Post on 14-Sep-2014
description
WELCOMEPresentation Coaching Workshop
25 Oct 2013
Copyright © 2013 Entreport Asia Pte Ltd. All rights reserved.
Agenda
1. Introduction2. Anatomy of a Pitch3. What’s a Pitch Deck and Why is it Important?4. Tips on Preparing Your Pitch Deck5. Understanding the various types of pitches6. Tips for crafting an effective pitch deck7. Useful resources8. Get to Work: Presentations
1. Introduction
So you want to raise some money for your big idea….
Presentations have become the de facto business communication tool.
Nancy Duarte,Presentation Design Guru
Common Roots of Poor Presentation
Vague intentPoor structureLack of presenceLow engagementPoor use of visualsInsufficient preparationNot understanding your audience
Poor Communication Video: http://youtu.be/rIABo0d9MVE
2. Anatomy of a Winning Pitch
Key Elements
IntroductionBodyClose
Capture Attention in 30 seconds or less.
It has a Strong Start
• Impactful Statement that captures attention fast!
Example: Researchers have found that we make eleven major decisions about one another in the first seven seconds of meeting!They have also found that non-verbal cues have over 4 times the impact on the impression you make than anything you say!
It has a Strong Start
• Use the “Hook”– Current affairs
• e.g. Do you know that every year, about 10,000 offenders are released from prisons? About 5,000 prisoners are trained, and 2,000 of them are matched with employers.
– Bold / New statement• e.g. Researchers from NYU found that we make 11 major decisions about
one another in the first 7 seconds of meeting! They have also found that nonverbal cues have over 4 times the impact on the impression you make than anything you say!
– Intriguing question• Have you wondered who will win the online war by 2020? Apple? Google?
Microsoft? Facebook?
– S2AME
Sufficient Body
• Highlight the unmet or under-served needs (or wants) that your business will fulfil.
• Focus on how your products and services will meet those needs (or wants), or how your company presents a new and competitive angle in an existing market (or create entire new ones!)
Sufficient Body
• Briefly share your market research findings. – Size of the (addressable) market– number of direct competitors in the market– total dollar value of potential sales in the market.– If any, highlight any first-hand research you conducted, such as
positive statements from product trials or promises of future patronage
* More will be discussed in the Elevator Pitch section
It has a Strong Close
What do you want them to do?
• Leave them a thought?• To Reflect?• Ask for something?
Impact
What Others Will Think / Say About You / Your Product?SimpleClearConciseCompellingInspiringProvocativePowerful
In Conclusion
Your pitch should ideally address….
• What• Why• Where• When• How
Building A Wining Pitch
Key Elements: 5 C’s
1. Compelling story with a2. Clear message that3. Captures attention and4. Convince your audience to5. Commit an action
A Compelling Story…
...will CONNECT you with the audience
What’s Your Story?
• Why should they care? (ie. Customers, users)• Can they identify with the pain/need/belief?• What can you do for them?• Does your solution meet their needs?• Why should they adopt your ideas?• Will it solve their problem/pain?• How will they benefit?
A Clear Message….
…creates a lasting impression on your investors’ minds without any confusion or distraction
What’s Your Message?
• What is that one single message that you want your audience to know (e.g. FEDEX)
• What is the most important question that needs to be answered?
• Can you illustrate with a word/image/video?• Will they “get the point” by the end of your
pitch?
Capture Attention in 30 seconds or less...
Convince Them…
• Are they inspired / moved by your message?• Do they believe you?• Will their lives be changed as a result?
Commit an Action…
• Are they inspired / moved by your message?• Do they believe you?• Will their lives be changed as a result?
Discussion: Have you ever used a product that changed your life and you tell others about it?
1 Million Customers
Phil Libin On Evernote’s Close Call: Just 3 Weeks of Cash Left During The 2008 Financial Crisis
Real Life Example
3. What’s a Pitch Deck and Why is it Important?
What’s a Pitch Deck?
• A set of presentation slides that summarizes and effectively communicate a business idea sufficiently enough to potential investors.
• Helps to prioritize and organize business models in an easy-to-understand manner so that investors can get the gist of their business without excessive explanation.
