theIDEATOR - How to Pitch
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Transcript of theIDEATOR - How to Pitch
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THEIDEATORA MONASH GENERATOR EVENT
MONASH.EDU/ENTREPRENEURSHIP
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How to Pitch
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Just because someone tells you to jump off a cliff doesn’t always mean you should do it.
This presentation will inform you about improving your pitch message, style and delivery.
However – listen to your gut and what you think is important. No one knows your story better than you do.
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What is an Elevator Pitch?Ashort,simpledescription ofyourbusinessideathatanyonecouldunderstandbythetimeyourideupthreefloorsinatypicalelevator.
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You have to be more interesting than angry
birds
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MAKE AIfyouraudiencedoesn’tunderstandwhatyou’reoffering,you’vefailed.Everywordyouspeakshouldworktoexplainandclarifythat
purpose— that’swhyyouraudienceisthereinthefirstplace.
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LESSIS MORE
[More or Less]
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HookAquestionorastatementthatreallyenticestheaudiencetostaywithyouforthefullpitch
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The Opportunity•Whatproblemoropportunityhaveyouidentified?•Whatisyoursolutiontothisproblemorhowdoyouplantocapturetheopportunity?•Whichcustomerpainwillyoualleviate?•Whatisyourvisionofthebusinessandwhydoyoucare?
Core Structure
1
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The Market•Whichgroupofcustomerswillyoutarget?•Howbigisthepotentialmarketandhowfastisitgrowing?•Whoisyourcompetitionandwhywillyourstart-upprevail?
Core Structure
2
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The Business Model (How will you make money?• Howmuchwillyouchargecustomersforyourproductandwhywilltheypaytheprice?•Whatarethevariableandfixedcostsofyourstart-upandhowmuchprofitwillitgenerate?• Howmanycustomerscanyouwinovertimeandwhydoyouthinktheywillcomeonboard?
Core Structure
3
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3 key talking points•Whatisitthatyou’redoing&whydoesitmatter?•Howisitbetter?•Whyareyoudoingwhatyou’redoing?
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What people should be thinking
I didn’t know that
I’m glad I do now
I’d like to know more
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Don’t be salesyHow to Say It
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“No word was ever as effectiveas a rightly timed pause”
“ “Mark Twain
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Interestingstorywithacompellingcalltoaction
Strong,succinctproblem-solutionstatement
Cleardescriptionofhowyoursolutionisinnovative
Tips for your Pitch
Don’tcraminbuzzwords– focusonwhatmatters
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Knowyourmarketandhowyou’lltapintoit
Whyisyoursolutionurgent?Whatimpactwillithave?
Knowyourcustomers&yourusers
Whoareyourcompetitors?Whatisyourcompetitivedifferentiationandhowwillyougetmarketshare?Don’tbashyourcompetition.
Whattractiondoyoualreadyhave(trials,users)?
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LetyourpassionshinethroughRememberthe“A-Ha”moment
Whattechnicalstepsneedtobeachieved?
Howmuchmoneydoyouneedtomakethiswork?Whatwillyoudowiththismoney?
Managementteamand/oradvisorswithrelevantexperience?
IP&otherformsofdefensibility foryourbusiness(patents,licenses,exclusiverelationships,etc.)
