crash course on the startup pitch !

How to pitch a new venture project ?

Because the way you present yourself and your business will greatly affect who will invest in your

venture

Pr. Bruno M. WATTENBERGH -‐ 2015

1

I have only made this le0er rather long because I have not had 6me to

make it shorter. Blaise Pascal

French mathemaAcian, physicist, inventor, writer and philosopher

2

Expected outcome of this session ?

–  To give you an understanding of the purpose of an elevator pitch.

–  To provide a technical framework for how to give an elevator pitch.

–  To provide a context and intangible approach for a successful elevator pitch.

–  To clearly highlight what not to do !

3

My sources ?

–  Entrepreneurship Development Program MIT Sloan (the top school to learn how to pitch … and top programs for entrepreneurs as EDP ) …

–  Own experience :

•  As a pitcher … As a finance executive … As a customer …

•  As member / Chairman of BP competition’s jury …

–  Teaching pitches for many years including for the “European startup of the year @ Google venture compeAAon”

4

Let’s debate about your experience of the business pitch ?

•  When have you started to pitch ?

•  Was it useful ?

•  How difficult was it ?

•  Why ?

5

Defini<on of the “Business Pitch” ?

Telling a story … to convince somebody to do something … ?

6

Where does this word comes from ?

•  Marketing & Communication world …

•  Presentation to sell something, to tease, to attract the attention …

•  To tell a story to sell something … (product, you, your venture, …)

•  Entrepreneurship, theatre, movie, …

•  Why in the entrepreneurship world ?

7

Why is it a compulsory competence for entrepreneurs ?

•  As an entrepreneur, or potential startup, you pitch all the time …

–  Potential Customer, Bank, Strategic Partners, investor, ...

Busy people offering you some time …

use it wisely !

Sometimes, … the pitch … it’s you J

8

Pitch “to aCract finance” or “to sell” ?

•  Both … ! •  Almost the same structure … !

•  Not exactly the same composition / objective ... •  The same introduction à hook •  The conclusion à appointment ! •  Q&A part might differs …

9

Can a good pitch make the difference ? à YES ! (The Impact of Entrepreneurs’ Investor Forum Pitch Presentation Skills on Business Angels’ Initial Screening Investment Decisions by Colin Clark - Marketing Department, Burgundy School of Business - École Supérieure de Commerce de Dijon-Bourgogne, BP 50608 – 21006 Dijon cedex France) The business angels’ post-presentation level of investor interest was significantly related to their evaluations of the quality and content of the entrepreneurs’ presentations: The higher an entrepreneur’s overall presentation score, the greater the likelihood that the business angels would be interested in pursuing that entrepreneur’s investment opportunity. Presentational factors also tended to have the highest level of influence on both the overall score an entrepreneur received as well as on business angels’ level of investor interest. However, the business angels appeared to be unaware of or were reluctant to acknowledge the influence presentational factors had on their investment-related decisions: The reasons they cited for their post-presentation intentions were focused firmly on non-presentational criteria.

More generally, however, comments about the entrepreneurs‘presentations centered on presentational issues relating to clarity/understandability and structure, the level of information that was provided, the personal characteristics of the entrepreneur, and the entrepreneurs’ ability to sell themselves and their investment opportunity.

10

Facts or stories strategy ?

•  Consider 2 descriptions of the same event :

–  "The Queen died. The King died.”

–  "The Queen died. And the King died of a broken heart.

•  Do you see the difference between those 2 sentences ?

11

Facts or stories strategy ?

"The Queen died. The King died.”

"This first line is a fact”.

"The Queen died. And the King died of a broken heart.

But the second line is the beginning of a story : –  It placed the facts in context … –  It added emotion … –  It made us connect to it by making it memorable …

12

Fact vs Stories strategy

•  Industrial age was all about facts and information à Left brained activities like analysis and logic were of premium.

•  Over time, however, facts are plentiful thanks to the internet.

•  Logic too is easily performed thanks to programmable computers.

13


•  Stories, on the other hand, encapsulate informat ion, knowledge, context and emotion into one compact package.

