The most basic formula for telling the story of your innovation is the problem-solution narrative. Vision and mission statements are crucial to planning a venture.

Vision statements are broader than mission statements. Entrepreneurs are problem solvers, but they need to strategize to battle competitors and to weather the risks inherent in starting a new venture.

pitch — formal presentation in which you ask for something and that is delivered (usually) to potential investors in a startup. problem-solution narrative — brief story of a sentence or two that states a problem affecting many people and offering a solution that is innovative, unique, insightful, or all of these. mission statement — statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and…. story of your innovation — the problem-solution narrative.