Problem
The top 1–3 problems your target customers face. Be specific — describe the problem, not your solution to it. Include existing alternatives your customers use today (however bad). If you can't name the existing alternative, you don't understand the problem well enough yet.
Customer segments
Who has the problem. Start narrow — pick the single segment that most urgently needs this solution and who will pay for it first. That's your early adopter. Don't write 'everyone who uses a whiteboard' — write 'product managers at 10–200-person SaaS companies who run weekly sprints.'
Unique value proposition
The single, clear reason why your target customer should choose you over every existing alternative. One sentence. It should be specific enough that your competitor can't copy it verbatim. This is the hardest block — and the most important.
Solution
The simplest possible feature set that addresses the top 3 problems. Not your full product vision — the minimum viable version. This block intentionally comes after Problem and Customer Segments to prevent solution-first thinking.
Channels
How you reach your customer segments. The path from 'doesn't know you exist' to 'paying customer.' For most early-stage products, channels are direct: content, cold outbound, Product Hunt, specific communities. List the first channel you'd test, not every channel you'd eventually use.
Revenue streams
How you make money. Be specific: monthly subscription at $X, transaction fee of Y%, one-time license of $Z. Include the customer lifetime value and payback period if you have an estimate. If you've never charged a customer, your revenue model is a hypothesis — label it as such.
Cost structure
Your biggest costs to build and deliver the product. Fixed costs (hosting, team) and variable costs (per-transaction fees, support). The ratio of costs to revenue streams tells you whether the unit economics work.
Key metrics
The 1–3 numbers that tell you whether the business is alive or dying. Not vanity metrics — leading indicators of retention and growth. For a SaaS product: activation rate, weekly active users, churn. One metric per block; if you have more than three, you're measuring everything and watching nothing.
Unfair advantage
The thing that cannot be easily copied or bought. Proprietary data, network effects, regulatory moats, exclusive partnerships, unique expertise, first-mover in a defensible niche. If your answer is 'passion' or 'execution speed,' leave this block blank — you don't have one yet, and that's okay.