•  This is a right brain activity.

14


Modern day leaders need to communicate not plain facts …

but rather convert facts into emotions …

and execution through riveting stories to create impact.

15


•  “Why storytelling?” “Simple: nothing else works.” hap://www.forbes.com/sites/stevedenning/2012/03/09/the-‐science-‐of-‐storytelling/

•  “While storytelling is not the only way to engage people with your ideas, it’s certainly a criAcal part of the recipe.”

hap://www.forbes.com/sites/rodgerdeanduncan/2014/01/04/tap-‐the-‐power-‐of-‐storytelling/

16

The pitch in a few words ?

•  Bare Essentials : Effectively conveys the essence of your company in XX seconds – minutes (from ‘55 to 10 minutes).

•  Pitch not Presentation : Not the complete story !

•  Creates Action : Convinces the target to have a follow-up meeting … à binary result YES or NO !

17

A good presenta9on should be like a miniskirt …

As short as possible to catch everyone’s a>en9on. And just long enough to cover what you need to cover !

Winston Churchill

18

Outcome of a successful pitch ?

–  Prepare the next stage à appointment à On – Off (good control !)

–  Create in the mind of the interlocutor a positive mindset for future actions / success !

–  Avoid useless appointments à are you in the range ($), scope (sector, stage, …) of the investor … or for a sale pitch à do we have some potential interest to make business together ?

19

What’s an Elevator Pitch then ?

–  « Elevator » as your message is supposed to be delivered in the time span of an elevator ride, that is from ground floor to exec level …

–  … between 30’ to 55’ seconds, less than 220 words.

haps://hbr.org/2012/01/why-‐you-‐need-‐a-‐beaer-‐elevator/

20

Dura<on of the pitch ?

•  2 minutes ? 4 minutes ? 10 minutes ?

•  Q&A ? •  Depends on the stage of the

relationship … ?

•  Depends on the country … ? •  Depends on the location … ?

21

When should I start to pitch ?

–  As soon as possible ! à useful & quickly mandatory

–  In the morning in your bath room !

–  Great test of consistence for your project –  Help to idenAfy though trade-‐offs –  Indicate what to test –  Make it useful !

22

10 key steps to be successful with your (elevator) pitch ?

10 key sentences !

23

1st SLIDE : The Introduc<on (Depends of the circumstances)

•  Name of the company …

•  Tag Line … à Your mission on earth !

•  Website …

•  Image of the soluAon …

•  How to contact the team …

24

2nd SLIDE : A good “HOOK” ü  Get physically and mentally connected -‐

Aaract aaenAon à Personalized quesAon based on who is your audience (if possible)

ü  Highlight the problem, pain, need that your enterprise wants to solve or meet à make it clear, obvious & juicy (bold).

ü  State your objecAve : state a bold measurable customer pain you want to address à BHAG !

ü  Your interlocutor will project himself in the problem and be ready to understand the value of your proposiAon

25

How to ? •  Ask a closed quesAon

•  Known answer !

•  Clear BIG customer pain !

•  Some facts (amazing)

Great introduc<ons have the following characteris<cs :

ü  They’re crisp : we’re talking 10 seconds maximum.

ü  They’re per9nent : they hit the key point, without using jargon.

ü  They’re energe9c : your understated enthusiasm should shine through.

ü  They’re a start point : they begin the conversaAon in an engaging way.

Unfortunately, most lead-‐ins suck, because they’re too long, too detailed or too abstract. (Barry Rhein)

26

CraZ a Killer Elevator Pitch in 6 Easy Steps (Geoffrey James)

Original : “Our clients are able to reduce the complexity, costs and 9me involved in delivering

informa9on, communica9ons and training into their retail stores.” •  Why it’s Ineffec6ve : Redundant because “complexity, costs and Ame” are all

varieAes of the same thing as are “informaAon, communicaAons and training” There are no specific financial benefits and the enAre thing is in the passive, making it unclear how you firm is involved. Also the term “plaoorm” is just biz-‐blab.

