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John Witchel was an early advisor to Credit Karma and has built companies across software and energy. His latest, King Energy, has raised over $400 million by following one framework.
“You want a lot of people to have the same problem,” John Witchel told me. “If you can’t find millions of people who share the same pain point, the ceiling on your business is too low.”
A serial entrepreneur who has started ten companies, had multiple exitsand who served as an early advisor to Credit Karma, Witchel has developed a framework that he uses to evaluate whether an idea is worth pursuing.
It comes down to three rules.
Rule one: be in a massive market. That’s where finding a lot of people with the same problem comes into play.
Witchel’s second rule for evaluating good ideas is that your product has to solve the widespread problem you’ve identified on a visceral level.
“If I give you the classic elevator pitch, what problem are you solving and how do you solve it, you can’t spend five minutes explaining the problem,” he said. “It’s got to be in and out. One or two sentences.”
Rule three? Speak your customer’s language, not yours.
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