• Usually used for fund-raising purposes.
Why is it Important?
• An investor is usually introduced to your business idea through your pitch deck.
• It helps them decide if they want to invest in your company or hear more about it.
• Hence, it is important to make sure your pitch is simple to understand and generally applicable to all audiences.
4. Tips on Preparing Your Pitch Deck
“A meaningful relationship between you, your slides, and your audience will connect people with content. Display information in the best way possible for comprehension rather than focusing on what you need as a visual crutch. Content carriers connect with people.”
Nancy Duarte, Presentation Guru
1. It’s about YOU
• YOU are the message.
• A good pitch deck supplements and enhances your presentation.
• Simplicity in slides sets the stage for more effective presentations.
2. Know Your Goal
• What are you pitching for?– Funding?– Hiring?– Sales?– Is a demo required? (or show a product sample)
• What do you want to get in the end?– Awareness?– Feedback?– Get a second meeting?
3. Know Your Audience
• Who are you pitching to?– Do some research beforehand. What’s their background?
(e.g. if tech-savvy, expect technical questions)– If investors, who have they invested in recently? (what is it
about that startup that successfully attracted their investment?)
• Decide how best you can best prepare your presentation– More visual or more data?
4. Highlight Compelling Elements
• Strengthen the pitch by offering a piece of information relevant to your audience. This could be the effect or economic value of your offering, expressed in a simple number or sentence.
• If you are a brand new company, highlight your personal track record and credibility
Airbnb Example
Airbnb Example
Airbnb Example
5. Design, Not Decorate
• Plan what you are going to display!– What is the most important information you want
your audience to know
• Information on your slides should be:– Meaningful, Useful, Relevant– Don’t overload, don’t over-run time allocated
• Less is More?– It depends on the occasion– Minimal text + Meaningful visuals
6. Try One of These
• Guy Kawasaki’s “10-20-30 Rule”– 10 Slides, 20 Minutes, 30 Point Font
• Garr Reynold’s “1/7/7 Rule”– 1 main idea per slide, max 7 lines of text, max 7
words per line• 5 Slide Rule:
http://techcrunch.com/2010/11/02/365-days-10-million-3-rounds-2-companies-all-with-5-magic-slides/
• David S. Rose’s “13 Slide Rule”– Covered in later section
7. Referencing Others
• Reference other startups / products in the market, adding that you do it differently / better
We will talk more about this later
Some Common Mistakes
• Be mindful of your body language– Nervous, Fidgeting, Pacing
• Don’t rush through your slides• Don’t read of the slides• Don’t cut & paste excel sheets• Don’t provide meaningless information• Practice! Practice! Practice!
– 1 hour for every minute
• Don’t mumble• Make eye contact• Smile!
Some Common Mistakes
• Watch your words!– Never say “first,” “only,” “huge” or “best,” as these are trigger words to
signal inexperience– Eliminate any buzzwords, acronyms or industry jargon from your pitch
• Avoid making statements like:– “If we get one percent of the total market we will be successful”– “We will have first-mover advantage”– “There are no competitors”– Don’t make your market so large that is can be easily confused for
everyone or most of everyone on Earth, such as saying “consumers” or “women” or “cyclists”
Video Discussion:
SchedulicityFlinjaSeeklyEcobe
Schedulicity is a real-time, online appointment calendar that streamlines the scheduling process between service-based businesses and their clientele.http://youtu.be/SWOeu3Q5WoM
Flinja is an exclusive college-centric site that connects students with alumni one job at a time.http://youtu.be/Fppf8y4Y7I4
Seekly provides a face to face, speed dating service online.http://youtu.be/BQVu8eLjU8I
Ecobe is a search engine that recognizes the value of content providers and their importance in making a healthy, sustainable Web ecosystem. http://youtu.be/xjR1R3p90rQ
Schedulicity• Used video as attention grabber to start off• Strong voice, stage presence• Powerful words (revolutionary, unique perspective, super- excited, powerful, proven)• Highlighted achievements (4 verticals, 1700 cities, appointment scheduled every 4 seconds, 70% done after business hours)• Described (and repeated) 3 features with benefits (better managed business, increase revenue, communicate better with customers)• Emphasized “Filling Empty Time Slots” as a solution to a pain point• Used a real-life case of business using the product
Flinja• Confident an calm voice to start• Started with “Here’s the problem”, then present solution• Used a popular technique called “X meets Y” (“Airbnb for service providers”)• 3 features with benefits• Used an example• Product demo
Seekly• Big smile, hand gestures• Asked audience a question to start. Establish rapport• Get audience to identify with the pain points• Get into demo quick (under 90 seconds)• 3 simple steps to sign up
Ecobe• Presentable / well-dressed / good posture• Big smile, hand gestures / composed / confident• Strong start / asked audience a question to start• Uses the pause for great effect• Memorable ending (leaves audience a thought + apple)• No slides!