Improved : “Retail firms use our soNware and services to help train their employees, resul9ng in

an average 10 percent increase in sales, compared to the performance of other stores.”

27

3nd SLIDE : “the SOLUTION”

ü  The unique manner your team will solve the customer pain highlighted in the previous slide à Value proposiAon (tangible – intangible)

ü  Highlight the value created for the chosen customer

ü  Clear VP opAon : increase value, speed, producAvity, decrease risk, cost, or job done, …

28

How to ? •  No technical details

•  Measurable soluAon if possible (quanAfied VP)

•  Tested (if possible)

4th SLIDE : “Chosen Customer”

ü Who will be our customers ?

ü  State your market verAcal chosen … and explain why (linked to the customer pain and the soluAon chosen)

ü  It must be obvious that there is a business opportunity if solving this customer pain in this specific market (intensity of the pain, cost of the pain, size, growth, …)

29

How to ? •  Give some elements

demonstraAng you know this market

•  Describe test … (POB)

•  Leaer of intent ?

Those 3 slides :

HOOK – SOLUTION -‐ MARKET VERTICAL CHOSEN

… consAtutes the “back-‐bone” of your pitch …

–  For an investor or a customer …

–  Some example of “do” and “don’t” … à

30

CraZ a Killer Elevator Pitch in 6 Easy Steps (Geoffrey James) Original : “Our clients are able to reduce the complexity, costs and 9me involved in delivering

informa9on, communica9ons and training into their retail stores.” •  Why it’s Ineffec6ve : Redundant because “complexity, costs and Ame” are all

varieAes of the same thing as are “informaAon, communicaAons and training” There are no specific financial benefits and the enAre thing is in the passive, making it unclear how you firm is involved. Also the term “plaoorm” is just biz-‐blab.

Improved : “Retail firms use our soNware and services to help train their employees, resul9ng in

an average 10 percent increase in sales, compared to the performance of other stores.”

31

CraZ a Killer Elevator Pitch in 6 Easy Steps (Geoffrey James) Original :

“Our customers get enterprise quality talent management soNware at a frac9on of the cost to automate employee accountability to achieve results, keep track of

employee data and write performance reviews in half the 9me.”

•  Why it’s Ineffec6ve : Full of terminology that’s either vague (e.g. “enterprise quality”, “fac9on of the cost”) or undefined (e.g.”talent management soNware”, “automate employee accountability”). There’s no the specific, concrete financial benefit.

Improved :

“Our customers achieve a 10 to 1 ROI within one year by using our consul9ng services and soNware to more precisely focus and track employee behavior.”

32

CraZ a Killer Elevator Pitch in 6 Easy Steps (Geoffrey James) Original : “I’m an Corporate Account Manager and I work with companies to see if it is possible to help them lower their cost of IT procurement through a business rela9onship with ___. We have a working rela9onship with IBM/Lenovo/HP/Apple/Cisco/Adobe and

MicrosoN to name a few.”

•  Why it’s Ineffec6ve : Too wordy, and doesn’t have a quan9fiable benefit. Improved : “We help companies lower IT procurement costs — typically by 20 percent or more —

by nego9a9ng directly with major IT vendors.” See other examples in :

hap://www.cbsnews.com/news/cras-‐a-‐killer-‐elevator-‐pitch-‐in-‐6-‐easy-‐steps/ 33

5th SLIDE : “Where is the money”

ü Simply describe the business model chosen : How will you make money ?

ü How will you capture part of the value delivered to the customer ?

ü CLI / CLO ? Recurrent revenue channel ? LT contract ? Why is the BM aaracAve ?

ü DistribuAon, Sales, Test-‐case, … ? 34

How to ? •  The BM must be obvious ! •  Be simple … use words well

know : freemium, fee business, plaoorm, …

•  Use analogy if possible : like … ! •  Have you tested the BM ? POB ?

6th SLIDE : “Who are you”

ü Why this team can / will make this venture successful ?

