Opportunity Memo template at Hexa startup studio

Here is the document we fill out to validate an idea and start looking for entrepreneurs to partner with.
You can find an original Notion file here.

Quentin Nickmans
Founder & Managing Director at Hexa (eFounders)
This template was done by Quentin Nickmans & Hexa's team.
Prepared for publishing by Max Pog.

DUPLICATE IN NOTION BEFORE USING
PROJECT CANVAS

  • The problem
  • The solution we aim at
  • Product core features
  • Competitors & interesting players
  • GTM strategy
  • Useful resources

Product

  • What is the problem?

Go-to-market

  • What's the go-to-market strategy?

Market

  • Is it a billion-dollar problem?????
  • What is the solution we offer?

Competition

  • What does the competitive landscape look like?

Team

  • What team do we need?

Appendix

PROJECT CANVAS

  • One-liner
The problem
  • Problem #1
  • Problem #2
  • Problem #3
The solution we aim at
  • Key benefit #1
  • Key benefit #2
  • Key benefit #3
Product core features
  • Core feature #1
  • Core feature #2
  • Core feature #3
Competitors & interesting players
  • Competitor 1, 2, 3
  • Actors in the space who are not direct competitors but interesting to watch
GTM strategy
  • Target segment
  • Acquisition channels
  • Pricing & Business model
Useful resources
  • Link #1 + main learning
  • Link #2 + main learning
  • Link #3 + main learning

Product

What is the problem?

  • The context
Share the context in which the pain point takes place. Basically how does the world evolve at the moment in relation to this problem.

  • Problem space
Make sure you are precise about the pain(s) point(s) felt by our ICPs

What is the solution we offer?

  • Value proposition
Articulate the value proposition and the main benefits.

  • Product - Core features
How do we translate the value proposition into a product and what are the main features that will deliver this value proposition

  • Some use cases
Illustrate the problem <> benefits relation with 3-5 precise use cases

Go-to-market

What's the go-to-market strategy?

  • What's your ICP?
Define the company type + the buying center people involved in the decision-making process?

  • What distribution channels do you anticipate?

  • What's your business model & pricing?
What pricing & pricing model (freemium, etc.) do you have in mind? No need for a mature/complex structure but you need to anticipate the cornerstones of your pricing strategy.

  • Describe positioning

Market

Is it a billion-dollar problem?

  • What is your target market?
No need to carry on a complex market sizing here but we want to assess the scale of the opportunity. Just make sure you can approximate how big the market is - ideally by confronting a bottom-up and top-down analysis.

  • What are the market dynamics?
Describe the big trends of the market and how they may evolve in the next few years.

Why now?

  • Why hasn't it been done before?

  • What has changed to make now a good / the best time to do it?

Competition

What does the competitive landscape look like?

  • What are the current alternatives?
List the incumbents, mature competitors as well as new entrants. You don't need to be exhaustive but it's necessary to give a complete overview of the competitive environment.

  • What are your strengths and weaknesses vs. competitors?

  • How defensible is your company?
Describe how you can build long-term competitive advantages.

Team

What team do we need?

  • What are the hard/soft skills we need our founders to have?
Identify objectively must-haves and nice-to-haves

  • What skills do we need among the founding team?

Appendix

  • Lexicon

  • Other additional resources
(documents, links, articles, user interviews)
Author: Quentin Nickmans, Founder & Managing Director at Hexa (eFounders)

Duplicate this Notion template to use it.

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