5. Understanding the various types of pitches
How and when to use them
Type of Pitches
The One Liner PitchThe Elevator PitchThe Business Plan Pitch
One Liner Pitch = +
It’s Not a Slogan or Tagline!
My company, (Company Name), is developing (or has developed), a (Defined Offering) to help (a Target Audience) (Solve a Problem) (with a Secret Sauce).
The One Liner Pitch Template(by Adeo Ressi, Founder of Founder Institute)
How To Write A One Liner Videohttp://vimeo.com/16447520
Examples of One-Liners
My company, GradeZone Points, is developing an online and mobile platform to help socially-conscious businesses reward high school students for good grades and good attendance with deals and local programs that inspire a community-wide concern for education.
Our company, KIDzOUT, is developing a mobile application to help parents find nearby diaper changing stations, kid-friendly restaurants, play areas, or medical services using our proprietary, national database of over 260,000 known locations.
My company, Flat-Club, is developing an online marketplace to help students and alumni of top universities find short-term accommodation by leveraging existing social networks to create trust.
Examples of One-Liners
My company, Bombfell.com, is developing a monthly subscription for clothes to help tech geeks dress well, using technology to curate individual wardrobes at large scale.
My company, Neo, is developing an online lending platform to help first time car buyers get an affordable car loan by assessing credit risk based on the borrower’s real-time financial and social data as credit history.
Examples of One-Liners
My company, ScatchApp, is developing a mobile application to help designers transform their paper sketches into working, interactive mock-ups using phone’s built-in camera.
My company, Mocku.ps, is developing a Web application to help product design teams quickly share mockups, precisely communicate and collaboratively refine design ideas with dead simple drag and drop tools.
Examples of One-Liners
My company, Airto, is developing a web-based social seating check-in platform to help air travelers see who is on board their flight and use Facebook and Linked in to assign all flight seats with one click.
My company, LintinZone, is developing a social shipping network to help customers buy stuff from all over the world without worrying about the cost and availability of international shipping and travelers earn extra money during their trips.
Examples of One-Liners
My company, GiftWoo, is developing a gift recommendation engine to help men foster better relationships through periodic and thoughtful romantic gestures, utilizing behavioral science, models of preference and social trends.
My company, Bragnation, is developing a virtual stock market to help startups reach their target audience by allowing them to virtually trade shares with their friends and the community.
Examples of One-Liners
My company, Zoot Interactive, is developing a mobile app to help college students find free food on campus in partnerships with organizations to increase traffic at their events.
Main & Only Purpose
Intrigue your listener who willInvite you back for anIn-depth discussion
Stimulate Curiosity +
Reason to Reflect
Source: Terri Sjodin, professional public speaker
Goal =
The Elevator Pitch
“The average length of a New York City elevator ride is
118 seconds – but in general, adults’ non-task oriented
attention span is just about 8 seconds.
That’s less than that of a goldfish.
The average person spends less than a minute on a webpage, so with that ticking clock in mind, make your elevator pitch genuine, passionate, compelling and leaving me wanting more.”
- Brad Keywell, Co-founder of Groupon and Lightbank VC
1. What is your product or services?2. What are the features/benefits?3. Who is your market? 4. How will you make money? 5. Who is behind the company? 6. Who are your competitors? 7. What is your competitive advantage?
Key Elements to Address
Example:
“Hi, I am Dave the CEO of Surfing Unlimited. We do for surfing what chair lifts does for snow skiers.