ü  P o r o o l i o o f r e l e v a n t competences and skills (we have done it already à Track records)

ü  Entrepreneurs … not only managers, no inventor, no lonely wolfs …

35

How to ? •  What have you done already ?

•  Why can you solve the problem : tech / business ?

•  State achievements

•  Compensate weaknesses (BoA)

7th SLIDE : “What is you UCA”

ü  You know where is your « compeAAve advantage » on compeAtors and subsAtude … (offer &/or BM &/or capability)

ü  If it is the value proposiAon : ü  You are able to measure the value created for a

the very specific type of customer chosen ü  You know the compeAtors and the subsAtute

used by this type of customer ü  You are able to measure and compare the value

you create for him with the main compeAtors and subsAtute … and to explain it with simple words !

ü  If it is the BM or the capability ... ü  Don’t forget to explain why it is not easy to copy

36

How to ? •  Use simple words & metrics

•  Use graphs

•  Demonstrate that what you state has been verified on the field

7th SLIDE : “What is you UCA” – differen<ator (2)

This “differenAator” consists of one or two facts àmost people can only hold — at most — three thoughts in their short-‐term memory at one Ame and you already said a lot of things ... J

ü  List out as many things as you can that describe how your firm is beaer (or different) than your compeAtors.

ü  Go through that list and select the two differences that are most likely to be important to a prospect.

ü  Write a succinct summary of those two difference in one sentence. Make certain that your summary is free of biz-‐blab and has a quanAfiable benefit.

37


38

You ...

•  “We help our clients with hiring, compensaAon, compliance, and training, typically saving $**** per employee — a savings that goes straight to the boaom line.” (lead-‐in)

•  “We have a unique methodology and supporAng sosware based upon some proprietary scienAfic research that we funded through MIT” (differenAator.)

The Prospect …

“How do you do that?”

Source : CraN a Killer Elevator Pitch in 6 Easy Steps by Geoffrey James


39

You ...

•  “We he lp companies lower IT procurement costs — typically by 20 % or more — by negoAaAng directly with major IT vendors.” (lead-‐in)

•  “It is! We’ve got extensive contacts that let us know the biggest discounts that that the IT vendors have offered in the past and then use them as the basis for negoAaAng your price!” (differenAator)

The Prospect …

“That sounds interesAng.”



40

You ...

•  “We he lp companies lower IT procurement costs — typically by 20 % or more — by negoAaAng directly with major IT vendors.” (lead-‐in)

•  “It is! We’ve got extensive contacts that let us know the biggest discounts that the IT vendors have offered in the past and then use them as the basis for negoAaAng your price!” (differenAator)

The Prospect …

“That sounds interesAng.”



41

You ... •  “Our customers achieve a 10 to 1 ROI

within one year by using our consulAng services and sosware to more precisely focus and track employee behavior.” (lead-‐in)

•  “Way! In fact, some of our customer have achieved that ROI in less than six months; and we’ve got the metrics to prove it.” (differenAator)

The Prospect …

“10 to 1? No way!”


8th SLIDE : “The Compe<<on … & the subs<tutes”

ü  CompeAAon is a good thing. It means there is a market J !

ü  Who are your main compeAtors and subsAtutes (very figuraAve for the investor) ? Why ? What is their market share ? Do they have chosen the same customers ?

ü  QuanAfy their VP and yours ü  Use the word of your customer to explain

the reasons to opt for your soluAons + explain the tests you have made to validate those reasons.

42


•  Use comparaAve graphs

•  Confirm you assumpAons by descripAon of tests (POB/POC)

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Most startup invariably puts up a compeAAve analysis slide that plots performance on a X/Y graph with their company in the top right J

Steve Blank

Example of graph to explain the compe<<on & subs<tutes ?

Alterna<ve graph to explain the compe<<on & subs<tutes ? (Blue Ocean Strategy)

44

Other alterna<ve from Steve Blank ?

45

hap://steveblank.com/2013/11/08/a-‐new-‐way-‐to-‐look-‐at-‐compeAtors/ Zana is the project of a lifelong learning network for entrepreneurs

9th SLIDE : “Where are we up to ?”

