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Elevator pitches February 2012

Elevator pitches February 2012

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Elevator pitches February 2012

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  1. Elevator pitchesFebruary 2012 Contents • Credentials • Preamble • The Pitch • Analysis of the pitch – do’s and don’ts • Key principles • Q&A

  2. Credentials • 15 years as a biotech CEO • 2 public companies • 3 private companies • 3 years as CEO of TEC Edmonton • Raised $100M in equity and non-equity financing • Hundreds, if not thousands, of presentations. • Now retired • However……

  3. Credentials • 15 years as a biotech CEO • 2 public companies • 3 private companies • 3 years as CEO of TEC Edmonton • Raised $100M in equity and non-equity financing • Hundreds, if not thousands, of presentations. • However…… • I’ve never presented to anyone in an elevator…..

  4. Preamble • I’m going to focus on presenting a service • Because that was my business • But it often is a product • Or an idea for a product or service • A research project is possible, too • But it must be relevant, important and – most of all – exciting • Whatever it is, your elevator pitch must engage the prospect and make them want to learn more

  5. Elevator Pitches • The Pitch

  6. Microwave- assisted processing of natural products Radient Technologies is a novel manufacturing technology that is transforming how natural products are made. [the hook] Thousands of important products in food, nutraceuticals, pharmaceuticals and cosmetics are derived from natural products or “biomass” using a process called Solvent Extraction. Problem is, the technology used to do this is 19th century bucket and spade chemistry – it hasn’t changed in over 100 years. The Government of Canada invented a major improvement to solvent extraction called Microwave Assisted Processing or MAP. This uses microwaves to vastly accelerate the extraction process so that products are recovered faster, in higher yields, at lower temperatures and using more environmentally friendly solvents. This MAP technology is exclusively licensed to Radient and we are commercializing it firstly by contract manufacturing, in which we show companies who are using the old technology how dramatically we can improve their yields and recoveries. Once convinced, we issue licenses to them so that they can incorporate MAP in their own factories. Think of us as the Microsoft Windows of the solvent extraction space. We have built a pilot plant that can process about a tonne a day of starting biomass and are in the process of building a new 5 tonne a day plant in Edmonton. Both of these facilities are used for contract manufacturing leading to royalty-bearing licenses. We have an extensive client list and pipeline and are currently doing about $2 million a year of revenue, set to rise to $18M by 2014. I have a 2-page executive summary I’d like to send you. Do you have a card? [the request]

  7. Elevator Pitches • Analysis

  8. What did I tell my audience? • I started with a ‘hook’ to get their attention • I told them what the problem was that we believe we’re solving • I told them a bit about the technology, that’s its patented and credible • I told them how we’re commercializing it (the business model) • I told them a little bit about our market and our competition • I told them that we have a plant and are building another one – i.e. we’re a serious company, with assets and growth plans • I told them that we have revenue and sales – i.e. there are people already sufficiently interested in our product to give us money to buy it • And I closed with the ‘request’ and created an opening for follow-up

  9. What didn’t I tell my audience? • I didn’t go into any technical details or results of any experiments etc • I didn’t tell them about myself (that’s important, but will have to wait) • I didn’t tell them about our team, Board, advisors etc – also important but also will have to wait • Unless you’re already a famous entrepreneur! • I didn’t tell them where we are based or came from (Edmonton, Canada, US etc)

  10. Elevator Pitches • Key principles

  11. Elevator Pitch 101 (Chris O’Leary)The “Nine C’s” • Concise – 200-225 words. No more than 60 or 70 seconds • Clear – no gobblydegook or acronyms. Your mom should be able to understand it and, better still, tell her friends about it and get it right! • Compelling – be sure that you explain what problem is being solved by your solution. • Credible – you need to be believable, as does your invention or idea. • Conceptual – don’t go into too much detail • Concrete – some facts and specifics • Conversational – you’re not trying to get a cheque, just pique your audience’s interest so that they’ll want to know more. Be sure you can supply more!

  12. Elevator Pitches • Questions?