The problem with skiing is getting up to the top of mountain. Same with surfing, getting out to the wave.
We are the first company to puts an electric motor under the surfboard and remotely controlled with a wireless device held by the surfer. Would you like to know more?”
The Business Plan Pitch
<insert logo here>
Include your organization’s name, your name and title
Introduction
– a one-or-two-liner that explains who you are and what you do
– include logo
ZapMeals is an online meal order & delivery service matching hungry consumers with great local food preparers.
We’re “eBay for takeout orders”.
Team
– Keep it simple– Highlight relevant skills & experience only– Emphasize strengths– OK to add Board Members, Advisers, Investors &
Future Hires– Some put this slide at the beginning, some at the
end….– Do not be afraid to show up with less than a perfect team. All startups have holes in
their team—what’s truly important is whether you understand that there are holes and
you are willing to fix them.
Team
• Wayne Lambright, CEO & Cofounder– 10 years community site development / online sales– 5 yrs SW dev Macromedia Dreamweaver / UltraDev
• Ivan Krasnov (aka Dave McClure), CTO & Cofounder– BSEE, Taganrog State Univ. of Radio engineering (TSURE)– 7 yrs SW dev in SEI Level 5 organization– 5 yrs exp managing overseas development teams
A Note About TEAM• The Team Slide: Investors don’t want to hear your life story• http://www.pitchenvy.com/category/articles/• When drafting your startup’s pitch deck, don’t go overboard on the Team slide. The main goal of the Team slide is to highlight your team’s past
accomplishments, but that doesn’t mean list every project you’ve ever worked on. Your key points should be somewhat relevant to the product you’re pitching, plus prove that you’re qualified to drive this startup to success.
• • Case Studies:• • Profitably’s pitch deck has lots of good info, yet their Team slide has potential to instill much more confidence. Simplifying your team slide &
removing some bullet points may be the most effective way to better your team slide, especially if you have alot of info on it.• BrandBoards’ Team slide stays relevant & proves that they’re accomplished…almost to the point of bragging! If you’ve made truly awesome
accomplishments in your career (stuff like $1 Billion+ in sales, or working with brands like NFL, MLB, NHL, etc…) then definitely put those in your deck! If you haven’t, then briefly outline the most prestigious accomplishments you have and try to spin them as relevant.
• Cadee’s minimalist Team slide is visually appealing and doesn’t overload you with details. Sometimes less is more. What’s really cool though is how they list their golf handicaps on the slide. It may seem a little non sequitur…until you remember that they’re pitching a golf startup. Stay relevant.
• Other Tips:• • AngelList founder, Babak Nivi, recommends placing yourself as the last entry on the team slide because it not only makes you appear more humble,
but also allows you to easily transition into the next slide (The Problem) by discussing how your travels led you to discovering the problem.• Dave McClure‘s pitch deck guide, Startup Viagra, suggests that VCs get “hot & bothered” when you focus on certain attributes of your team. Geeks
should try and prove that they have a strong technical background, while Entrepreneurs should highlight the companies they’ve sold. If you’re a Sales/Marketing guy, do your best to prove that you’ve helped a company become profitable or generated immense amounts of revenue (aka “making it rain”).
• •
Problem
– What is the problem?– How big is it? Make it obvious– What / whose pain that you’re alleviating?– Can you quantify it? (stats, examples)– Bottom Up approach is good– Avoid looking for a solution that is searching for a
problem– Minimize or eliminate citations of consulting
studies about the future size of the market
Problem: Fast Food… Isn’t Either.
Preparers• Is there a market for my
cooking?• Restaurants have high
startup costs• Delivery is tough to do fast,
warm, & well
Consumers• Tough to find good fast
food• What’s the best /
cheapest / fastest place to order from?
• It’s been 30 minutes – where’s my order?
Solution
• How do you alleviate this pain?• What can you do for them?• Will it solve their problem/pain?• What are the benefits?• Ensure that the audience clearly understands what
you sell and your value proposition• Eliminate buzzwords or technical jargons• Note: Don’t do an in-depth technical explanation
here! Just the gist of how you fix the pain.
