Pitch Decks in a Box
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Transcript of Pitch Decks in a Box
Pitch Decks In a Box
James Smits Partner, Tigerlabs
james@<gerlabs.co
Wait, who the hell is this guy? • I’m James Smits! (@james_smits) • Currently: Partner at Tigerlabs • Previously: BD @ Banyan Water, Research Monkey @ University of Melbourne and Princeton University
• Some<mes: El Capitan Capital (@ElCapCap)
That’s me! In 3D!
Tigerlabs!
• Based in Princeton, NJ • Seed fund (Tigerlabs Ventures) • Entrepreneurship center (coworking space +) • Ping pong (we play lots of it) • And… we’re all about suppor<ng YOU! (the entrepreneur)
• Want to know more? james@<gerlabs.co
And now… on to the good stuff!
Pitch Decks In a Box
James Smits Partner, Tigerlabs
james@<gerlabs.co
Defining some terms
• Pitch = en<cing summa<on of your venture • Deck = presenta<on (PowerPoint is so…) • Elevator = ver<cal transport equipment • Pitch deck = presenta<on summary of venture • Elevator pitch = (short) pitch in an elevator
• Therefore: pitch deck ≠ elevator pitch
So this whole pitch deck thing… • Summary of your business and opportunity • Concise (15 slides – no more slides for you!) • Targeted audience (VCs + angels) • Goal oriented ($$$) • Show – DO NOT tell (woops, breaking my rule) • Differen<ate or fail (business and life lesson)
• It’s like Shark Tank… but not at all!
Knowing Your Audience • No one said pimpin’ (er, pitching) was easy…
• VCs are a tough crowd 1. In the business of saying “no” 2. Look at thousands of companies every year 3. analysts è associates è principals è partners
• Do your homework on the VC and/or firm – Investment thesis? – SHOW YOU’RE NOT A RANDO – Porkolio companies? – MAKE IT NEW AND FRESH – Prior connec<ons? – MAKE IT PERSONAL
Structure, structure, structure
1. The pitch 2. The problem
3. YOUR solu<on 4. Market size
5. Business model ($$$)
6. YOUR advantage 7. Compe<<ve analysis 8. Go to market 9. Team! 10. Fundraising and
milestones
teaser image
showcase!
Teaser Image
The Pitch • Comparisons are good, but differen<ate • Up front, to the point, concise
• Good: “Your how-‐to guide for pitch decks” • Eh: “It’s like the Pandora for pitch decks” • Bad: “It’s like the pitch deck for pitch decks”
The Problem (MY Problem)
• MY problem not YOUR solu<on
• To this extent… – What is your problem? – MAKE IT OBVIOUS – Who has this problem? – Make it relatable
• “A painkiller not a vitamin” – McClure
OBVIOUS PROBLEM
YOUR Solu<on • Your product solves MY problems! • Why is it beuer and different? • Showcase your product – Real (sweet) screenshots – walk me through the look, feel, AND func<onality
– Live demos? Don’t do them
Market SIZE • “The market is $X, I want to capture Y%”
• BIG NUMBERS or there is no opportunity
• But how do you figure it out? – Top down (someone else reported it) – Bouoms up (“Case In Point”) – Compe<tors can be your best resource – Show what it actually is, not just some number
Business Model ($$$)
• Outline 1-‐3 sources of revenue – Priori<ze by realism and size/poten<al
• Common revenue models – Direct: e-‐commerce, subscrip<on, digital goods – Indirect: adver<sing, lead gen, affiliate
“straight cash homie”
Your Advantage
• It’s either your technology or it’s your exper9se
• Your audience LOVES unfair advantages – BIG market lead – Experienced team – “superior” technology
ADVANTAGE
Compe<<ve Analysis
• Thousands of pitch decks – what’s so special?
• Understanding your compe<tors is essen<al – Iden<fying your unique differen<ator – List ALL of your compe<tors (if you don’t, they will) – Beuer and different
• If not beuer or different? Think again! – “niche to win”
Beuer and different (up and to the right)*
ping pong
lawn bowling
awesomeness not
awesomeness
(obvi)
*kidding! we love you all!
Go To Market • How do you get customers and distribu<on?
• Lots of ways, choose a few – PR, contests, BD, direct marke<ng, SEO, referral, affiliate, bloggers, e-‐mail
– Virality is a cruel mistress (don’t rely on it!)
• Get in to the numbers 1. Volume 2. Cost 3. Conversion
Team! • The idea is a commodity • Are you the team that’s going to #WIN?
Team! (more) • Describe your team (convincingly)
• Things that can never (ever) hurt… 1. This isn’t your first rodeo! 2. Domain experience 3. Exits? Successes? Big deal? 4. Building, building, building! 5. Nerds, entrepreneurs, hustlers
Fundraising and Milestones • Raising $X (note? priced? valua<on?) – Use of proceeds: hires, marke<ng and sales, opera<ons and infrastructure
– Focus on product, customers, and scale
• Milestones: past, present, and future!
Total Series B = $X
Raising Raised
$Z $Y WOAH!
And, a|er all that… $$$!!!
Recap and Closing Notes
• Pitch deck = (concise) presenta<on summary of a venture (preferably yours)
• “Less is more” – Mies van der Rohe
• Differen<ate or fail
• Financials? What financials?
• PRACTICE, PRACTICE, PRACTICE
I’m not a genius (that’s what you’re for!)
• Pieces of this lecture were drawn from…
– Dave McClure (500 Startups): “How to Pitch a VC”
– Ryan Spoon (Polaris Ventures): “How to Create an Early Stage Pitch Deck”
– The trial and error of the Tigerlabs porkolio
That’s all, folks!
Ques<ons? Comments? Bones to pick?james@<gerlabs.co
Oh yeah… follow me!
@james_smits