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MTGT_how to pitch

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MTGT_how to pitch

  1. 1. MedTech’s Got Talent Actuator the HOW TO SMASH A 60-SECOND PITCH POWERED BY:
  2. 2. Just because someone tells you to jump off a cliff doesn’t always mean you should do it. This presentation will inform you about improving your pitch message, style and delivery. However – listen to your gut and what you think is important. No one knows your story better than you do.
  3. 3. WHAT IS AN ELEVATOR PITCH? A short, simple description of your business idea that anyone could understand by the time you ride up three floors in a typical elevator.
  4. 4. You have to be more interesting than a fidget spinner
  5. 5. MAKE A If your audience doesn’t understand what you’re offering, you’ve failed. Every word you speak should work to explain and clarify that purpose — that’s why your audience is there in the first place.
  6. 6. LESSIS MORE [More or Less]
  7. 7. “those guys were killing it – rocket ship trajectory growth” “they had a really clever solution to a vexing problem” “I don’t remember what they did, but the team was bankable– A-players all the way” Question: What makes you exceptional? WHAT’S YOUR ‘ONE THING’?
  8. 8. Problem/Solution PITCH TYPES CLASSIC Traction story (pitching the numbers – growth rate) X for Y (applying proven model to a new market or application; can be combined with problem/solution) ALTERNATIVES
  9. 9. Personal Story Pivot/Off-shoot Evolution Next - Crystal ball / converging trends Painting the Future Service at Scale ALTERNATIVES PITCH TYPES Wouldn’t it be cool if… Insane and/or breakthrough technology Dream team Consumerification of enterprise New business model
  10. 10. HOOK A question or a statement that really entices the audience to stay with you for the full pitch
  11. 11. THE OPPORTUNITY • What problem or opportunity have you identified? • What is your solution to this problem or how do you plan to capture the opportunity? • Which customer pain will you alleviate? • What is your vision of the business and why do you care? CORE STRUCTURE 1
  12. 12. THE MARKET • Which group of customers will you target? • How big is the potential market and how fast is it growing? • Who is your competition and why will your start-up prevail? 2 CORE STRUCTURE
  13. 13. THE BUSINESS MODEL [HOW WILL YOU MAKE $$$?] • How much will you charge customers for your product and why will they pay the price? • What are the variable and fixed costs of your start-up and how much profit will it generate? • How many customers can you win over time and why do you think they will come on board? 3 CORE STRUCTURE
  14. 14. 3 KEY TALKING POINTS •What is it that you’re doing & why does it matter? •How is it better? •Why are you doing what you’re doing?
  15. 15. WHAT PEOPLE SHOULD BE THINKING I didn’t know that I’m glad I do now I’d like to know more
  16. 16. DON’T BE “SALESY” HOW TO SAY IT
  17. 17. “No word was ever as effective as a rightly timed pause” - MARK TWAIN
  18. 18. Interesting story with a compelling call to action Strong, succinct problem-solution statement Clear description of how your solution is innovative TIPS FOR YOUR PITCH Don’t cram in buzz words – focus on what matters
  19. 19. Know your market and how you’ll tap into it Why is your solution urgent? What impact will it have? Know your customers & your users Who are your competitors? What is your competitive differentiation and how will you get market share? Don’t bash your competition. What traction do you already have (trials, users)?
  20. 20. Let your passion shine through Remember the “A-Ha” moment What technical steps need to be achieved? How much money do you need to make this work? What will you do with this money? Management team and/or advisors with relevant experience? IP & other forms of defensibility for your business (patents, licenses, exclusive relationships, etc.)
  21. 21. 1. ONE MINUTE IS TOO LONG In the real world, you basically have 20 seconds to get someone engaged or you might as well go home 2. DON’T LINGER ON THE OBVIOUS Rehashing facts seasoned investors have seen hundreds of times is wasted oxygen 3. CREATE A STORY AROUND YOUR INNOVATION Even friendly audiences need to be won over Don’t expect everyone to get it 4. TEMPLATES ARE BORING Starting point – but modify because it won’t be perfectly suited MORETIPS
  22. 22. (Boring but Useful) TEMPLATE 1. Hook 2. Brief product/service description 3. Brief target market description 4. Competitive landscape 5. How you will make money 6. Resources needed (e.g. $, expertise) 7. Returns/payback to investors 8. Memorable tagline/pitch closing
  23. 23. DO NOT GET BOGGED DOWN Present a (nagging) problem & (massive potential for success) solution Keep it clean & simple, make sure they understand the value proposition Highlight customer benefits, not technical benefits
  24. 24. The KISS of Death INEFFECTIVE Our medical technology is the first automatic anesthetic gas scavenging system that will scan patients using an anesthetic vaporizer thus providing analytical, diagnostic and therapeutic techniques similar to those used by National Laboratories in 2007, but that were updated in 2011 to include the new immunology reports EFFECTIVE We provide the most accurate medical diagnostic equipment available on the market. …too much detail
  25. 25. GEEK SPEAK INEFFECTIVE We provide non-penetrable debridement medical equipment technologies for lymph node excision by integrating with our 485I-bit encryption algorithm that is integrated with the newest 245-bit Dorland operators. EFFECTIVE We allow medical professionals to operate on cancer patients using the least invasive equipment on the market. Listeners tune out what they don’t understand
  26. 26. You need to get into the nitty gritty for key things like: DIVE IN • business model • how your product works and why it’s unique • competitive landscape • the makeup of your management team • key metrics
  27. 27. Identify problem solved or need addressed in 1-2 sentences: ‘We allow x-ray free real-time imaging for surgical guidance’ If possible, mention a customer who uses your product or that has expressed interest: ‘Australian Immigration has determined that we are the only system that can quickly screen people at security checkpoints for highly communicable diseases’ TARGET MARKET DESCRIPTION RELATE TO A NEED
