building a pitch

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Speaker: Mike Polonsky "Hey buddy, can you spare a $100 million?" or How to convince successful financiers to give you millions of dollars in a project doomed to fail! Part of the CIBC Presents Entrepreneurship 101 lecture series. For more information, including video of the session, please visit: http://www.marsdd.com/Events/Event-Calendar/Ent101/2009/building-a-pitch-04152009.html

TRANSCRIPT

Page 1: Building a Pitch
Page 2: Building a Pitch

hey buddy, can you spare a $100 million?

how to convince successful financiers to give you millions of dollars in a project

doomed to fail!

or

Michael Polonsky April 15th, 2009

Page 3: Building a Pitch

I love love love entrepreneurs innovation canada

Page 4: Building a Pitch

General Petraeus on powerpoint

"It's how you communicate big ideas - to communicate them effectively."

Page 5: Building a Pitch

what is a presentation

?

Page 6: Building a Pitch
Page 7: Building a Pitch

general specific

Page 8: Building a Pitch

The closest cousin to a power point slide �is a billboard!

Page 9: Building a Pitch

350 employees

75 key accounts

Business plan

Momentum

Overcome obstacles

95,000 square feet

8 products

Competitive advantages

Mission

Vision

Values

logo

Track record

Chief financial officer

Strengths

Opportunities

Expert board

Awards

Growth strategy

Organizational chart

Money in the bank

Features and benefits

VC shareholders

Website

Audited statements

Something big coming

Media coverage

Revenue model

Acquisitions

Nice boardroom

Technology

Intellectual property

7 years of hard won memories

But you’ve got a lot to say …

Page 10: Building a Pitch

leave an impression

Page 11: Building a Pitch

On June 4 1940, Winston Churchill delivered a 45 minute speech, commonly known as “We shall fight on the beaches”, to the House of Commons of the British Parliament. It was a great inspiration to an embattled United Kingdom as it entered what was probably the most vulnerable phase of the entire war. Public opinion for the war effort was waning in the face of devastating losses and a formidable enemy.

Churchill encouraged a country to keep fighting in 45 minutes.

how do you encourage someone to give you $10M in

45 minutes?

Page 12: Building a Pitch

general specific

Page 13: Building a Pitch

keep it high level don’t DROWN in DETAIL keep it clean

tip (not rule) no. 1

Page 14: Building a Pitch

what is a presentation

?

Page 15: Building a Pitch

350 employees

75 key accounts

Business plan

Momentum

Overcome obstacles

95,000 square feet

8 products

Competitive advantages

Mission

Vision

Values

logo

Track record

Chief financial officer

Strengths

Opportunities

Expert board

Awards

Growth strategy

Organizational chart

Money in the bank

Features and benefits

VC shareholders

Website

Audited statements

Something big coming

Media coverage

Revenue model

Acquisitions

Nice boardroom

Technology

Intellectual property

7 years of hard won memories

You got 45 minutes: on you mark, get set, go …

Page 16: Building a Pitch

You actually only get 23 minutes.

Page 17: Building a Pitch

Marathon 100 metres

Page 18: Building a Pitch

NOW!

huh aha

(rapid transfer)

Page 19: Building a Pitch

are created equal

NOT all points

Page 20: Building a Pitch

All points are equal

•  Interesting point but not really relevant •  Uninteresting point but relevant •  Major, earth shattering, earth quaking point •  Interesting corollary perspective •  Necessary background point •  Interesting-but-dude-is-now-sleeping point •  Because-I-love-the-sound-of-my-voice point

Page 21: Building a Pitch

The point

Big big big support

additional support

additional support

additional support

Page 22: Building a Pitch

The point

Big big big support

additional support

additional support

Underlying takeaway message

Page 23: Building a Pitch

The point

A

Underlying takeaway message

B C

Page 24: Building a Pitch

The point

A

Underlying takeaway message

B C

1 2 3

Page 25: Building a Pitch

25

13/ of all new products

The future of medicine

25

Page 26: Building a Pitch

26

Outlook:

Revenue growth of 10 to15 percent in fiscal 2008

Page 27: Building a Pitch

Cangene is fully integrated

  Develop from concept to commercialization

  Manufacture process sensitive biopharmaceuticals

  Sell niche marketing team for biodefense products and commercial partnerships

Page 28: Building a Pitch

28 Strong preclinical franchise

Top 10 Preclinical CRO worldwide

400+ Active clients

90% Retention rate

8 of 10 Largest pharma as clients

A fast growing, highly profitable CRO

28

Page 29: Building a Pitch

29 MERCATOR MINERALS LTD.

Strengthens steel

Anti-corrosive agent

Chemical catalyst

Molybdenum

annual market 12 $ B *

*Add note here

Page 30: Building a Pitch

GRID it to GREAT think about emphasis think about scale think about priorities

tip (not rule) no. 2

Page 31: Building a Pitch

Not words

maps pictures diagrams illustrations

Page 32: Building a Pitch

what is a presentation

?

Page 33: Building a Pitch

20-30 slides

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

•  afj;psldk •  aslkdflfk •  asljkfhf

Page 34: Building a Pitch

the great ones are more than a series of slides

Page 35: Building a Pitch

power of a narrative

Page 36: Building a Pitch

what is a presentation

?

story 1

Page 37: Building a Pitch

which came first?

Page 38: Building a Pitch

hunger no hunger … no plot … no one cares

Page 39: Building a Pitch

Coronary Heart Disease

one

Number

killer! 20% of all deaths

Page 40: Building a Pitch

B R E A K I N G T H R O U G H

Wet AMD

Page 41: Building a Pitch

Meeting the Emerging Exploding Demand Insulin

Page 42: Building a Pitch

What if there wasn’t enough insulin?

