Pitching Ideas

If your concept is so esoteric that you can’t describe it in 30 seconds at a cocktail party, it’s either too complex or you don’t understand it yourself. -jason cohen

the Elevator Pitchgoing up?

NO SALESMAN CRAP.rule 1.

the investor is not your customer. do not try to sell them the product.it is not a product yet.

the Elevator Pitchgoing up?

“i’m here to tell you about an opportunity...”“get ready for the next...”“presenting the...”“for only $4.99...”“wouldn’t your life be better if...”

TALK LIKE A REAL PERSON TALKING TO REAL PEOPLE. NOT LIKE YOU ARE IN A TV INFOMERCIALand be honest.

the Elevator Pitchgoing up?

Businessweek’s Perfect Elevator Pitch suggestions:know what you are trying to achieve know your target (who are you pitching to)it’s not about you (it’s about the idea)keep it real (no slang or buzz words)be specific (use actual examples)solve a problemlet your passion showkeep it shortpractice and prepare no notecards,

1 hour for every minute

NO NOTECARDSDON’T MEMORIZE WORD FOR WORD

the Elevator Pitchwhat do I include in 1 minute?what is the need/opportunity?what is the product or service?how does it work?what makes it novel?what makes it better/different?who is the market/user?what is the market size?how much will people pay?can you protect it?

Humans are not ideally set up to understand logic; they are ideally set up to understand stories - Roger Schank, cognitive scientist

support with research/data/real examples. make eye contact.be excited and engaging.can use a prop/prototypeuse storytelling

Finale (in class, tues dec 12)industry leaders

Round 1:internal team presentationsand voting with 2-4 reviewers

Round 2:top 16 ideas present for the entire class

Practicewhat is the need/opportunity?what is the product or service?how does it work?what makes it novel?what makes it better/different?who is the market/user?what is the market size?how much will people pay?can you protect it?

use research/data/real examples. make eye contact.be excited and engaging.can use a prop/prototypeuse storytelling

teams 1-4 teams 5-8

teams 9-12 teams 13-16

product naming

trademark

good names:

able to be pronounceddistinguish a product from competitorsimply the benefitare memorable are able to be protectedlook goodhave depth

how the name maps to the product (directness)direct

(functional)descriptive (experiential)

suggestive (evocative)

no/weak connection

exactly what the product is element or description description through relationship

very distant/ abstract or arbitrary

degree of neologism real

(or other languages)portmanteau based on/

sounds like real words

made up/acronym

letter/sp.variation/

abbr.

product namingjudging a book by its cover

blog assignment 7idea pitchdue Wednesday Dec 6th at midnight

1) update your slides based on feedback from this week. discuss the changes you made to the slide content and post updated PDF of the two pages (11”x8.5” landscape orientation) in folder shared by TAs

2) make a storyboard to plan your 1 minute pitch. Post your storyboard.

3) using your storyboard, create, film and post a 1 minute “elevator pitch” video (First to YouTube or Vimeo). Link or embed it into your blog post. Make it creative, engaging and informative and not an infomercial. You can use your images and prototype. The video should be a draft of what you will plan to do in person for the Walleye Tank.

TAG: "pitch"

Outline/Timeline Check 1 point if completed on time

Slide Update 1 = updated slides posted to folder and notes on what was changed. 0 = No update notes/images

Storyboard 1 = Image of storyboard used to plan the 1 minute elevator pitch 0 = No storyboard

Video2 = 1 minute video pitch that is viewable and/or linked from the blog. The video should present the idea in a manner described in class 0 = Did not include video

Walleye Tank Scores 5 points

the Elevator Pitch video1 min video of your ideaposted first in youtube or vimeo then embedded in blog post

due at midnight next Wednesday, Dec 6

focus on you focus on the user focus on the the product

can check out AV from UMN or just use a smart phone

the Elevator Pitch video

straight forward elevator pitch like a kickstarter pitch sometime totally different

1 min video of your ideaposted first in youtube or vimeo then embedded in blog post

due at midnight next Wednesday, Dec 6

can check out AV from UMN or just use a smart phone

TimelineWednesday (Tomorrow) Nov 29 - Assignment 6 Due + Outline 7

Thursday Nov 30 - Discussion (Final Idea/Final Slides - may want to bring in print outs)

Friday Dec 1 - Last Peer Review Due

Tuesday Dec 5 - Guest Lecture on Intellectual Property

Wednesday Dec 6 - Assignment 7 Due

Thursday Dec 7 - Discussion (Elevator Pitch Practice)

Tuesday Dec 12 - Walleye Tank (and class wrap up)

questions?