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RIBS: The messaging framework for every company and product

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Over more than two decades of advising founders, I’ve heard all kinds of stories — good, bad and everything in between. While everyone is different, I’ve noticed that the very best stories have something in common: They pass the RIBS test. I’ve talked a lot about this over the years, and it’s stood the test of time and trends.

The test is designed to tell you if your story is memorable (will it “stick to your ribs?”) so you can turn it into a compelling message. It looks something like this:

  • Relevant
  • Inevitable
  • Believable
  • Simple

Relevant

Before you can come up with a good story, you need to think about the audience. Who are you trying to reach? Are you solving a problem they care about? What matters to them about that problem? Why does your solution deserve attention?

The test is designed to tell you if your story is memorable (will it “stick to your ribs?”) so you can turn it into a compelling message.

Marc Benioff could have launched Salesforce by describing it as an online way for companies to manage relationships with their customers. It’s true and it would have been interesting, at least to some people. But instead, Marc went bigger: He ran a campaign that described Salesforce as the “end of software.”

At the time, software was everywhere and it was creating all kinds of problems: It was massively expensive, time consuming and prone to failure. By taking on those issues, Marc made the company instantly more relevant to a bigger market and audience. The conversation went from a discussion of feature checklists, contacts and leads, to how an entire industry would change. Marc looked like a visionary — and Salesforce seemed revolutionary.

Inevitable

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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Verizon and AT&T dominate spectrum auction, spending combined $69 billion

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A US map with lines representing communications networks.

Enlarge (credit: Getty Images | metamorworks)

Verizon and AT&T dominated the US government’s latest spectrum auction, spending a combined $68.9 billion on licenses in the upper 3GHz band.

Verizon’s winning bids totaled $45.45 billion, while AT&T’s came in at $23.41 billion. T-Mobile was third with $9.34 billion as the three biggest wireless carriers accounted for the vast majority of the $81.17 billion in winning bids, the Federal Communications Commission said in results released yesterday. US Cellular, a regional carrier, was a distant fourth in spending, at $1.28 billion, but came in third, ahead of T-Mobile, in the number of licenses won.

The auction distributed 280MHz worth of spectrum in the “C-Band” between 3.7GHz and 3.98GHz. This spectrum will help carriers boost network capacity with mid-band frequencies that cover large geographic areas and penetrate walls more effectively than the higher millimeter-wave frequencies that provide the fastest 5G speeds to very limited geographic areas.

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Former top Paytm exec is building his own financial services startup

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The executive who built the financial services boutique for Paytm, India’s most valuable startup, from the ground is ready to do something similar all over again.

Pravin Jadhav, the former chief executive of Paytm Money, revealed on Thursday his own startup, Raise Financial Services.

This time, Jadhav — under whose leadership, Paytm had amassed over 6 million Money customers — is focusing on serving a different set of the population.

Hundreds of millions of users in India today don’t have access to financial services. They don’t have a credit card, banks don’t lend to them, and they have never purchased an insurance cover or invested in mutual funds or stocks.

Scores of large firms and startups in India today are attempting to reach these users by building an underwriting technology that can use alternative data to determine an applicant’s credit worthiness. It’s a tough and capital intensive business, built on pillars of uncertainties, assumptions and hopes.

In an interview with TechCrunch, Jadhav said Raise Financial Services is aimed at customers living in metro, tier 1 and tier 2 cities (so very much in and around urban cities). “They want financial products, they are literate about these products, but they are not being served the way they should be,” he said.

Pravin Jadhav, left, poses with Paytm founder and CEO Vijay Shekhar Sharma. Jadhav left Paytm last year.

He said his new startup will offer products across financial services including investing, financing, insurance, wealth, and payments. “Just not doing the banking part, as I believe that is more of an infrastructure play,” he said.

“The idea is to offer great exceptional products that are not being offered by anyone. Number 2: Focus a lot on tech-driven distribution. And third is that today the quality of customer service experience is bad across the market. So we are trying to solve that,” he said. “Over time, we will try to stitch all of this together.”

Jadhav also announced he has raised a Seed financing round. He did not disclose the amount, but revealed enough high-profile names, including: Kunal Shah (Cred), Kalyan Krishnamurthi (Flipkart), Amod Malviya and Sujeet Kumar (Udaan), Sameer Nigam and Rahul Chari (PhonePe), Amrish Rau (Pine Labs, Citrus Pay), Sandeep Tandon (Freecharge), Jitendra Gupta (Jupiter), Girish Mathrubootham (Freshworks), Nischal Shetty (WazirX), Kuldeep Dhankar (Clevertap), Sreevatsa Prabhakar (Servify), and Amit Bhor (Walnut).

Jadhav himself is also investing, and venture investor Mirae Asset Venture is leading the round, with participation from Multi-Act Private Equity, Blume Ventures (via its Founder’s Fund) and US based early-stage investor Social Leverage, for which it is the first investment in India.

Ashish Dave, CEO of Mirae Asset Venture’s India business, told TechCrunch that even though he had known Jadhav, it was listening to him at various Clubhouse sessions that prompted him to reach out to Jadhav.

Jadhav said users can expect the startup’s first product to be live by the end of the year. (TechCrunch understands it’s shipping much sooner. Raise Financial Services’ offerings will have some similarities with SoFi and Goldman Sachs’ Marcus.)

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How top startup lawyer Dawn Belt thinks about company-building in the age of SPACs

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Dawn Belt has been working with top tech companies for two decades, most recently helping commercial electric vehicle company Proterra go public as a SPAC in January.

Now she’ll be joining us at TC Early Stage in April to talk about building a company in 2021, from however you incorporate to however you decide to maybe go public one day.

As a partner at Fenwick & West, a top Silicon Valley law firm, Belt works with startups of all ages, sizes and industries (two of her past IPOs include Facebook and Bill.com). She has also written legal perspectives on a wide range of other topics that startups face, including implications of the CARES Act, board diversity legal requirements and how to manage acquired startups successfully. She also co-authored the firm’s Gender Diversity Survey, an in-depth report on women’s participation at senior levels of public tech companies.

She’ll be at Early Stage to share her experiences old and new, to help you make better decisions now for your company. The talk is part of the two days of events that explore seed and Series A fundraising, recruiting and more for early-stage startups at TC Early Stage – Operations and Fundraising on April 1 & 2. Grab your ticket now before prices increase tomorrow!


 

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