  28. 28. ACKNOWLEDGE COMPETITION Don’t competitor bash. Identify a landscape where you fit …and neutralize it
  29. 29. When discussing your business model, the most important thing to get across to your audience is how you’re going to make money If you have a revolutionary business model, make sure it doesn’t sound scary REVENUE MODEL
  30. 30. BE CONCRETE Don’t be vague – have concrete details (but don’t make them up). Show you have thought about the details of your opportunity and you understand what you are asking for.
  31. 31. ESTABLISH CREDIBILITY • Your team • Your traction • Name drop
  32. 32. The less you have to sell yourself, the better. Reputation establishes credibility without wasting too much time in your pitch telling your life story. 3 biggest relevant accomplishments that will earn audience’s respect?
  33. 33. Too many entrepreneurs cross over the line between passionate enthusiasm & fraudulent misrepresentation Common lies: • “Our projections are conservative” • “Boeing will sign our contract next week” • “Key employees will join us as soon as we get funded” • “Gartner says our market will be $50B by 2020” • “No one else is doing what we do” • “Several firms are doing due diligence” • “Patents make our business defensible” • “All we have to do is get 1% of the market” DON’T LIE (You would think this goes without saying)
  34. 34. TAILOR THE MESSAGE Knowing your audience is more than reading their bios. Learn as much as you can about how they think and what they find interesting or don’t. Do they share where they go or what they do through social media? Have they written books or do they share thoughts on a blog or in articles? The more you know, the more you can effectively tailor your message and pitch to be interesting for them.
  35. 35. KNOW YOUR CONTENT Nerves are normal, but it is difficult to convey passion when reading from cheat cards (cheat cards are a recipe for disaster) This isn’t a recital – don’t regurgitate memorized lines because if nerves get the best of you and you lose your place, you’re a sitting duck If you know your content so well that you can have a no-stress casual conversation off-stage about it all day long, you'll be much more comfortable on stage
  36. 36. TELL A STORY Stories connect with an audience on a much deeper level than facts Even if you're presenting on something technical, try to weave personal stories into your entire speech to relate back to the audience and keep them engaged Let the story show your passion
  37. 37. DON’T GET SIDE-TRACKED Don’t confuse the audience with superfluous comments
  38. 38. END WITH A MEMORY CUE You are up against lots of competitors in a short timeframe It can be almost impossible for judges to remember the details about everyone who pitched Offer some type of memory cue to make your presentation stand out
  39. 39. Pitch to people outside of your team and get a fresh pair of ears PRACTICE, PRACTICE, PRACTICE • Reality Check station • Rapid Fire Round • Other teams
  40. 40. WAYS TO PREP FOR YOUR PITCH Preview of the awesome venue Read up on product development mentors Practice on friends & family As painful as it is, video yourself …and WATCH! 4
  41. 41. 1 2 3 Phonetic pronunciation of all team members’ names Interesting and SHORT bio Interesting, relevant and informative project title
  42. 42. STAND OUT But be sure to include the basics: • Current job, business, experience • Degree achieved or working on • Relevant, current professional memberships • Awards, honours & certifications
  43. 43. • Written in 3rd person • Keep as short as possible (aim for 3 sentences) • Make it unique – include something memorable, silly or interesting from your early years • We get it that your jobs were x, y, and z – focus instead on what that experience brought for you (teamwork, introduced to a global network) BIO TIPS
  44. 44. • What do you do outside of work? What are you known for? What do you love? • Read it and note how it makes you feel – we’re all human and want to connect BIO TIPS
  45. 45. Laura Faulconer is an American by birth (you’ll notice she pronounces everything with three “r’s”), and Aussie by choice. Whether it is building new entrepreneurship support programs or renovating a house, she is never shy of jumping boundaries into new industries and applications to tackle another exciting challenge. After a masochistic decade of higher education (PhD in Biomedical Engineering and BS in Forensic Science as proof), she remains a dedicated learner, building out a diverse skill set in emerging technology commercialisation, open innovation, and business intelligence. BIO EXAMPLES
  46. 46. Idea girl, artist and founder of Silver Square, Raquel Richardson is an urban wannabe, lover of wine and mother of two cupcake-eating boys. She can be found gracing the pages of the Woman Magazine (March 2015), enjoying yet another community project with her volunteer work or with her Square crew thinking up something fabulous with her colleagues and clients. These roles introduced her to new people, big ideas and global concepts that helped shape the person she is today. Raquel’s not really limited to the marketing business; she was a Coca-Cola Junior Championship Bowler at age 10. BIO EXAMPLES
  47. 47. • It should be easy to see in small sizes (100-200px) • It should look like you • It should stand out PROFESSIONAL HEADSHOT NO! Yes!
  48. 48. WASTED SPACE Resizing means you’ll have a pinhead, or you might look like this: CLOSER IS BETTER vs WARDROBE ISSUES
  49. 49. You're asking for real money for your idea over someone else’s idea Show the judges you're up to the task of running a company that will be huge one day While many founders can get away with wearing jeans, you should still look put-together That means you should dress professionally, and whatever you do, don't chew gum on stage ONE LAST PIECE OF ADVICE LOOK THE PART!
  50. 50. “Be interesting, or be invisible” - ANDY SERNOVITZ
  51. 51. Dr. Laura Faulconer CTO laura@medtechactuator.com 0413 467 201 REACH OUT www.medtechchallenge.com

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