Note!
• Defined Offering: short, simple and capable of being understood by everyone.
• Examples: a website, a mobile application, hardware, or desktop software.
The ZapMeals Solution
• Help part-time / small-time cooks get started in the food business; quickly & inexpensively.
• Help consumers find great fast food; search by cuisine, price, rating, & delivery time.
• Orders are picked up and delivered by network of independent agents; tracked online real-time via Google or Yahoo Maps.
Product / Service / Cause
– Product Name– Screen Captures– Demo (Practice! Practice! Practice!)
Product / Market fit can be loosely defined as the point in time when your product has evolved to the point that a market segment finds it attractive so that you can grow your product / company scalably. In many ways, finding Product Market fit quickly allows you to focus on company growth rather than spending a lot of time and money on iterating your product to find that fit.
Product/Market Fit
Sample Screenshots
Secret Sauce / Competitive Advantages
• What’s the technology, secret sauce or magic behind your product or service?
• What do you have that can cause unfair advantage? (experience, market share, talents, IP/know-how, exclusives)
• Go for less text and more diagrams, schematics and flowcharts on this slide. POC results, etc.
Technology
• ZapMeals has developed a proprietary least-cost routing & matching algorithm for ordering & delivery
• Our Secret Sauce:”Search by Takeout Time”– estimated food preparation time (historical)– delivery distance (how far away– delivery provider (on-time record)– show delivery stats real-time via Y! or G Maps (+ GPS)
Market Size
– What is the addressable market?– WHO will be buying your product actually?– Be realistic– Bottom Up (users x usage x revenue)
Note!
• Target Audience = initial group of people that you will market your offering to (and buys your product!)
Examples: - women age 25 to 35 years old- system administrators at medium sized technology businesses.
Size of MarketTop Down• $511 Billion spent dining out annually
– Restaurant Association of America.
Bottom up:• 100M people eat out every day• Today ~4% of meals ordered online (=4M orders/day)• In 5 years 25% of all meals ordered online (=25M orders/day)• Average takeout order cost is $14• Available Total Market Size:
– $350M daily– >$125B annually
Business Model
– What are the key revenue streams?• Size, growth, back up by customer behaviour
– How will you make money?– Break-even?
Business Model: 3 Rev Sources
• Transactional: – charge a 15% food prep fee (min $1)– charge a 15% food delivery fee (min $1)
• Advertising:– charge small preparers by click-thru (SEM for food)– charge larger preparers for premium / sponsored listings
• Supplies, Equipment, Insurance:– provide supplies, education for ZapMeals preparers– free licensing to ZapMeals preparers who buy $250 eqpmt– insure against food inspection issues via large group
Go to Market
– How will you reach customers?– What channels or verticals? (telemarketing, SEO,
etc)– What traction do you have at the moment?– How will you build momentum?– How do you measure? (volume, cost, conversion)
Marketing Plan
• Partner with notable foodie bloggers • Adwords Campaigns to regional metros• Generate SEO traffic via food listing pages• Distribution Partnership with Tastyr.com– 700 food preparers in SF– Q3 Rollout to 3-4 West Coast urban areas
• Order Discounts for Reviews & Referrals:– “Get $3 off your order if you write a review”– “Delivery is free if you refer 3 friends!”
Traction & Awards
– Customers acquired– Funding secured– Awards won– Key milestones achieved
Note: leave this slide out if none
Strategic Relationships
– Partnerships (if any)– Customers (if any)– Letter of Intent (if any)
Note: leave this slide out if none
Competition
– Who are they? List them. Be thorough.– What do you know about them?– What are their strengths / weaknesses?– How can you overcome them?– How are you different? Use comparisons
• Easy/hard, cheap/expensive, open/proprietary
– Never dismiss your competition. Everyone—customers, investors and employees—wants to hear why you’re good, not why the competition is bad.
Competitors
• Online– Waiter.com– CampusFood.com– Delivery.com– Ehungry.com....– all of above source from
restaurants *only*
• Offline– McDonald’s– KFC / TacoBell– Subway....– Your Mom
Barriers to Entry
– What keeps others out?– Have you found the differing abilities between you
and the competition?
