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6 Month Startup - Month 5 Cohort III Seattle May 8, 2019

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6 Month Startup - Seattle Month 5. Pitch Prep and Fundraising for your Startup. Investor Profiles and fundraising mechanics. How to write a forwardable email and tools

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6 Month Startup - Month 5 Cohort III Seattle May 8, 2019

  1. 1. Copyright DKParker, LLC 2017 Dave Parker @DaveParkerSEA @6MonthStartup www.dkparker.com/blog www.6MonthStartup.com
  2. 2. Copyright DKParker, LLC 2017 Welcome! Month 5
  3. 3. Copyright DKParker, LLC 2017 About Dave ¤ 5X founder, Board Member, former SVP Programs at UP Global (Startup Weekend + Startup America) ¤ Startup Next creator ¤ Start Week Organizer ¤ Soon to be Author “6 Month Startup – Ideation to Revenue” ¤ 8 transactions – 6 sell side, 2 buy side ¤ VC @SevenPeaksVC – Mountain West, Seed/A Stage ¤ Why? Looking for future founders to invest in…
  4. 4. Copyright DKParker, LLC 2017 The next 6 Months ¤ Ideation/Research - ¤ Customer Development/Competitive analysis ¤ Value Prop/Product/Features/Expense ¤ Revenue - Monetization, Sales, Marketing and Business Development ¤ Pitch Prep/Fundraising Fundamentals ¤ Pitches/Scaling up
  5. 5. Copyright DKParker, LLC 2017 Office Hours – June 12, 3-5:30PM
  6. 6. Copyright DKParker, LLC 2017
  7. 7. Copyright DKParker, LLC 2017 Standing Agenda ¤ Communications ¤ SLACK Channel ¤ Blog Posts and Comments ¤ Mentor Feedback on Month 3 Deliverables ¤ Month 4 Agenda ¤ Marketing Funnel ¤ Sales Methods ¤ Revenue Models ¤ Month 4 Deliverables
  8. 8. Copyright DKParker, LLC 2017 Monthly Mechanics ¤ Table group review work ¤ Mentor Feedback – during dinner ¤ Monthly Content ¤ Meetups are stand alone events – come for what you need, Mentors are based on deliverables, not “drop ins”
  9. 9. Copyright DKParker, LLC 2017 Introductions
  10. 10. Copyright DKParker, LLC 2017 Rules of the Road ¤ #GiveFirst ¤ Mentor access is based on your work ¤ Don’t Ramble – I’ll interrupt ¤ Network – you need to build you network for the future starting tonight ¤ No I won’t do the work for you! ¤ Am I checking your homework?
  11. 11. Copyright DKParker, LLC 2017 Mentor Feedback Deliverables: ¤ Marketing Hypothesis ¤ Test actual cash $100 on spend, landing page A/B test ¤ Sign up for Unbounce ¤ Sales Model choice ¤ Revenue Model Choice ¤ Lean Canvas ¤ Update Customer Segment, Problem, Unique Value Prop. ¤ Add Revenue Stream, Channels ¤ Customer Development – never stop interviewing customers Hi, I’m <your name here>, and I’m the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>, I need help with <insert top ask>
  12. 12. Copyright DKParker, LLC 2017 Break
  13. 13. Copyright DKParker, LLC 2017 Pitch Prep
  14. 14. Copyright DKParker, LLC 2017 Tools for Pitching ¤Forwardable Email ¤Executive Summary ¤Presentation ¤ ~11 Slides
  15. 15. Copyright DKParker, LLC 2017 Forwardable Intro Email ¤ Great blog post from Alex Iskold, Techstars NYC ¤ The associate needs to be able to repeat your message ¤ Make it easy to get the introduction ¤ Avoid buzzword bingo
  16. 16. Copyright DKParker, LLC 2017 Not
  17. 17. Copyright DKParker, LLC 2017 Executive Summary ¤Two pages ¤ ”Don’t Bury your Lead” ¤ Your headlines and opening paragraph tell the story (see slide 10) ¤ It’s designed to get the next meeting, not to get a check ¤ Stay at 10k feet and out of the weeds ¤ Numbers should sync with deck and forecast! You’ll be tempted to get out of sync – be careful!
