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Some general thoughts:
1. Always dumb down your language. Not necessarily 2nd grade English, but definitely avoid words like "multi-dimensional representation" and concepts like "binary or linear". Most educated people know what you mean by this, but it adds an extra level of unnecessary complexity to your pitch. I shouldn't have to think about what you mean by "binary taste systems". When you give me a two-sentence description of your company, I should know instantly what you do.
2. Once you've simplified your language, work on describing what you do in as straightforward terms as possible. There was a good article on HN a couple days ago about applying to HN; in it they nailed how to describe something like Google:
Google is a website. A user comes to the website and sees and text box and a submit button. He types in words into the text box and clicks on the button. Google then shows him a list of websites that contain the words he just typed in.
http://www.acunote.com/blog/2012/10/y-combinator-application...
Notice how it doesn't take for granted that the person knows what a "search engine" is. Obviously in this day and age, everyone knows what a search engine is. But they didn't 5-10 years ago. Today, everyone might not know what you mean by "a matrix that helps make predictions" or a "multi-dimensional representation of people's tastes".
3. Now that you've described what you do in as simple terms as possible, tell me
a) why this is a problem and b) why you are the solution
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Hopefully that was helpful.