1 / 39

The perfect pitch: A guide to effectively sell your ideas

The perfect pitch: A guide to effectively sell your ideas. Borys Chabursky Strategic Health Innovations. Agenda. Objective: Developing the perfect plan The business plan: what usually happens Components of a business plan Case study: The process to develop the perfect plan

kasa
Télécharger la présentation

The perfect pitch: A guide to effectively sell your ideas

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The perfect pitch: A guide to effectively sell your ideas Borys Chabursky Strategic Health Innovations

  2. Agenda • Objective: Developing the perfect plan • The business plan: what usually happens • Components of a business plan • Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 • Who should you target? - Exercise 2 • How do you make your pitch? - Exercise 3 • Conclusion

  3. Objective: Developing the perfect plan This session will be useful if you are seeking to sell an idea Examples can include: A way to convince hospital management to approve purchase of vital and expensive equipment You are seeking buy-in for an initiative for your department You would like to commercialize an innovative idea

  4. Agenda • Objective: Developing the perfect plan • The business plan: what usually happens • Components of a business plan • Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 • Who should you target? - Exercise 2 • How do you make your pitch? - Exercise 3 • Conclusion

  5. “…disruptive idea developed by innovative researcher interested in meeting…” “…experienced globally oriented management team that has done 20+ successful IPOs, made a zillion dollars, and is willing to work for options…” “…to raise a half a zillion dollars based on a $10 kagillion valuation…” “…in order to launch a company that will one day allow us to retire in luxury, only leaving our island when we fly by private jet to pick up our Nobel prize.” It all starts-out like a great story…

  6. “…idea is more disturbing than disruptive and innovative scientist can’t stop developing new research projects…” “…zillionaires don’t work for options – that’s why they become zillionaires - so instead we have the younger brother who’s never run a company but was great at caring for his gerbil …” “…relying on pennies from heaven – that would include government grants and occasional busking…” “…the island has become a metaphor for the isolationist feelings that all genius’ must suffer when they are misunderstood…” So, how does the story really end?

  7. Agenda • Objective: Developing the perfect plan • The business plan: what usually happens • Components of a business plan • Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 • Who should you target? - Exercise 2 • How do you make your pitch? - Exercise 3 • Conclusion

  8. Business Plan Executive summary • The marketing piece • For an investor, determines whether the remainder of the plan will be read • Should be kept to 2 to 3 pages • Should be completed last

  9. Business Plan Overview • A brief summary of the product, technology or service • Introduction and description of each component of the business plan Executive summary Executive summary

  10. Business Plan • What are the features or functions of the product/ service? • Who are the target customers? • What is the value proposition? Products, technology or service Executive summary Overview

  11. Business Plan • What is the potential market size for the product/service? • What stage of growth is the market in? (early, mature or decline?) • What are the market needs? Market analysis Executive summary Overview Products, technology or service

  12. Business Plan • Who are the likely competitors? • What are the strengths and weaknesses of potential competitors? • To whom could you compare yourself? Competitive analysis Executive summary Overview Products, technology or service Market analysis Implementation schedule

  13. Business Plan • Who are the founder/founders and what are their qualifications, experience and past achievements? • Investors would rather fund a B level technology with an A level management team than an A level technology with a B level management team Management team Executive summary Overview Products, technology or service Market analysis Competitive analysis

  14. Business Plan • What are the financial projections for the next 5 years? • What are the financial requirements over the next 5 years? • What is the exit strategy? Financial planning Executive summary Overview Products, technology or service Market analysis Competitive analysis Management team

  15. Business Plan • What is the detailed short-term implementation plan? • What are the major milestones? • Who is responsible for the major tasks? Implementation schedule Executive summary Overview Products, technology or service Market analysis Competitive analysis Management team Financial planning

  16. Agenda • Objective: Developing the perfect plan • The business plan: what usually happens • Components of a business plan • Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 • Who should you target? - Exercise 2 • How do you make your pitch? - Exercise 3 • Conclusion

  17. Case study Background Dr. Smith, a critical care physician at a large teaching hospital, has noticed that some of the equipment in the ICU needs to be upgraded in order to provide the patients with the best level of service Challenge Dr. Smith has heard that hospital management is resistant to spending and is not sure what approach to take to effectively communicate the need for new equipment Solution A structured pitch to sell the need for new equipment that will overcome management’s objections and reservations to fund Dr. Smith’s proposal

  18. The process 1. What is your story? • Understand what it is you are trying to sell • Summarize your idea into a structured pitch Exercise 1 Develop a pitch 2. Who should you target? • Who should you be making the pitch to? • What are you hoping to gain out of the meeting? Exercise 2 Target list 3. Making the pitch • 30 second elevator pitch • Follow up telephone call • Slide presentation pitch Exercise 3 Pitching exercise

  19. Your story Who to target Making the pitch • Why are you pursuing this idea? • State how the equipment you require directly meets the ICU’s needs • Who are the target patients? • Has this idea been proven elsewhere? • Identify successful examples • How much investment is necessary? What is your idea? Executive summary

  20. Your story Who to target Making the pitch • Why are you pursuing this idea? • State how the equipment you require directly meets the ICU’s needs • Who are the target patients? • Has this idea been proven elsewhere? • Identify successful examples • How much investment is necessary? Executive summary and overview What is your idea? Financial planning Competitive and market analysis

  21. Your story Who to target Making the pitch • Value proposition: What value will this project provide to patients and hospital management? • Overcome management’s reluctance to invest by highlighting the potential return on investment (ROI) • New equipment will: • Save $ over the next 5 years by reducing inefficiencies • Reduce risks: eliminating misdiagnosis by x % • Add to the reputation of the hospital which will attract more funding What is your idea? Why is it important?