ü  At which state (milestone) are you ? What has been done ?`

ü  What have you demonstrated so far ? Tests ? POC / POB … ?

ü  Which are the next great steps ? Are they risky ?

ü  Vision for the next months ?

ü  Why are you asking for money ? To do what precisely ?

46


•  Use comparaAve graphs

•  Confirm you assumpAons by descripAon of tests (POB/POC)

10th SLIDE : “closing : Call to ac<on”

ü  Based on who is you interlocutor, what he is expecAng, what you have explained in your pitch … formulate a clear acceptable realisAc demand

ü  Ask the clear and logisAc next step for you, your team and your project

ü  Insert this demand in a Ame line … where we are where we go …

ü  You demand must generate a binary reacAon On / Off you must have the result of your demand immediately

47


•  Ask something precise and with a reasonable deadline

•  Give the word … and wait ! •  Watch the culture !!!

11th SLIDE : “Q&A”

ü Propose to exchange through a Q&A session …

ü You know it is not over … you expect legiAm quesAons …

48

How to ? •  Give them the floor …

•  Show your availability …

•  Be open …

•  Confident but asserAve

What if I’m pitching a customer ?

•  Not a lot of differences except about the closing …

•  Close with an engagement quesAon that opens a brief give-‐and-‐take conversaAon that allows you to assess whether this is actually a valid prospect.

•  Engagement quesAons are ALWAYS open-‐ended. They need they solicit more than a yes-‐or-‐no answer ; collect strategic informaAon's & build the relaAon to obtain a real sales rendez-‐vous …

49 Source : CraN a Killer Elevator Pitch in 6 Easy Steps by

Geoffrey James

Engagement ques<ons when pitching a Customer ?

Engagement quesAons are really simple.

They always start with a conversaAonal bridge and then a simple (and osen obvious) quesAon.

Here are some examples :

•  Just out of curiosity, what priori9es might you have in these areas ?

•  Gee, you seem intrigued. Of what I just said, what might be of interest ?

•  Hey, enough about my firm. How does your firm handle that problem ?


Geoffrey James

Call to Ac<on when pitching a customer ? The way you do this varies according to your assessment of the prospect’s interest level:

•  Scenario #1: Prospect seems skep9cal -‐ Your approach: “If we really could do (something of value to the customer here), what would your thoughts be on having an iniAal conversaAon with us to hear more?”

•  Scenario #2: Prospect seems neutral -‐ Your approach: “What would your thoughts be on having an iniAal conversaAon with us about (something of value to the customer here)? What is your availability over the next few weeks?”

•  Scenario #3: Prospect seems obliging -‐ Your approach: “I would love to have an iniAal phone conversaAon with you about (something of value to the customer here). What is the best way to get on your calendar?”

•  Scenario #4: Prospect is clearly interested -‐ Your approach: “How do I get on your calendar, please?”


Geoffrey James

The Check-‐List principle of the Pitch ?

ü  The pitch is a check-‐list for the investor / customer to know if they want to go any further with you …

ü  Don’t tell too much … enough to obtain the “check” …

ü  You must confirm your interlocutor that you have made your entrepreneur’s job (homework) … that you are ripe enough to start a business relaAon …

ü  Use the allocated Ame wisely to obtain your “check” !

52

How is this possible in 55’ !

•  It is ! •  Good structure ! •  PreparaAon … ! •  RepeaAng … ! •  Whatever the Ame given you should be able to deliver a great pitch

53

What can you add beyond the content ?

–  Passion

–  Real concern about value creaAon

–  Consistency

–  A�tude

–  Asser9veness

–  Respect

54

What is absolutely fundamental ?

•  The pitch is not about you, not about what you have done, not about your product, not about your technology, … !

•  The pith is about the person you are talking to : –  Investor or customer

•  You must understand “their drive” … what they are looking for as a soluAon, as an investment ? –  As an investor they search for a profitable investment

–  As a customer they search for a credible soluAon for a problem 55

What is absolutely mandatory ?

