Maria Halpern, MBA Career Management Megan Mitchell, Wharton Entrepreneurial Programs

PITCHING YOURSELF TO STARTUPS

• Startup Hiring at Wharton

• Strategy & Research

• The Approach

• The Pitch

• WEP Startup Auction & Fellowships

• Panel Discussion

2

AGENDA

The class of 2012 received over 60 internship offers from exciting and promising startups across a

range of sizes, funding levels, and industry sectors last summer.

Companies Hiring Wharton Interns

STARTUPS HIRING MBA INTERNS

SOURCE OF WG12 STARTUP INTERNSHIPS

Key takeaways:

• Important to have both a proactive and reactive strategy in place

• MBACM / WEP have relationships with over 400 startups / VCs

• Leverage Wharton resources and your own research to come up with a plan of attack

37%

30%

19%

14%

Personal NetworkingConnections

Wharton Job Posting /MBACM Contact

Wharton AlumniContact

Other

Accepted Startup Internship Offers, WG12s

N = 43

While 30% of accepted offers came from Wharton Job Postings, more than 50% of offers came

from personal networking or Wharton alumni

STRATEGY & RESEARCH

Start by asking yourself…

– Do I really want to work at a startup?

• Aspirations

• Risk profile

– If yes… think about…

• Role

• Sector

• Size of company / risk

• Team / culture / reputation

• Region

Follow industry press, leverage industry databases, monitor job board activity,

and attend industry events to…

• Identify companies of interest

• Determine which companies are growing

• Uncover “hidden” issues / challenges where you might be able to lend a hand

Industry press/blogs: VentureBeat, TechCrunch, Quora, AVC, BusinessInsider ,

Startupdigest

Job Boards: VentureLoop, VC Websites, Startupshiring, Indeed, etc.

Wharton Resources: CareerPath and Offer Directory (search by startup),

Thompson’s, VentureXpert and i3 CleanTech Platform (Lippincott)

STRATEGY & RESEARCH

STRATEGY & RESEARCH – BUILD A LIST

Identify Key People / find

them on LinkedIn

• Key Milestones / Events

Look at VC sites for

more info / find VC

contacts

Read Top News /

come up with ideas

STRATEGY & RESEARCH – BUILD A LIST

• Before reaching out to start up company contacts / VCs, make sure your digital

brand reflects the personality you want portrayed to the entrepreneurial

community

• Key considerations:

− What pops when your name is googled?

− How does your Linked-In profile portray you?

− Do you have followership via Twitter, a blog, etc.?

− What are you writing about?

STRATEGY & RESEARCH – MANAGE YOUR DIGITAL BRAND

THE APPROACH

Typical startup

job seeker

I want to take

time from you,

to give me

something…

Typical

entrepreneur

…I have no

time, but I

need you to

give me stuff

• Ask not what startups can do for you…

– Read job descriptions at companies of interest and come up with ideas for

how you’d tackle issues related to that job

– Suggest ideas for how your unique skills can be leveraged (think beyond

strategy – think sales, users, brand, product, etc.)

– Interview the start-up for class-related work / ISP and report back with your

findings

• Demonstrate that you are awesome at something, but willing to do lots of things

• Show you care about the product/company/service

THE APPROACH

I am a first year MBA student

at the Wharton School…

THE APPROACH

John,

I found your name in the Wharton alumni directory. I am currently a first year

MBA at Wharton and I am very interested in working for an early-stage startup

this summer. Before Wharton, I spent 4 years investing in Internet-powered

technology companies and I am now looking to gain some operational experience.

I would be curious to learn more about potential opportunities at the

following companies within your portfolio: Fab.com, StumbleUpon, Storenvy.

I’d greatly appreciate any information and advice you can offer. What would

be the easiest way for us to connect?

Best,

Todd

EXAMPLE NETWORKING – WHAT WOULD YOU CHANGE?

Our mutual friend Brian Doe recommended I reach out about my interest in mobile

payments and startups. I’m a first year student at Wharton where I’ve been working on

an ISP focused on how the payments landscape will change over the next 25 years as a

result of mobile and cloud-based technologies. Before Wharton, I spent 4 years investing

in technology companies, but came to school with the goal of transitioning to an

operational role at a startup where I could put my analytical skills into action – I’ve been

studying customer analytics and am becoming an expert at how to analyze data to drive

user acquisition.

One company I’ve been following closely (and using everyday) is Venmo. I’ve been

wondering whether it would make sense for them to build micro-communities of users

(perhaps by affinity group) to drive greater adoption? I’m not sure if you have a contact

there based on your VC relationship, but I’d welcome an introduction to anyone at the firm.

I’d also welcome the opportunity to get your perspective on the space as someone who

has invested in several mobile payments companies.

I’ll be in NYC next Friday 1/27 between 10-4pm if you have 20-30 minutes free, or

could jump on a call at a time most convenient for you.

EXAMPLE NETWORKING

STANDARD MBA PITCH START UP PITCH

Intro What you want to be known for What they are known for and why you are

interested in their business

Evidence Relevant examples of your talents with

results

Relevant examples of traits they seek

(self-starter, low maintenance) and specific

skills you can deliver

Value proposition What you have to offer Uncover a potential business challenge /

issue that you can help solve

Ask

How they can help you (by providing

advice, information, referrals)

How you can help them (by proposing a

specific idea for a project, sharing ideas on

their sector, etc.)

THE PITCH

John D recommended I reach out about my interest in mobile payments and Venmo.

I’ve been using Venmo since it launched in 2009 and continue to be impressed by how

quickly the product adapts to recommendations from users (my favorite enhancement is

XYZ). When I’m not using Venmo, I’m a first year MBA student at Wharton studying

customer analytics. Before Wharton, I spent 4 years investing in technology companies, but

came to school with the goal of transitioning to an operational role at a startup where I

could put my analytical skills into action – I’ve been studying customer analytics and am

becoming an expert at how to analyze data to drive user acquisition.

