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8	
  MISTAKES	
  
	
  WHEN	
  PITCHING	
  
	
   	
  	
  INVESTORS	
  
	
  Jan	
  Coppens	
  
1	
  
2	
  
3	
  
4	
  
5	
  
6	
  
7	
  
8	
  
Prepara/on	
  
Compe//on	
  
Problem	
  defini/on	
  
Product	
  
differen/a/on	
  
Business	
  model	
  
Status	
  
Go-­‐to-­‐market	
  
You	
  
Raising	
  Capital	
  
1	
   What	
  do	
  you	
  know	
  about	
  our	
  business?	
  
PreparaFon	
  
General	
  
Partners	
  
Limited	
  
Partner	
  
Limited	
  
Partner	
  
Limited	
  
Partner	
  
Venture	
  Capital	
  
firm	
  
€	
  
€	
  
€	
   Fund	
  
€	
  
Management	
  
fee	
  
Fund	
  raising	
  
General	
  
Partners	
  
Venture	
  Capital	
  
firm	
  
Startup	
  €	
  
Startup	
  
€	
  
Startup	
  €	
  Fund	
  
€	
  
Inves.ng	
  
•  Investment	
  strategy	
  
•  Deal-­‐flow	
  management	
  
•  PorPolio	
  management	
  
General	
  
Partners	
  
Venture	
  Capital	
  
firm	
  
Exit	
  
Startup	
  
Startup	
  
Startup	
  
€	
  
Carried	
  
Interest	
  
Limited	
  
Partner	
  
Limited	
  
Partner	
  
Limited	
  
Partner	
  
€	
  
€	
  
€	
  
2	
  I	
  don’t	
  feel	
  the	
  pain	
  
•  Tell	
  the	
  story	
  of	
  your	
  customer	
  
•  Show	
  current	
  solu/ons	
  do	
  not	
  cure	
  
•  Translate	
  opportunity	
  in	
  problem	
  
•  Proof	
  with	
  data	
  
Problem	
  definiFon	
  
An	
  important	
  client	
  or	
  market	
  need	
  
addressed	
  by	
  a	
  unique	
  approach	
  with	
  
compelling	
  benefits	
  when	
  compared	
  against	
  
the	
  compe//on	
  or	
  alterna/ves	
  
“
“
A	
  word	
  on	
  communica/on	
  
Where	
  have	
  I	
  seen	
  this	
  
before?	
  3	
  
Product	
  differenFaFon	
  
Low	
  barriers	
  to	
  entry	
  for	
  
Web	
  startups	
  result	
  in	
  
many	
  “me	
  too”	
  products	
  
	
  
Ancient	
  technology	
  
	
  
Lack	
  unique	
  knowhow?	
  
single	
  most	
  common	
  quesFon	
  
52%	
  
14%	
  
34%	
  
User	
  pays	
  
Someone	
  else	
  pays	
  
Don't	
  know	
  
4	
   and	
  how	
  exactly	
  are	
  you	
  
going	
  to	
  make	
  money?	
  
Business	
  model	
  
“
“
Business	
  
model	
  
n	
  =	
  56	
  
0	
  
5	
  
10	
  
15	
  
20	
  
25	
  
30	
  
35	
  
40	
  
45	
  
2012	
   2013	
   2014	
   2015	
   2016	
  
Revenu	
  
EBITDA	
  
Example	
  of	
  real-­‐life	
  startup	
  financials	
  (Belgium)	
  
Really?	
  
Can	
  you	
  prove	
  what	
  you	
  claim?	
  	
  
8 mistakes when pitching investors
Something	
  
Something	
  else	
  
Weak 	
   	
  Strong	
  
Weak	
  	
  Strong	
  
Google	
  
Apple	
  
Someone	
  
you	
  found	
  
on	
  Google	
  
Other	
  
startup	
  
Radom	
  
companies	
  
in	
  same	
  
space	
  
5	
   You	
  don’t	
  understand	
  
your	
  market	
  
Missing	
  link	
  to	
  
customer	
  priori/es	
  
YOU	
  
Typical	
  compe//on	
  analysis	
  
CompeFFon	
  
B2B	
  
69%	
  
B2C	
  
31%	
  
Customer	
  
type	
  
6	
  
Go-­‐to-­‐market	
  
How	
  will	
  you	
  reach	
  your	
  
customers?	
  
•  What	
  is	
  your	
  compe//ve	
  
advantage	
  to	
  reach	
  your	
  
customers?	
  