Know the audience : who are they / what do they know ? –  Google –  LinkedIn à talk to common contact

Know exactly who they are and what they are looking for ? –  Stage of investment (seed or not, BM or not, …) ? –  Sector ? –  Level of investment ? –  Smart money or controversial investors ?

56

Value ? ü  Investors will be attracted by the existing value and the potential value :

ü  Potential Value : the UCA, the model, …?

ü  Existing Value : what has been done so far (POB/POC) ?

ü  Be CLEAR : Investors must understand the value created, delivered, captured by your business model

ü  They also must understand what will be done with their money : commercial campaign, development, tests, … ?

57

… and don’t forget … “The clear demand” !

ü  No interest to pitch if it doesn't’t open the door and create the context for the next step

ü  Next phase is :

ü a meeting,

ü with a clear agenda,

ü with the right people, …

ü  … with the objective to raise $$$$

58

A pitch is NOT …

–  A technical description of your product or technology …

–  A childish attempt to persuade …

–  A process of seduction …

–  An abstract thing …

–  Is rather convincing than persuasive à respect

–  …

59

When should you start pitching ?

– As soon as possible ! •  In your bath room in the morning !!!

•  Once a week in front of an experimented audience !!!

–  The essence of your project is captured by the pitch ! •  Clear Business Model

•  Consistent and focused strategy –  The pitch reveals the weak point of the Business Plan !

60

The pitch will quickly reveal the non-‐consistent and not clear elements of the BP ?

1.  Clear quantifiable Customer Pain

2.  Clear quantified Value proposition

3.  Clear market vertical & Reachable Decision making unit (DMU)

4.  Clear Business Model

5.  Relevant test : POB / POC

6.  Finance 61

You will head of a crash if …

1.  Talk too much about technology

2.  Talk too much about yourself

3.  Lack empathy

4.  Do not prepare enough

5.  Don’t know the interlocutor

6.  Waste the Ame of the interlocutor à disrespecoul

7.  Lack of confidence

8.  Fishing expediAon

63

Fault 1 -‐ Talk too much about technology

☹  Technology is not a the means to an end !

☹  Technology is a way to create value

☹  We are talking about a venture or a solution, not a research project

à Mention technology once but be ready to answer question or to offer a demo

64

Fault 2 -‐ Talk too much about yourself

☹  Investors like invest in “A team” but don’t talk about yourself all the time … talk about your achievement and let them judge who you are !

☹  Pitch must be focused on them, their customer pain, their research of a solution or a profitable investment, …

☹  Dialogue must be focused on their interest for the venture

à You = Team + stock of competencies and skills, stock of experience and achievements, …

65

Fault 3 – Lack of empathy

☹  Don’t be self-centered it is about them … not about you ! ☹  Investors & clients do business with people they have a relation

with … People think they have such a relation when they feel they are understood (need, situation, pro / private / CP)

☹  Listen and keep your concentration on their questions ? ☹  Risk of lack of empathy if too much preparation on the form

(2muchtraining) ?

à Train, train but never forget that this is a human interaction and not a theatre performance

66

Fault 4 – Lack of prepara<on

☹  If you don’t have prepared enough :

☹  You will be vague … have no logic … no red line

☹  You will lack knowledge about the solution, … or the customer pain

☹  You won’t know enough about the market vertical problems and drive

☹  You won’t be able to explain the Business Model

☹  Or you will have nothing to ask ☹  It will be understood immediately by the interlocutor à lack of respect

à Prepare your pitch as soon as possible and use it as a mirror for your BP and BM iteration

67

Fault 5 – You don’t know the target (interlocutor)

☹  You don’t know what he knows about the sector, the market, the technology you are pitching !