  18. 18. Copyright DKParker, LLC 2017 Deck ¤Generally lead with problem/solution format ¤However: ¤ If you have traction lead with traction ¤ If you’re in a complex market, you may want to lead with your team ¤ Have one customer story arch ¤Include contact info
  19. 19. Copyright DKParker, LLC 2017 Slides 1. Welcome slide – will be on the screen the longest, include your tag line 2. Intro – one slide summary, expanding on “Hi, my name is ___” 3. Idea: Problem/Solution 4. Market – how big is it? 5. Product 6. Traction 7. Team 8. Timing 9. How will you make money 10. IP/Moat 11. Clear Ask
  20. 20. Copyright DKParker, LLC 2017 Wait! Month 1 Reference
  21. 21. Copyright DKParker, LLC 2017 Score Yourself 1-4 Team: Why you, balanced team (talents, diversity), domain experts, serially successful founders, great company experience Idea: Are you solving a problem? New or existing problem, big category (vs tool), early/late continuum, technical achievable, pain pill or vitamin Product: do you have a product, how mature, customer first, solid design, clear roadmap to scale Market/Customer: big market (TAM/SOM), cash available, new or nascent market? Competition: How many incumbents, funding status, are you incremental better or 10X better? Traction: Customer validation, revenue, improving unit economics? Timing: Why now? Are you late, early, too early? Revenue Model/Finance: How will you monetize your idea? Do you have a basic budget on spending, big or small economics IP/Moat: Is your idea defensible? Can you build a moat over time? Clear Ask: What do you need help with? Advice, funding, introduction, help finding staff? Total out of 40
  22. 22. Copyright DKParker, LLC 2017 Pitching ¤ Check your score Again ¤ what do you need to shore up? ¤ Investor meeting is a conversation – the deck guides you through the check list ¤ Pitch events are a contrived mechanic – more shock & awe required, what makes you memorable ¤ What question do you want them asking when you are done? ¤ How can I write a check? or ¤ What do they do again?
  23. 23. Copyright DKParker, LLC 2017 Fundraising Fundamentals
  24. 24. Copyright DKParker, LLC 2017 Fundraising 101 ● Stage appropriate capital = what’s the right money at the right time? ○ Early – Angels, early stage VCs, ○ Later – Large venture funds ● Control shifts – Board roles, deal terms ● Dilution: every round of funding you will sell 20- 35% of new shares ● Bad boards = bad enterprise value
  25. 25. Copyright DKParker, LLC 2017 Angels ● Invest in you and your passion ● Like the market or idea ● Have made money in the sector before ● Something to talk about at a cocktail party! ● Deal type ○ Convertible note with a cap ○ Pro-rata participation (keep my % going forward) ○ Highest risk – least educated (F&F) should be best deal
  26. 26. Copyright DKParker, LLC 2017 Notes on Angel Groups ● Founder’s make money going against the crowd – groups create a format for people to meet and learn ● Don’t pay to play! ● Beware “Series B” Due Diligence for Angel Checks ● If you have a lead and 50% raised you can talk to an angel group
  27. 27. Copyright DKParker, LLC 2017 Early Stage = Risk Capital ● Know your numbers, if you don’t have your numbers know your hypothesis (have a position) ● Seed stage VC’s are investing other people's money ○ Charter and Thesis ○ Stage, vertical market, size, geography ○ 10% (+/-) stakes plus syndicates ● VC perspective - Elusive deals need to be found ○ Revenue but Pre-product market fit ● ”Return the Fund” deals that can produce >10X
  28. 28. Copyright DKParker, LLC 2017 Later Stage = Growth Capital ● Post product market fit ● $10K in marketing spend = Internal rate of return (IRR) of how many days? ● MBA’s calculate returns – cash on cash ● Strategics aren’t valuation sensitive, but will be slow ● Bigger checks – 20% stakes
  29. 29. Copyright DKParker, LLC 2017 Fundraising Process ● Enterprise Sales Process – landing multiple planes at the same time ● Top of the Funnel ○ Research ■ Crunchbase (cheap) ■ Pitchbook (expensive) ■ Angelist ■ Competitive deals (w/ Exits) ○ Create a forwardable email ■ Ask for approval ■ Follow with Intro
  30. 30. Copyright DKParker, LLC 2017 Who/What is a good Target Investor? ● Targets – build a list of targets, look for LinkedIn and/or email introductions ● They have invested in your market/stage in the past ● They have Board experience for your stage ● They can help with strategic introductions ○ Investors ○ Customers