Financials
– Provide a simple three- to five-year forecast containing not only dollars but also key metrics, such as number of customers and conversion rate
– Identify Breakeven Points and Profitability– Investments secured to date– Make realistic assumptions– Bottoms up approach
Current Status / Forecast
– What is the current status of your product or service?
– What the near future looks like?– What are some positive momentum and traction
that you could use to your advantage?– Again, be realistic!
Financing
• Raised $250K Seed round in Jan 07– Gil Penchina, CEO Wikia (ex-eBay)– Jeff Clavier, SoftTech VC (Userplane, Truveo, MyBlogLog)– Dave McClure (ex-PayPal, SimplyHired)’
• Seeking $1.5M Series A round– $4.5M pre-money valuation– targeted closing Sept 15
Use of Proceeds
– How will you use the funding, if given to you?– What are the key expenses– Got a roadmap?
Capital Request
– How much are you asking for?– Be specific– Can combine with previous slide
Contact Info and Close
– List your contact details– Close with a Call to Action
What to Prepare for Your Pitch
• Pitch Deck —simple, clean and to the point• Notes – to refer to as you make your
presentation (either cue cards or the Notes feature in PowerPoint or Keynote)
• Handout – a more detailed document to leave behind
• Prototype / Sample (if any)
Final Tips
1. Be Your Own Devil’s Advocate– Test every statement you include in your pitch deck by
asking “So what?”, “What’s my point and why does it matter?”
2. Remember to keep your message simple, short and clear– Too many ideas coming at listeners too quickly can cause
them to miss vital information. Continually refine your pitch until you reach a perfect balance between brevity and thoroughness
Final Tips• Practice your pitch before the pressure is on
– Memorize all of the important numbers and figures (market sizes, expected revenue figures and start-up costs to be able to answer listeners' questions with confidence)
– Practice your pitch in the mirror at first, then move on to friends and family. When your listeners can immediately put your pitch in their own words after hearing it, then you’ve got it!
• When the opportunities arise, always ask for feedback on your presentation. – Audience feedback is often one of the most valuable resources available that
you can use to prepare for your next presentation
• Watch videos of excellent pitches– See TED videos
• Google for best pitch decks
Thank You!
7. Useful Resources
Examples of Startups’ Pitches• Youphonics: http://www.slideshare.net/anulman/pitch-deck-template-keynote• Airbnb:
http://www.businessinsider.com/airbnb-a-13-billion-dollar-startups-first-ever-pitch-deck-2011-9?op=1
• Foursquare: http://www.slideshare.net/alkarmi/foursquare-1stpitch2009• Buffer: http://www.slideshare.net/Bufferapp/buffer-seedrounddeck• Mint.com: http://www.slideshare.net/hnshah/mintcom-prelaunch-pitch-deck• Taskly (minimalist): http://www.slideshare.net/flamingdeth/taskly-pitch-deck• Dwolla: http://www.businessinsider.com/18-slide-pitch-deck-lands-payment-
startup-dwolla-165-million-2013-4?op=1• Gamexplain: http://www.slideshare.net/Micahseff/game-xplain-pitch-deck-81610• Template: http://www.slideshare.net/kipmcc/2012-sample-investor-preso
Local Eco-System
• http://e27.co/ • http://www.techinasia.com/• http://www.youngupstarts.com/• http://thelist.sg/• http://www.blk71.com/• http://singapore.the-hub.net/• http://www.scape.com.sg/• http://en.wikipedia.org/wiki/Technology_Incubation_Scheme• http://bansea.org/
Grants
• http:www.ace.sg• http://apps.spring.gov.sg/tecsportal• http://www.idm.sg/support/ijam• http://www.spring.gov.sg
8. Homework
One-Liner Pitch Practice
Instructions:• Write your one-liner pitch using the template provided below• Usually you need a few drafts before you get the right one• Once you are comfortable with it, memorise it and practice it
with others• Use it as often as you can when you meet people
One-liner Pitch TemplateMy company, (Company Name), is developing (or has developed), a (Defined Offering) to help (a Target Audience) (Solve a Problem) (with a Secret Sauce).