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A good strategy is to start with a fairly week LOI like this one and reduce the “escape clauses,”... Sounds like good advice. In Ries's recent book on Lean St
by jc123 15y ago
A good strategy is to start with a fairly week LOI like this one and reduce the “escape clauses,”...
Sounds like good advice. In Ries's recent book on Lean Startup, there's a story of one of Votizen's unsuccessful pivots which were based on letters of intent.
- ryanlchan 15y agoThis is a really important step to remember. The 'decreasing discount' method is only really effective when you not only decrease the discount but increase the concreteness. The steps should be from oral agreement -> non-binding LOI -> binding LOI -> payment. And you want to get to a confirmed payment; without that step you don't have any idea what someone's actually willing to pay.