Startup Workshop - Pitching
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Entrepreneurs' Bootcamp Berlin, March 4/5, Pitching.
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Startup Workshop - Pitching
- 1. Pitching Entrepreneur’s BootCamp Berlin March 4-5, 2011
- 2. I have to listen to hundreds of entrepreneurs pitch their companies. Most of these pitches are crap: sixty slides about a “patent pending,” “first mover advantage,” “all we have to do is get 1% of the people in China to buy our product” startup. Guy Kawasaki
- 3. Guidelines Sell, don’t teach. Excite, don’t educate. Do not sell the product, but your company (and yourself) Be passionate, show enthusiasm. Tell a good, clear, easy-to-repeat story:problem – solution - result
- 4. More Guidelines Engage your audience in your story and inspire. Develop a crisp, clear, and unique value proposition. Prepare good use cases and concrete examples (e.g. from reference customers) Drop names, early and often.
- 5. Even more Guidelines Keep it simple und get to the point Know your market! and entry strategy Short bullet points are good, headlines only better, images only best Prepare topics that you did not have time to cover, but will come up in Q&A Keep answers short, invite to discuss details afterwards
- 6. Presentation Design “… it is about knowing your materials deeply and designing visuals that augment and amplify yourspoken message.” Garr Reynolds
- 8. The Opening Sentence My company, __(insert name of company)__, is developing __(a defined offering)__ to help __(a defined audience)__ __(solve a problem)__ with __(secret sauce)__. Adeo Ressi
- 12. Mentions a problem (or need) your product / company solves
- 13. Highlights competitive advantage
- 15. Dave McClure’s Startup Viagra Short, Simple, Memorable: What, How, Why 3 key words or phrases Mint.com is the free, easy way to manage your money online. Slideshare is the world’s largest community for sharing presentations. No expert jargon. Remember to have fun.
- 17. Elliot Loh’s Template We solve [problem] by providing [advantage], to help [target] accomplish[target’s goal]. We make money by charging [customers] to get [benefit].
- 19. Who are dissatisfied with (the current market alternative/incumbent)
- 20. Our product is a (new product category)
- 21. That provides (key problem-solving capability)
- 22. Unlike (the product alternative)
- 23. We have assembled (key whole product features for your specific application)Crossing the Chasm, by Geoffrey A. Moore
- 25. Who is tired of filling out the same old checks month after month
- 26. Quicken is a home finance program
- 27. That automatically creates and tracks all your check writing.
- 28. Unlike “Managing Your Money”, a financial analysis package,
- 30. What makes a presentation stick? Six common attributes Simple Unexpected Concrete Credible Emotional Story Made to Stick, 2007
- 31. More Tips Practice, practice, practice Be prepared to proof your market Less is more Do research on the investor
- 32. Pitfalls and Don’ts “Our projections are conservative.” Never ever put so much text on a page that the investor has to read it. “We don’t have competition” Never use your presentation stack as a standalone document. Don’t focus on technology
- 33. Video: Bio-Lab on Microchip
- 34. Learnings: Bio-Lab on Microchip Frederick has a story to tell Clear problem, clear need How his is solution is better than what exists What made him pursue his vision; his motivation and own life story Very visual, compares s.th. new with something existing everyone understands Product is presented or “demoed” very briefly Nervousness and language barrier don’t keep him from inspiring the audience
- 35. What is your story?
Editor's Notes
- What is pitching? When do you pitch?
- SHOW GUY KAWASAKI MOVIE
- What is the problem?How do you solve it?And what is the outcome, the result, the benefit
- Is there anyone in the audience who knows someone with diabetes?So you know that they need to take insulin after meals, etc.Imagine that instead of ….Our product does exactly this – no more needles yaddayaddayadda
- - don’t try to tell everything in every detail – would your grandma understand?
- Garr Reynolds in Guy Kawasaki’s “Reality Check”Ultimately, it all comes down to us and our skills and our content. Each case is different, and some of the best presentations do not include a single slide.DO NOT TAKE THIS PRESENTATION AS A GOOD EXAMPLE!!!!
- The opening sentence - VERY VERY IMPORTANTFor Elevator Pitch, 5 minute event pitch, 20 minute VC pitch.Compare it to approaching a girl at a bar.Your first sentence you say make her decide whether she wants to talk to you or not. Your first impression counts and will decide whether you get a date or whether its waste of time. Same for VCs
- You certainly can use it, but I don’t want all of you to use the same sentence
- This is what it all is about! get investors interested or better, excitedInspire them.Get them to a point where they want to know more / a follow up meeting
- Elevator pitch should open doorsthis hook will encourage investors to ask follow-up questions and engage them in further dialogue why and what does an investorremember? You are just one of a gazillion companies pitching at an eventHow do you make sure an investor or the audience remembers you?
- Elevator PitchWe’re X for Y is ok, if it’s true and X and Y are well knownMake it easy for non-experts to understand. if the software guy of a fund understands and is excited, he may tell the hardware guy about it Pitching should be fun. For you and the investor.
- I am not reading this for you, but we can have a brief look at it.Who we are, what we provide, to which marketDescribes the need or problem it solves for their primary / beachhead customerMentions the competitive advantage and the secret sauceAnswers the question how you will make moneyAllows the listener to understand at what stage of the company lifecycle you areLet’s investors know how - much money you are looking for- what the proceeds will be used for, and- what the result will be (milestone reached)Investors are interested in making money with you – so let them know what your exit strategy is and whether there are potential acquirer you have already identified
- Elliot Loh is an entrepreneur with product focus, e.g. Yammer
- Quicken let’s you do many more thingsBudget more effectively- keeps records for taxes feeds directly into Intuit’s Turbo Tax for home filing
- 3-4 complete dry runs at least, 10 times the opening sentence Practice with a camera and a live audience Explain in how you come up with the market size – bottom up get to know the investor and his portfolio companies - how do you fit in? Do you?
- It is perfectly okay if it is not readable when you are not around. You have an Executive Summary or Business Plan. This presentation/slide is an example of how not to do it.Focus on market and opportunity