I’m sure you are incredibly busy, but I’d love an opportunity to share ideas and explore

whether there might be an opportunity for me to deliver some project work. I’ve been

wondering whether it would make sense for Venmo to build micro-communities of users

(perhaps by affinity group) to drive further adoption? I’m a strong believer in the future of

the product which is why I’d like to help in any capacity you see fit.

I’ll be in NYC next Friday 1/27 between 10-4pm if you have 20-30 minutes free, or

could jump on a call at a time most convenient for you.

THE PITCH (DIRECT TO COMPANY)

Get introed

Show you care

about the product

and why

Show you know

and you’re willing

to adjust to startup

culture

Your contribution:

offer specific

points but stay

open and

coachable

No business jargon

(no verbs that end

in –ize)

Don’t say things

without backing

them up

Don’t mention

constraints (time,

salary, function)

Don’t take a ‘no’

personally

DOs DON’Ts

THE PITCH

• Use prior research and LISTEN during networking conversations to identify key issues and challenges at companies of interest

• Analyze how your experience and skills can be leveraged to meet their goals

• Leverage resume book system and offer directory to read project descriptions of students who interned at start-ups –DON’T COPY

• Set weekly/monthly job search goals and track your progress. Put yourself out there and don’t be afraid of rejection!

Target Company

Contact Email Phone Date action taken

Notes Next Steps

Company A John Doe jdoe@coa.com 212-XXX-XXXX 1/14/2011 Commented on blog

Track response

Company B Jane Jones jj@cob.com 215-XXX=XXXX 1/30/2011 May have job in Spring

Call 3/2011

THE PITCH

Leverage the digital space to connect with contacts and express your POV

DO:

• Read & interact with relevant questions

• Attempt to contribute knowledge where it makes sense to do so

DON’T:

THE PITCH – BECOME PART OF THE CONVERSATION

WEP RESOURCES: START UP AUCTION

• Working with VCs, WEP identifies 20-25 companies willing to receive resumes and

pitches from up to 5 students

• Using MBA auction system students bid to send pitches to start-up companies

• Pitch materials prepared for a company include resumes and responses to

questions the company has selected from an existing list

• Program does not guarantee interviews or position offers

• Timing – mid-March through early April

• Feb 29: Preliminary list of companies will be released in early March

• March 14: Applications to participate due; approx 30 students selected to participate

• March 16: Student participants and final list of companies announced

• March 19 (week): Auction will take place during last weeks of March

• March 27: Student pitch materials due; Companies asked to reply within one week

WEP START UP AUCTION: 2011 QUESTIONS

1. Discuss what you believe to be the most innovative use(s) of social networking

for commercial/corporate benefit.

2. What do you consider to be the most innovative new product, service or

company of 2011?

3. What book (magazine, article, movie, etc) has most impacted your

philosophies on innovation and business?

4. What makes you WANT to get up in the morning?

5. What have you done in the past 3 months to help you prepare for the future

you really want?

6. How would you sell me hot chocolate in Florida in the summer?

7. What are 5 uncommon uses of a brick, not including building, layering, or a

paper-weight?

WEP START UP AUCTION: 2011 COMPANIES

WEP START UP AUCTION: PITCH EXAMPLES

Last Seen.

Working with CEOs developing go-to-

market strategy for next-generation

software technology

Possible Locations.

Tennis Courts

Golf Course

Rock Climbing Mountains

Known Employers.

HarbourVest Partners

Jefferies Broadview

Lockheed Martin

Affiliations.

Big Brothers Big Sisters

Minds Matter

Private Equity Assoc. of Boston

MISSION CRITICAL DOSSIER

Education.

BS in Electrical Engineering at Villanova

University

MS in Telecommunications at University

of Pennsylvania

Warning.

Warrant out for Wharton MBA armed

with hi-tech engineering, finance,

operations and investing skills.

Prospect in danger of joining high profile

startup, and is sought after by each.

25

WEP RESOURCES: INTERN FELLOWSHIPS

• Traditional Intern Fellowship

• Number awarded determined by need and number of applicants

• Cash awards ranging from $500 to $5,000

• Students apply after securing their summer position

• Agree to serve as Ambassadors of Entrepreneurship

• Ambassador stories here:

http://wep.wharton.upenn.edu/careers/ambassadors.html

• Application Deadlines: late April & May 2012

SY PANEL DISCUSSION

UPCOMING NETWORKING OPPORTUNITIES

• DIP Week

• Take advantage of this time

• Wharton Alumni Panel discussion: Entrepreneurial Career Paths

• Thursday, 2/16 from 4-6pm – Location TBD

• Wharton Entrepreneurship Conference

• Friday, 2/17 at Ritz Carlton

• Meet presenters and panelists, check out Start-Up Fair

• Condition yourself for a marathon, not a sprint

• Stay motivated by keeping multiple irons in the fire, setting

goals and holding yourself accountable

− Remember you only need 1 opportunity to come through

− Leverage a mentor or career advisor to keep you accountable

• Start-up jobs are not for everyone… focus on self assessment

PARTING THOUGHTS FROM MBACM

CONTACT INFORMATION

WHARTON MBA CAREER MANAGEMENT

Maria Halpern, Senior Associate Director

mariahal@wharton.upenn.edu

WHARTON ENTREPRENEURIAL PROGRAMS

Megan Mitchell, Senior Associate Director

mmitchell@wharton.upenn.edu

eClub

www.whartoneclub.org

Tech Club

www.wgaworld.org