2012-07-24: From Lean Canvas To Lean Pitch
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Transcript of 2012-07-24: From Lean Canvas To Lean Pitch
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From Lean Canvas to Lean Pitch Leveraging the Lean Canvas to A0ract Investors
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Startups are like Subprime Loans
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Low Risk, 3‐5 % yield
Medium Risk, 6‐10 % yield
Value: Known!
Risk – Unknown! Yield – Unknown! Value – ???
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How Investors Win – Bundling Risk
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• One investment with a 10% chance of a 20x ROI is a gamble
• Ten investments with a 10% chance of a 20x ROI doubles your money
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How You Win – Get Included!
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To be included in the bundle, you need to help investors quanAfy your risk (low is good!) and yield (high is good!).
The lean canvas helps you do that! Why? Because…
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Investors Unconsciously Think in Lean
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Phase Investors Running Lean by Ash Maurya
Phase 1 Prove you have a Business Problem / SoluPon Fit
Phase 2 Prove you have a Product SoluPon / Market Fit
Phase 3 Prove you can Execute Scale
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Lean Canvas to the Lean Pitch
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• Prove you have a Business
• Prove you have a Product
• Prove you can Execute
Each proof requires the prior. Execu:on can be improved if you have a good product. Product issues can be solved if you have a good business.
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Prove you have a Business Needs to be rock solid
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• They are buying into you as much as the idea! • What makes you more likely to succeed? You!
• What is your target market? • How big is it and who parPcipates in it?
Customer Segments
• What problem are you trying to solve? • How do you know it’s a problem & how big is it?
Problem
• How much do they pay for soluPons today? • If they don’t pay now, why in the future? Revenue
Intro & Agenda
Market Overview
Business Drivers
Market
Challenges
Impact by Segment
Slides
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Prove you have a Product Needs to be highly credible
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• What are you selling and for how much? • Who are you compePng against? SoluPon
• How do you differenPate yourself? • What’s the impact on your compePPve posiPon
Unique Value ProposiPon
• Why won’t company X ‐ who is bigger, more mature, and beaer funded ‐ simply copy you?
Unfair Advantages
• How are you going to reach the customer? • What is the sales and markePng strategy? Channels
SoluPon Overview
Pricing Strategy
CompePPve Assessment
MarkePng Strategy
Sales
Strategy
Slides
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Prove you can Execute Except for the end-game, this will change!
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• How are you going to structure your team? • How are you going to grow?
ExecuPon Plan
• What are your key tasks & milestones? • How should your progress be judged? Key Metrics
• How much will it take to fund your acPviPes? • What are your financial projecPons?
Cost Structure
• What’s the end‐game: go public or sell out? • How much do you need and what do we get?
What’s in it for the investor?
ExecuPon Plan
Key Dates & Metrics
Financial Plan
Funding Strategy
Q&A &
Feedback
Slides
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Closing Thoughts
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• Investors are looking for high yield with controllable risk
• For a start‐up, Business > Product > ExecuPon
• The lean canvas helps you think through your pitch
• Three things are missing:
• Their end‐game – whens the payout & how much? • Your execuAon plan – how do you deliver the goods? • The value of you – why are you a beaer bet than the next guy?
• You can present your pitch in 15 to 20 slides