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The Plan, Powerpoint, Elevator Speech: Pitching Your Ideas

I2V Workshop ATMC, UMass Dartmouth October 20, 2006 Lee Hower. The Plan, Powerpoint, Elevator Speech: Pitching Your Ideas. Always in Pitch Mode. Great Entrepreneurs are Constantly Selling Selling yourself as a business partner and leader to prospective team members

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The Plan, Powerpoint, Elevator Speech: Pitching Your Ideas

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  1. I2V Workshop ATMC, UMass Dartmouth October 20, 2006 Lee Hower The Plan, Powerpoint, Elevator Speech: Pitching Your Ideas

  2. Always in Pitch Mode • Great Entrepreneurs are Constantly Selling • Selling yourself as a business partner and leader to prospective team members • Selling your idea and team to potential investors and financing sources • Selling your products and services to customers and distribution partners • Selling your enterprise to eventual acquirers

  3. Audiences • Investors / financing • Customers • Hiring / recruiting • Strategic partners • Pitching Tools • Executive summary • Business plan • Powerpoint slide show • Elevator speech Entrepreneurs’ Arsenal for Pitching Consider audience and context carefully, pick the right tool for the job

  4. Executive Summary • What is it? • 2-5 page document which highlights a full business plan • Needs to be useful as a “standalone” piece of info • Often excludes highly sensitive information, permits wider distribution • When you use one? • Snapshot for a potential investor – often first impression • Written intro to team members, customers, or partners to your company • What’s critical to include? • Market opportunity, product description, key innovation(s), team • How to get a hold of you

  5. Business Plan • What is it? • 10-40 page document which serves as a longer term road map • More complete and detailed information about company history, current status, and future strategy • When you use one? • Financing partner w/ some familiarity requests more information • What’s critical to include? • Deeper analysis and supporting data for contents of exec summary • Info on IP, sales & marketing strategy, projected financial model, competition, possible exit strategy • Funding needs, both today and in the future

  6. Business Plan – The Nitty Gritty • Market Opportunity What’s the pain point you can help solve? • Product / Service What can you offer and how does it address the pain? • Innovation What are the key innovations in technology or business model than enable your solution? What IP or other barriers to replication exist? • Market Sizing What’s the scope of the market? How fast is it growing? How is it segmented? • Sales & Marketing Approach How will you reach customers? What’s the pricing structure and profit margins? • Financial Model Any historical financials? What are the projected revenues and expenses for the next 3-5 years? • Team Bios of key members. What’s the hiring plan for additional staff? • Funding Needs What money has gone in thus far? How much do you need today and what will you achieve with it? What might you need in the future? • Exit Strategy What are likely scenarios and why? What similar companies have been acquired, gone public, etc recently?

  7. Slide Show • What is it? • Deck of 10-15 slides as a call to action (invest in our company, buy our stuff) • Often used in the context of presenting to a group of several people • When you use one? • Pitching a group of investors, usually further along in the process • Selling to customers and partners • What’s critical to include? • Relevant appendices • Graphical elements • Time for Q&A

  8. Elevator Speech • What is it? • 30-60 second verbal pitch about your company • A “teaser” to prompt some type of follow-up • When you use one? • Providing a verbal intro to a range of audiences • Always a first impression • Usually presented one-on-one to a busy person • What’s critical to include? • Drop a compelling “nugget” • How to follow-up (usually action on your part)

  9. Case Study – The “Tube” Backyard BBQ Elevator Speech Investor Slide Show Business Plan + Other Materials

  10. The VC Process – PJC Example • Sourcing Investment Opportunities Elevator speech • Initial Screening Exec summary • First Meeting Powerpoint slides • Request Additional Information Business plan • Present to Full Partnership Powerpoint slides • Due Diligence • Negotiate Investment Terms • Closing

  11. Suggestions for Successful Pitching Be Prepared  You never know when pitch opportunities will arise Be Assertive  Take your opportunities when they present themselves Be Focused Get the info across that’s important and identify next steps Be Honest Optimism and energy is essential, unrealistic messages unhelpful Leverage Yourself  Solicit feedback and input from others on your pitches, use your network to expand the opportunities to pitch

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