☹  You have more difficulties to craft the “hook”

☹  You don’t know exactly what to ask

☹  It is a lack of preparation or a lack of respect or both

☹  Il will be seen by the interlocutor

à Use WWW to know your audience, source information, adapt the pitch …

68

Fault 6 – You are too long

☹  You demonstrate that you are not mature, or that you don’t play with the rules …or that you don’t understand them à people don’t want to make business with those kind of people …

☹  If you blow the time, you lack respect, you lack empathy, you appear self-centered …

☹  It can be considered as a lack of preparation or the incapcity to make trade-offs …

à Prepare to have a strong structure, then practice to know how to translate your BP/BM in words and then adapt to the time given

69

Fault 7 – Lack of confidence

☹  Because there is a lack of preparation ? ☹  Because there is a lack of knowledge of the market ? ☹  Because you haven't found a BM yet ? ☹  Because your BP is theoretical ? You have never tested

anything ? ☹  Because you don’t know what you want … what to ask ?

à Do you homework … and if some are not done … tell it ! They will discover it soon !

70

Fault 8 – “Fishing expedi<on”

☹  Your home works are not done … ?

☹  You are not ready for an investor … ?

☹  You don’t want an investor … ?

☹  You don’t know (yet) what to ask … ?

à Don’t do that to Mr BIG … Be honest … pitch and explain the stage … put them in the condition for the next pitch … when you will be ready !

71

Be careful with technical problems / issues !

ü  Install soon enough and test ü Have a back-‐up soluAon ü Carry all the cable with you (Apple vs Microsos)

ü Think about the sound (if you have) ü Think about the color of your presentaAon (old beamer)

ü Use a remote à easier to get connected with the people

ü Have an assistant 72

What about the “form” … (1)

Principle :

–  Slides are a support to YOUR pitch … They must be listening to you … Clearly separate the message from your voice and the message of each of your slide à complementary asset !

–  Therefore use images, graphs, … instead of texts

– Don’t use this format à this is a course ! J

73

What about the “form” … (2)

Form & lay-‐out : 10/20/30

– 10 slides -‐ 20 minutes presentaAon -‐ font 30 points mini

–  Don’t use this “course form” L

–  Don’t use bullet points L

–  Basic font, size 40 à avoid text à images & concepts

74

What about the “form” … (3) A�tude (gesture) :

– Don’t read the slides – Get connected and manage the connecAon

–  Face & body turned to your audience – Use your body & gesture –  Vary your voice

75

What about the “form” … (4) A�tude (behavior) : Be yourself … but …

–  Be consistent with the project you pitch –  Be consistent in your a�tude, clothes, vocabulary

–  Be consistent with the people you pitch –  Be consistent before the pitch, during the pitch and aser the pitch !

76

What if my model is too complicated ?

–  Simplify the model …

Or …

–  Tell a story, the story of the customer … (Ame !)

– Use mind mapping …

–  Show the soluAon in a short movie …

–  But stay sober ! You will also be judged on the content !

77

What about Prezi ?

–  PPT or PREZI !

– Up to you … J

–  But be sober … don’t drive people sick overusing PREZI !

–  The form chosen must serve the pitch …

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Pitching with the Business Model Canvas ?

–  Why not ?

–  Can help in early stage à Owlet !

–  Can be easy to tell the story and convince about the opportunity

–  See the example of CV TRUST •  A project of startup aiming at selling validaAng CV (academic

and experience) to large companies …

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And don’t forget … J Guy Kawasaki … “Top ten lies of entrepreneurs” (2001 but s6ll true)

1.   “Our projec6ons are conserva6ve” : Nobody believes financial forecasts – investors simply want to see that the entrepreneur understands the industry, the logic involved in pu�ng together a reasonable financial model and how companies grow.

2.   “Our market is forecast to be $50 billion by 20XX” : When every plan makes the same grandiose claims about market size, investors have a hard Ame taking the projecAons seriously.

3.   “We’re signing a big deal next week” : Never talk about a big deal unAl it’s a signed deal.

4.   “Key employees are set to join us as soon as we get funded” : If the entrepreneur can’t get key execuAves to join because of the opportunity then they probably can’t be enAces by big salaries – one of the key entrepreneurial skills is to aaract talent without money.

5.   “We have no compe66on” : Claiming that there is no compeAAon to an investor who has heard a similar pitch five Ames in the last six months, will not aaract funding.

