I sat in a board meeting the other day and we were all attempting to come up with a brief one liner that described the company. Everyone at the table knows exactly what the company does but when you talk to people who are out of the family it is important to be able to tell others in a simple precise description what the company does. Company description for dummies.
When entrepreneurs pitch to people, particularly at the beginning, it is easy for people on the other side of the table to try and sum up the concept by threading words together and sometimes other companies names. That can be frustrating but it does help that person wrap their head around the business.
As the company grows, particularly when you are moving into raising the bigger round after the product has been flushed out, you have to be able to come up with a concise description that anyone can get.
That description tends to help everything else fall into place.