Page 43: Building a Pitch

There isn’t. What if there wasn’t enough insulin?

Page 44: Building a Pitch

44

50% of potential wind energy is lost

0

44

25 - 30% Actual

efficiency

59.3% Maximum

theoretical efficiency

(Betz limit)

Page 45: Building a Pitch

45 45

Actual misalignment in operation Optimal alignment

LOST EFFICIENCY

wind Yaw

Because the wind is always shifting, turbines are almost always misaligned…

ener

gy p

rodu

ced

ener

gy p

rodu

ced

Page 46: Building a Pitch

46

Actual mis-pitch in operation

LOST ENERGY

Optimal pitch

ener

gy p

rodu

ced

ener

gy p

rodu

ced

MORE ENERGY CAPTURED

LOST EFFICIENCY

…and because the wind is always gusting, the blades are almost always mis-pitched

46

Page 47: Building a Pitch

value proposition

Solution to hunger

Page 48: Building a Pitch

Neuradiab Survival Data

Clinically compelling difference

42 %

1980 to

2004

2005

91 Surgery + Radiation + Temozolomide + Neuradiab

Surgery + Radiation + Temozolomide

Surgery + Radiation

Survival in weeks

75 60 45 15 30 105 90 0

weeks

48

64 weeks

53 weeks

Page 49: Building a Pitch

CRD5 Rapidly Increases HDL

Crestor (Statin)

Niacin - ER CRD5

Poorly tolerated Low market share

Levels still rising Non-optimized formulation Healthy volunteers

% in

crea

se in

HD

L

Page 50: Building a Pitch

Expanding Clinical Benefit

30

(Source: OGY 07)

No drugs approved Surgery chemo

OvaRex® MAb extends time to relapse

13 months

Watchful waiting Frontline

Tumor Burden

CA 125 Level

Months 0 6 16

OvaRex MAb

Relapse diagnosed

10

Initiate OvaRex® MAb therapy

Page 51: Building a Pitch

complete responses

25%

four doses of Proxinium™ complete tumor response

complete responses

Page 52: Building a Pitch

52

FunctionFIRST™ yields results

500 A pipeline of

antibodies

lead candidates Five

52

Page 53: Building a Pitch

53

We can make wind energy production more efficient!

Improvement with our technology!

Possible efficiency

Actual efficiency

0

53

Page 54: Building a Pitch

greed you have to show them the 10 bagger - Michael Denny

no one invests in hyper growth stories to double their money

Page 55: Building a Pitch

55

25% market share

if at $5,000 = $692,500,000

ISA247 Psoriasis Opportunity

patients treated with oral immunosuppressants

in the U.S.

per treatment cycle

if at $10,000 = $1,385,000,000 per treatment cycle

Established safety and efficacy

Source: Datamonitor 55

554,000 ISA247:

Page 56: Building a Pitch

Top 3 drug categories

$ 1billion+

Cytostactics (Cancer)

Antiulcerants (GI tract)

Cholesterol & triglyceride

reducers

World’s Largest Drug Market

5 drugs over

$23.8B

$25.5B

$30.2B

Page 57: Building a Pitch

57

Our potential

$11

Billion

Wind turbine opportunity

Yaw benefit

Reduced wear

Improved speed control

Reduced downtime

Expanded operating envelope

 Met tower replacement

 Airports

 Yacht/sailboats

 Forest fire fighting

 National wind map

+ 57

Pitch benefit

Page 58: Building a Pitch

$8B Spent annually in North America expanding & replacing current infrastructure

58 Resin Systems

Page 59: Building a Pitch

need expressed: hunger

need addressed: value proposition

market opportunity: greed

Page 60: Building a Pitch

don’t come up flat think about structure

tip (not rule) no. 3

Page 61: Building a Pitch

Not blind faith

brevity patterns stories emotion

Page 62: Building a Pitch

Complexity/quantity Time constraints Durable goals

right information rapidly transferred High impact/recall

don’t drown in detail grid it to great don’t come up flat

Page 63: Building a Pitch

right information the

rapidly transferred

high recall with

messages distilled

diagrams pictures

everything not

maps

illustrations words not

stories patterns brevity

emotion blind faith not

Page 64: Building a Pitch

don’t forget

milestones

request for cash

current shareholders

financings to date

IP

Page 65: Building a Pitch

Milestones

Q3 2005 Q4 2005 Q1 2006

X

X

X

X

X

X

U.S. sales partner

Installed in 25 U.S. hospitals

Initiate studies for expanded indications

Initiate North American multi-centre trial

Initiate combo trial with multi-national partner

File for Canadian and European approval

SPY System

OPTTX System

Page 66: Building a Pitch

Exendin-4 Albumin Conjugate: Next Steps (PC-DAC™:Exendin-4)

One month multi-dose Phase I/II trial

Page 67: Building a Pitch

Investment Opportunity

–  Launching commercial platform

–  Expanding content partnerships

–  Developing molecular tests

–  Scaling quality manufacturing

Seeking

in financing to drive the business forward

$ million 51

Page 68: Building a Pitch

recommended reading

made to stick

brain rules

slideology

Page 69: Building a Pitch

closing thoughts

Page 70: Building a Pitch

evidence evidence evidence

Page 71: Building a Pitch

…transacts! generating earned attributes

TALK like a person

be authentic!

STOP the bullshit

Page 72: Building a Pitch

how do you get to Carnegie Hall?

Page 73: Building a Pitch

show a little leg …

speed dating

… move on

Page 74: Building a Pitch

100% of zero is zero

dilution

Think big!!!

Page 75: Building a Pitch

thank you