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6.  “We need you to sign a non-disclosure agreement” : Investors won’t sign a non disclosure agreement because they usually see several similar plans. In reality the ability to implement an idea (the team) and not the ability to keep a secret is the key to a successful start-up.

7.  “The big company is too slow to be a threat” : Big companies didn’t get where they are by being slow – need to show respect for them whilst demonstrating a compelling and believable way to compete with them.

8.  “We’re glad the bubble has burst” : No one is glad the bubble has burst – it’s harder to get funded, valuations are lower and due diligence takes longer.

9.  “Our patents make our business defensible” : Unless you are a biotech or medical device company it’s hard to support this claim. Investors believe that what makes a company defensible is it’s ability to out-implement rivals.

10.  “All we have to do is get 1% of the market” : No one wants to invest in a company that aspires to grab just 1% of a market, shooting for a much higher market share is much more attractive to the investor.

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Bibliography … ? •  Elevator Pitch EssenAals: How to Get Your Point Across in Two Minutes or Less à The 9C’s

•  The Art of the Start: The Time-‐Tested, Baale-‐Hardened Guide for A n y o n e S t a r A n g Anything

•  Made to sAck or the Art o f m a k i n g i d e a s unforgeaable !

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Useful ar<cles ?

•  haps://hbr.org/2011/08/secrets-‐of-‐a-‐successful-‐busine/

•  haps://hbr.org/2012/01/why-‐you-‐need-‐a-‐beaer-‐elevator/

•  hap://www.cbsnews.com/news/cras-‐a-‐killer-‐elevator-‐pitch-‐in-‐6-‐easy-‐steps/

•  hap://quickbooks.intuit.ca/r/funding/five-‐Aps-‐killer-‐business-‐pitch

•  hap://blog.guykawasaki.com/2005/12/the_102030_rule.html

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Some great examples or useful videos ? The winning pitch at MIT Global Startup Workshop -‐ A great example of elevator pitch and Q&A

haps://www.youtube.com/watch?v=UBNJh2rOOlI

MIT 100k Pitch CompeAAon Finale 2014 – Several pitches & Q& A – very long video hap://video.mit.edu/watch/mit-‐100k-‐pitch-‐compeAAon-‐finale-‐2014-‐29171/

Guy Kawasaki – Make a great pitch hap://ecorner.stanford.edu/authorMaterialInfo.html?mid=1177

The classic and funny video explaining what an elevator pitch is haps://www.youtube.com/watch?v=Tq0tan49rmc

David S. Rose entrepreneur and investor : 10 things to know before you pitch a VC for ? haps://www.youtube.com/watch?v=lzDBrMisLm0&playnext=1&list=PL836838DACEB39198

What is an Elevator Pitch? haps://www.youtube.com/watch?annotaAon_id=annotaAon_519871&feature=iv&src_vid=q0EWScOXFpA&v=_PUBulGR42o

6 Elevator Pitches techniques for the 21st Century haps://www.youtube.com/watch?v=XvxtC60V6kc

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Annex : How to tell a story that people

remember ? Is there a specific receipt to tell a story ? To touch the assistance ? To make sure they will remember my story … ?

The answer is YES !

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6 basic principles to let your pitch « stick » (SUCCES) :

1.  S imple 2.  U nexpected 3.  C oncrete 4.  C credible 5.  E motional 6.  S tories

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One book to read to learn how to tell stories …

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Thank you to … –  Ken Morse & Bill Aulet from the MIT Entrepreneurship Center

–  Ben Piquard for his comments on this course

– David Goldenberg & Raphael Halberthal –  Regis Lemmens

–  Pictures : •  Mark Barnes – Wikimedia Commons

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Crea<ng your business in Brussels ?

•  Think about : –  1819 (phone number) or www.1819.be

–  CréaAon & Croissance hap://www.solvayentrepreneurs.be/nos-‐formaAons/creaAon-‐croissance/

–  The clusters of Impulse.brussels : •  Lifetech – Sosware in Brussels – Screen -‐ Ecobuil

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