifiable Advantages: The mention of patented technology leading to a 30% lower cost of service is a quantifiable advantage that can be easily understood and valued by potential investors, partners, or customers.
• Evidence-Based User Experience Claim: Citing user experience ratings from beta testers provides empirical evidence to support the claim of a superior user experience. This not only adds credibility but also quantifies the difference in satisfaction levels compared to competitors.
• Focus on Unique Selling Proposition (USP): Highlighting patented technology emphasizes a unique selling proposition that cannot be easily replicated by competitors, underscoring the company's innovation and proprietary advantage.

When talking about competitive advantage, it is also critical to be specific. 

Bad Example

"We use advanced technology to improve our services."

“Advanced technology"... it's just like saying you're a gourmet chef because you can microwave popcorn without burning it

Salmo’s Version

"Our platform integrates AI-powered algorithms for personalized user recommendations, leveraging open-source technology such as TensorFlow for machine learning components, which improves user engagement by 40% based on our pilot tests."

This is much better because:

• Specifies the Technology: Clearly mentioning "AI-powered algorithms" and "open-source technology such as TensorFlow for machine learning components" provides a clear understanding of the kind of advanced technology being used, moving beyond vague terms.
• Details the Application: It explains how the technology is applied ("for personalized user recommendations"), giving insight into the practical benefits and innovations brought to the platform.
• Quantifies Improvement: By stating "improves user engagement by 40% based on our pilot tests," it offers tangible, quantifiable evidence of the technology's impact, adding credibility and specificity to the claim.
• Demonstrates Experimentation and Validation: Mentioning pilot tests implies that the technology has been experimented with and validated in a real-world scenario, highlighting a proactive approach to innovation and improvement.

We know the devil is in the details with a digital business plan. That's where Salmo's endorsing services come in. Let us help you refine your application to ensure your content is polished and poised to secure that crucial 'endorsement letter'!