  31. 31. Copyright DKParker, LLC 2017 First Impressions Matter ● Targets – build a list of targets, look for LinkedIn and/or email introductions ● They have invested in your market/stage in the past ● They have Board experience for your stage ● They can help with strategic introductions ○ Investors ○ Customers
  32. 32. Copyright DKParker, LLC 2017 Fundraising Process ● Asking for advice vs cash ○ Who do you know that would like out type of deal ○ What other things would you like to see us complete before we talk again ● Deals that get closed are pulled by the investor, not pushed by you ● Find your lead investors – keep the others warm
  33. 33. Copyright DKParker, LLC 2017 Fundraising Process – cont ● Process management ○ Free HubSpot ○ Configure “Contact Type” ■ VC Target ■ VC Contacted ■ VC Qualified ○ Track opens ○ Attachment or Link – both work, one is easy for you to track, one is easy to pass along
  34. 34. Copyright DKParker, LLC 2017 Tools ● Free Hubspot ● https://freebusy.io/ allows you to show your calendar (including multiple Google Calendars) – save the back and forth ($6/month) ○ Accept or rearrange ● Email tracker pro (chrome extension) ● Zoom Meeting – you control the variables (not free, 45 minute limit) ($15/month) ● Use tools that show professionalism, drive the meeting schedule – don’t wait on their assistant
  35. 35. Copyright DKParker, LLC 2017 What’s happening with the VC? ● Most filter – sector, size, stage, growth, referral source ● Then Screen at Partner Meeting – looking for consensus ● Then invite in for presentation ● So! You need to make the presentation that the most Junior team member has confidence repeating! Have a lead within the firm ● No one’s writing a check from an Exec Summary or PPT! Get the next meeting
  36. 36. Copyright DKParker, LLC 2017 Due Diligence Process • Deal Memo – internal memo used to validate why they are leading the round – it will likely be shared with other investors or future investors • Document review post • Data room • Corporate Hygiene • Customer calls – you likely have a few customers, don’t over burden them with random call. • Meet with other investor
  37. 37. Copyright DKParker, LLC 2017 Your Due Diligence ● Ask to talk to their portfolio company CEOs – ask for a couple of companies they passed on investing as well ● Have a structured list of questions ○ Have they been a good investor ○ Give me an example of a time when they were helpful ○ Give me an example of a time they weren’t helpful ○ Have they done the things they said they would do when they invested ● Not all money is good money
  38. 38. Copyright DKParker, LLC 2017 Tactics for dealing with VCs ● You want to create momentum or a sense of momentum ● Create a reason to close – not a reason to wait! ○ Good news next month is a reason to wait ○ New features shipping next month is a reason to way ○ Booked revenue is a reason to close = increased valuation ● Not all VCs are arrogant assholes (but many are) ○ Pattern matching – break the mold!
  39. 39. Copyright DKParker, LLC 2017 Final Do’s and Don’ts Do ● Keep your eye on the ball – don’t miss your numbers ● Manage the process ● Qualify your investor ● Create optionality Don’t’ ● Get < 6 Month of capital ● Hide the ball on any bad news ● Be too transparent ● Let the investor miss a deadline – escrow example
  40. 40. Copyright DKParker, LLC 2017 Conclusions ● Broad funnel gives you the most choices ● They will be talking to other investors ● How you interact in the process will indicate the future ● What do you need in addition to capital? ○ Go to market help ○ Product help ○ Know your blind spots ● Time kills ALL deals
  41. 41. Copyright DKParker, LLC 2017 Next Session – Pitches and Scaling
  42. 42. Copyright DKParker, LLC 2017 Month 5 Resources ¤ Books ¤ Burn the business plan – Carl Schramm ¤ Blogs ¤ Executive Summary ¤ 9 Best Startup Pitch Decks of all time ¤ 30 Legendary Pitch Decks ¤ Financial Model ¤ VentureReadyModels.com – promo code in slack/email tomorrow
  43. 43. Copyright DKParker, LLC 2017 Month 5 Deliverables ¤ Month 6 Deliverables here https://wp.me/P3bssR-j23 (6 Month Startup Deliverables & Resources) page ¤ Tools ¤ Deck, Exec Summary, forwardable email ¤ Fundraising ¤ Lifestyle or scalable business? ¤ Sources of Capital – Capital requirements ¤ Start to build out your investor list ¤ Lean Canvas – ¤ Update Customer Segment, Problem, Unique Value Prop. ¤ Add Revenue Stream, Channels
  44. 44. Copyright DKParker, LLC 2017 June 12 – Perkins Coie 5 Minute pitches – 5 Minutes Q&A Group scoring

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