  22. Your story Who to target Making the pitch • Value proposition: What value will this project provide to patients and hospital management? • Overcome management’s reluctance to invest by highlighting the potential return on investment (ROI) • New equipment will: • Save $ over the next 5 years by reducing inefficiencies • Reduce risks: eliminating misdiagnosis by x % • Add to the reputation of the hospital which will attract more funding Technology, products or services: Use qualitative and quantitative criteria What is your idea? Why is it important?

  23. Your story Who to target Making the pitch • List the qualifications, experience and past achievements of the originator, principal investor or founder group • How critical is the founder to the success of the project? • What roles will personnel be assuming in implementing this project? (e.g. a matrix of team members with their position and key activities/responsibilities) • Does your experience and background complement this idea? Who will manage the venture? What is your idea? Why is it important?

  24. Your story Who to target Making the pitch Management team • List the qualifications, experience and past achievements of the originator, principal investor or founder group • How critical is the founder to the success of the project? • What roles will personnel be assuming in implementing this project? (e.g. a matrix of team members with their position and key activities/responsibilities) • Does your experience and background complement this idea? What is your idea? Why is it important? Who will manage the venture?

  25. Your story Who to target Making the pitch • A timeline of how you plan to implement your idea • Communicate the development of the value proposition by identifying milestones to highlight key dates in the development of the idea. This will allow hospital management to track the project’s progress towards providing the potential ROI • Identify potential threats and barriers to the implementation and how you plan to overcome them What is your idea? Why is it important? Who will manage the venture? How will you implement the idea?

  26. Your story Who to target Making the pitch • A timeline of how you plan to implement your idea • Communicate the development of the value proposition by identifying milestones to highlight key dates in the development of the idea. This will allow hospital management to track the project’s progress towards providing the potential ROI • Identify potential threats and barriers to the implementation and how you plan to overcome them What is your idea? Implementation schedule Why is it important? Who will manage the venture? How will you implement the idea?

  27. Your story Who to target Making the pitch Exercise Using the four components of an effective pitch, develop a story for Dr. Smith Goal of exercise To gain a practical understanding of the process to develop an idea into a marketable sales pitch

  28. Your story Who to target Making the pitch WORKSHEET 1: What is your story? 1)What is your idea? 2)Why is it important? 3)Who will be managing the venture? 3)How will you implement your idea?

  29. Your story Who to target Making the pitch • Who are you talking to? • Titles, organizational structure, hierarchy & key responsibilities Who? • Why are you talking to this person? • Why are you relevant to them? • Why are they relevant to you? Why? What? • What are you hoping to get out of the meeting/pitch? Know your audience

  30. Your story Who to target Making the pitch Exercise Identify the decision makers that you will need to contact in order to sell your idea. List potential objections they may have to your proposition and how you would overcome them Goal of exercise To develop a methodology to target and profile decision makers in order to customize your pitch to overcome any objections

  31. Your story Who to target Making the pitch WORKSHEET 2: Who do you target? 1)Who are the decision makers? 2)What objections might they have? 3)How can you overcome their objections?

  32. Your story Who to target Making the pitch Initial contact: the 30 second elevator pitch • Craft a take-away message • State the essence of the problem with relevant supporting information • Do not get caught up with details • Keep it Simple: “This device will reduce the ICU’s operational costs by…”

  33. Your story Who to target Making the pitch Follow up: Telephone pitch • Introduction: “We last spoke…” • Statement of relationship • 10 minute pitch: Elaborate on the four components of your story • Follow up with a thank- you note Initial contact: the 30 second elevator pitch

  34. Your story Who to target Making the pitch In person: Detailed slide presentation • The slide presentation should highlight: • Excellence • Innovation • Impact (ROI) • Provide necessary detail which outlines the four key components • Encourage and allow time for questions Initial contact: the 30 second elevator pitch Follow up: Telephone pitch

  35. Your story Who to target Making the pitch Exercise • Based on the components of an effective pitch developed in Exercise 1, condense your story into a 30 second pitch • Pair up with a colleague and present the pitch • Evaluate each other’s pitch Goal of exercise To develop a take-away message for your business plan while retaining the fundamental components of your story

  36. Your story Who to target Making the pitch WORKSHEET 3: Deliver your pitch 1)Outline the main points of your pitch and present • 2)Evaluate the pitch: • Was it within 30 seconds? • Does the pitch state how it serves a real need? State how it does or does not • Were you convinced of the value of the proposition? State why it does or why not

  37. Agenda • Objective: Developing the perfect plan • The business plan: what usually happens • Components of a business plan • Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 • Who should you target? - Exercise 2 • How do you make your pitch? - Exercise 3 • Conclusion

  38. Conclusion Clearly identify your proposition in the development of a pitch for your innovative idea Determine who you will target and what it is you are hoping to gain from meeting them The delivery of your pitch must be concise but thorough – an effective pitch will truly convince potential investors of the value of your proposition Success

  39. Thank you Strategic Health Innovations 133 Madison Avenue Suite 100 Toronto, Ontario, M5R 2S3 Tel: (416) 236-1054 Fax: (416) 236-2801 E-mail: borys@shi.ca

More Related