•  How	
  are	
  you	
  going	
  to	
  
make	
  this	
  repeatable	
  and	
  
scalable?	
  
n	
  =	
  54	
  
7	
  
You	
  
You	
  need	
  a	
  right	
  team	
  size,	
  …	
  	
  
Solo	
  founders	
  take	
  
3.6x	
  longer	
  to	
  reach	
  
scale	
  stage	
  
“ “
Startup	
  Genome	
  report	
  
…and	
  the	
  right	
  set	
  of	
  skills	
  
Computer	
  game	
  
•  Technical	
  vs.	
  business	
  
•  Thinker	
  vs.	
  doer	
  
•  INTP	
  vs.	
  ESFJ	
  
•  Etc.	
  
Does	
  it	
  exist	
  
outside	
  of	
  
your	
  head?	
  
8	
  
Status	
  
Thanks	

Mail:	
  
Twider:	
  
Linkedin:	
  
jan.coppens@iminds.be	
  
@jgcoppens	
  
linkedin.com/in/jancoppens	
  

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8 mistakes when pitching investors

  • 1. 8  MISTAKES    WHEN  PITCHING        INVESTORS    Jan  Coppens  
  • 2. 1   2   3   4   5   6   7   8   Prepara/on   Compe//on   Problem  defini/on   Product   differen/a/on   Business  model   Status   Go-­‐to-­‐market   You  
  • 3. Raising  Capital   1   What  do  you  know  about  our  business?   PreparaFon  
  • 4. General   Partners   Limited   Partner   Limited   Partner   Limited   Partner   Venture  Capital   firm   €   €   €   Fund   €   Management   fee   Fund  raising  
  • 5. General   Partners   Venture  Capital   firm   Startup  €   Startup   €   Startup  €  Fund   €   Inves.ng   •  Investment  strategy   •  Deal-­‐flow  management   •  PorPolio  management  
  • 6. General   Partners   Venture  Capital   firm   Exit   Startup   Startup   Startup   €   Carried   Interest   Limited   Partner   Limited   Partner   Limited   Partner   €   €   €  
  • 7. 2  I  don’t  feel  the  pain   •  Tell  the  story  of  your  customer   •  Show  current  solu/ons  do  not  cure   •  Translate  opportunity  in  problem   •  Proof  with  data   Problem  definiFon  
  • 8. An  important  client  or  market  need   addressed  by  a  unique  approach  with   compelling  benefits  when  compared  against   the  compe//on  or  alterna/ves   “ “ A  word  on  communica/on  
  • 9. Where  have  I  seen  this   before?  3   Product  differenFaFon   Low  barriers  to  entry  for   Web  startups  result  in   many  “me  too”  products     Ancient  technology     Lack  unique  knowhow?  
  • 10. single  most  common  quesFon   52%   14%   34%   User  pays   Someone  else  pays   Don't  know   4   and  how  exactly  are  you   going  to  make  money?   Business  model   “ “ Business   model   n  =  56  
  • 11. 0   5   10   15   20   25   30   35   40   45   2012   2013   2014   2015   2016   Revenu   EBITDA   Example  of  real-­‐life  startup  financials  (Belgium)   Really?   Can  you  prove  what  you  claim?    
  • 13. Something   Something  else   Weak    Strong   Weak    Strong   Google   Apple   Someone   you  found   on  Google   Other   startup   Radom   companies   in  same   space   5   You  don’t  understand   your  market   Missing  link  to   customer  priori/es   YOU   Typical  compe//on  analysis   CompeFFon  
  • 14. B2B   69%   B2C   31%   Customer   type   6   Go-­‐to-­‐market   How  will  you  reach  your   customers?   •  What  is  your  compe//ve   advantage  to  reach  your   customers?   •  How  are  you  going  to   make  this  repeatable  and   scalable?   n  =  54  
  • 16. You  need  a  right  team  size,  …     Solo  founders  take   3.6x  longer  to  reach   scale  stage   “ “ Startup  Genome  report  
  • 17. …and  the  right  set  of  skills   Computer  game   •  Technical  vs.  business   •  Thinker  vs.  doer   •  INTP  vs.  ESFJ   •  Etc.  
  • 18. Does  it  exist   outside  of   your  head?   8   Status  
  • 19. Thanks Mail:   Twider:   Linkedin:   jan.coppens@iminds.be   @jgcoppens   linkedin.com/in/jancoppens