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1. A Minute is Too LongIntherealworld,youbasicallyhave20secondstogetsomeoneengagedoryoumightaswellgohome
2. Don’t Linger on the ObviousRehashingfactsseasonedinvestorshaveseenhundredsoftimesiswastedoxygen
3. Create a Story Around Your InnovationEvenfriendlyaudiencesneedtobewonoverDon’texpecteveryonetogetit
3. Templates are BoringStartingpoint– butmodifybecauseitwon’tbeperfectlysuited
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(Boring but Useful)Template
HookBriefproduct/servicedescriptionBrieftargetmarketdescriptionCompetitivelandscapeHowyouwillmakemoneyResourcesneeded(e.g.$,expertise)Returns/paybacktoinvestorsMemorabletagline/pitchclosing
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Do Not Get Bogged DownPresenta(nagging)problem&(massivepotentialforsuccess)solution
Keepitclean&simple,makesuretheyunderstandthevalueproposition
Highlightcustomerbenefits,nottechnicalbenefits
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The KISS of Death
INEFFECTIVEOurmedicaltechnologyisthefirstautomaticanesthetic gasscavengingsystemthatwillscanpatientsusingananesthetic vaporizerthusprovidinganalytical,diagnosticandtherapeutictechniquessimilartothoseusedbyNationalLaboratoriesin2007,butthatwereupdatedin2011toincludethenewimmunologyreports
EFFECTIVEWeprovidethemostaccuratemedicaldiagnosticequipmentavailableonthemarket.
too much detail
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Geek Speak
INEFFECTIVEWeprovidenon-penetrabledebridementmedicalequipmenttechnologiesforlymphnodeexcisionbyintegratingwithour485I-bitencryptionalgorithmthatisintegratedwiththenewest245-bitDorlandoperators.
EFFECTIVEWeallowmedicalprofessionalstooperateoncancerpatientsusingtheleastinvasiveequipmentonthemarket.
listeners tune out what they don’t understand
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Youneedtogetintothenitty grittyforkeythingslike• businessmodel• howyourproductworksandwhy
itisunique• competitivelandscape• themakeupofyourmanagement
team• keymetrics
Dive In
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Identifyproblemsolvedorneedaddressedin1-2sentences
Weallowx-rayfreereal-timeimagingforsurgicalguidance
Ifpossible,mentionacustomerwhousesyourproductorthathasexpressedinterest
AustralianImmigrationhasdeterminedthatwearetheonlysystemthatcanquicklyscreenpeopleatsecuritycheckpointsforhighlycommunicablediseases
Target Market Descriptionrelate to a need
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Acknowledge Competition
Don’tcompetitorbashIdentifylandscape&whereyoufit
& neutralize it
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Whendiscussingyourbusinessmodel,themostimportantthingtogetacrosstoyouraudienceishowyou’regoingtomakemoney
Ifyouhavearevolutionarybusinessmodel,makesureitdoesn’tsoundscary
Revenue Model
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Be ConcreteDon’tbevague– haveconcretedetails(butdon’tmakethemup
Showyouhavethoughtaboutthedetailsofyouropportunityandyouunderstandwhatyouareaskingfor
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Toomanyentrepreneurscrossoverthelinebetweenpassionateenthusiasm&fraudulentmisrepresentation
Commonlies:• “Ourprojectionsareconservative”• “Boeingwillsignourcontractnextweek”• “Keyemployeeswilljoinusassoonaswegetfunded”• “Gartnersaysourmarketwillbe$50Bby2020”• “Nooneelseisdoingwhatwedo”• “Severalfirmsaredoingduediligence”• “Patentsmakeourbusinessdefensible”• “Allwehavetodoisget1%ofthemarket”
Don’t Lie (You would think this goes without saying)
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Tell a StoryStoriesconnectwithanaudienceonamuchdeeperlevelthanfacts
Evenifyou'representingonsomethingtechnical,trytoweavepersonalstoriesintoyourentirespeechtorelatebacktotheaudienceandkeepthemengaged
Let thestoryshowyourpassion
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Don’t Get Sidetracked
Don’tconfusetheaudiencewithsuperfluouscomments
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End with a Memory Cue
Youareupagainstlotsofcompetitorsinashorttimeframe
Itcanbealmostimpossibleforjudgestorememberthedetailsabouteveryonewhopitched
Offersometypeofmemorycuetomakeyourpresentationstandout
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pitchtopeopleoutsideofyourteamandgetafreshpairofearso RealityCheckstationo RapidFireRoundo Otherteams
Practice, Practice, Practice
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THEIDEATORJust keep hacking…