How to Pitch and Get Funded
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Caroline Cummings shared her tips and techniques for how she's pitched and successfully raised close to $1M for her tech startups.
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How to Pitch and Get Funded
- 1. How to Pitch And Get Funded! www.liveplan.com
- 2. The Model âą Deal Flow Creation âMentors for entrepreneurs, Workshops, Startups Weekends, Accelerators⊠⹠Angel Investment â Workshops, LLC Formation, Networks⊠⹠Events/Public Relations âAngel conference, PubTalks, Pitch Competitions, âŠ
- 4. Purpose of the Pitch:
- 6. Assumptions Written a Business Plan â Conducted Due Diligence â ï Team, Financials, Investors, Market, Comp etition, IP, Trends ⊠Have Mentors/Advisers â
- 7. Build Credibility Hit the âstageâ strong! Share your ârock starâ talents Share âbeen there done thatâ Utilize the âcool factorâ Spark their interestâŠ
- 8. A ⧠Address the Problem
- 9. Your Solution to the Problem Describe the uniqueness of your product
- 10. Your Milestones Money raised Barriers overcome Key investors Key hires Sales made Partnerships LOIs Patents Media EtcâŠ
- 11. Target Markets 1st2nd 3rd 4th5th Beta Market, Addressable Market, Market Segments, % of Revenue/Market, Potential Market... Highlight any Key Research
- 12. Target Markets 1st Harvard/Stanford 2nd Ivy League 3rd Colleges/Univs 4th 14 â 34 yrs old BusinessesâŠ5thFastest growing demographic Women 55+ years old
- 13. Acquiring Your Customers? Including the cost to acquire a customer
- 14. Your Competition Clearly communicate your Value Proposition
- 15. Due Diligence on Competition City/ Local Focus No Character Limitations Free to Post Can Include Images Social Media Friendly Easy to search Local Newspaper âȘ âȘ âȘ âȘ âȘ âȘ âȘ
- 16. Your Revenue Model How you will make $$$ Who it will come from Market validationâŠ
- 17. Your $ Projections Include Key Assumptions Research to back it up Explain inflection points
- 18. Assumptions are King! Numbers behind your numbers
- 19. Your Team
- 20. The Wrong Team #1 Reason Startups Fail:
- 21. Small Wages. Bitter Cold, Long Months of Complete Darkness. Men Waned For Hazardous Journey.
- 22. Constant Danger, Ernest Shackelton Safe Return Doubtful. Honour & Recognition In Case of Success.
- 23. By Endurance, We Conquer!
- 26. Your Exit Strategy Include Comparables Estimated Timeline to Exit
- 27. End on High Note Remind them why youâre a Rock Star!!
- 28. Free eBook âCaroline has lived the startup journey herself, and knows exactly what she is talking about. I recommend this eBook for anyone who wants to successfully close funding for their startup." Pamela Slim Author, Escape From Cubicle Nation
- 29. Using LivePlan with Investors www.liveplan.com
Hinweis der Redaktion
- Spark their interest. Want to learn more â see your business plan, talk to your customers, meet your team, demo your products, etc.
- Canât emphasize the importance of rehearsal. You want to know the content of your pitch presentation on a deep knowledge level â not just memorized. Your audience will know if youâre reciting the pitch from a point of memory vs from a point of deep knowledge. And if an investor tells you you have 10 minutes to pitch â you better not go over. Iâve seen some disaster pitches.
- Use Maternova story: # of babies that die due to lack of proper affordable supplies. Almost all maternal deaths occur in developing countries. 99% - due to lack of access to proper healthcare. Our products will help save tens of thousands of women each year. Donât have to be lifesaving stories â just compelling. Most people spend a total of 32 hours planning for their family vacations. Our technology will cut that time in half as well as cut the cost to travel in half. Weâre saving people time and money and increasing their travel experience.
- We provide a single source that makes it easy for medical practitioners to access otherwise difficult to access medical supplies to help save the lives of mothers and their newborn children. OrWeâre saving families time and money by matching them with travel destinations and itineraries within their travel budgets.
- Your biz plan should have milestones, due dates (accomplished dates), whoâs responsible and status. This is the reinvention of the business plan â itâs not just a document you write and walk away from â you keep it alive b tracking the implementation of it. And adjusting as you grow. Successful startups are agile and able to turn on a time to meet the changing needs of the market.
- Hopefully youâve already done this in your opening story and in the description of your product â but this allows you to get more specific and show why/how youâre different. Donât ever say you donât have any competition. I met with some great entrepreneurs yesterday about a very cool product theyâve developed and theyâve essentially opened up a new market, so there are no other products like what theyâve developed, but they definitely have competition. Facebook and Linkedin compete â they compete for time online.
- Yourmargins
- The numbers behind the numbers are more important than your projections.
- Donât just list who is on the team and then their job descriptions â I see that all the time. This section is to sing your teamâs praises! Awards won, experience related to the current company, connections, key mentions, etc. Investors invest in people first, ideas second â so show them why your team is the right team to lead this venture â whether itâs a local cafĂ© or an international software company â they must believe your team can implement the plan being presented. And â be sure to make it known that you know what you donât know! List any open positions that the funds will be used to help recruit.Investors invest in people first, ideas second.
- Ran in a London newspaper in the early 1900âs to recruit men for his expedition to the South Pole.5000 men responded to the adInterviewed 400 men in increments of 15 minutesSelected his 27 men for the journeyNever made it to the S. Pole, and the journey lasted almost 2 yearEveryone survived â leadership!
- Well stated: who, what, how much and whyUse of Funds slide. Raising $200,000 and 25% will be used for marketing, 40% for product development, etc.If 10K or $10M â explain what youâll use it forâŠ
- Not everyone is building a company to exit from in 5 or 10 years, but know that investor make their big ROI when you have a liquidity event â someone buys you for example. There are many ways to provide a return to your investors without having an exit though â but you better have those rewards works out up front. % of revs, profits, dividends, etc. But even if youâre not planning on selling your company â itâs important to tell the story of the legacy your company will leave â and potentially to whom. If family business â passing down to children, merging with another company, acquiring other companies, etc. Just as you tell the story in the beginning, the story needs to continue to be toldâŠ
- Bring it back to your story that you opened with â focus on the market opportunity â the problem youâre solving in the marketplace â and why your team is the right team to lead or grow this venture.
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