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Nyu itp pitchfest 2014 workshop 1
1. NYU ITP !
2014 PITCHFEST
!
4th Annual!
!
Workshop 1 !
May 28 2014!
!
Jen van der Meer!
jd1159 at nyu dot edu
2. The Purpose of Pitchfest
• Building the NYC Tech Ecosystem: NYC’s angels and VCs love what is
possible at ITP, and come to support students who want to start companies
based on what they learned.
• Encouraging grads to launch: more and more ITP grads want to start a
business post-graduation, and need help getting focus and framing their story
to potential backers and supporters.
• Giving grads a framework to think big first: pitching to VCs and Angels as an
exercise in telling your largest possible vision.
• What’s different this year: post graduation pitchfest workshops - for those
students who are serious about starting a business.
3. How Pitchfest Works
• Curating 8-10 teams to present at the Pitchfest on June 18th
• Criteria: a non algo calculation - readiness to pitch, viability of
business model hypothesis, graduation year, team already
assembled
• Workshops: vision, storytelling, business modeling to prep you for
pitchfest, but more importantly for your business
• All teams welcome to participate in the 3 prep workshops, whether
or not you have been selected for the final pitchfest
4. Pitchfest Workshops
May 28 2014
!
Pitchfest 1 minute pitches
Overview of pitchfest
Primer on Funding an ITP
company
June 4 2014
!
Business Purpose Workshop
Origin story
Pitch ingredients
Breakouts w/ Mentors
June 11 2014
!
Business Model Exercise
Business Model Canvas
Customer Discovery
Breakouts w/ Mentors
June 18 2014
!
Pitchfest
!
!
!
May 29 2014
!
Team Selection
7. Today’s Agenda
• Growth capital 101
• Alternatives forms of launching
• Lightning round pitches and QA from Mentors, Coaches
8. Common Questions for ITP Entrepreneurial Grads
• Am I a for-profit or non-profit?
• Am I scalable or is scalability going to kill my dreams?
• Am I a consultancy or a product company?
• How do I start a business but keep my vision intact?
• How many months until I give up and just get a job?
10. SBIR Grant
Growth
Capital
Friends+Family
Angel
Seed
Series B, C, D…
IPO
Public
Company
For Profit
BootstrappedSelf Funded
Acquisition
Corp VC
Acquihire
Donations
Revenue
Streams
Membership
Foundation
Grants
Corporate Giving
Government
Grants
Not for Profit
Idea
Concept
Prototype
Team
Hypothesis
Equity CrowdFunding
Donation
CrowdFunding CrowdLending
Project
CrowdFunding
CrowdFunding
12. What is a Startup?
• “A startup is a human institution designed to deliver a new product or service under
conditions of extreme uncertainty.” – Eric Ries
• “A startup is a company designed to grow fast.” –Paul Graham. Y Combinator.
• For a company to grow big, it has to make something a lot of people want. To reach
and serve all of those people.
• “A startup is a temporary organization designed formed to search for a scalable
repeatable business model.” – Steve Blank.
• *Most startups change their business model multiple times.
• A scalable startup is a special class of startup – world class team, large vision, large
target market, passionate belief and a reality distortion field.
13. Types of Company Formation
LLC Scorp Ccorp BCorp
Consulting
Business
x x
Product
Needing
Investment
x
Social Impact!
Standards +
Transparency
x
This is not a legal recommendation - but do visit Lowenstein and other firms that host office hours at NYU Incubators
14. Angel Investing 101
• Seek out successful angel investors:
• Accredited.
• Angels get more successful when they invest in a volume of deals (10-20x per year)
• Pattern matching against themes
• What angels want:
• A big vision, great team, identifiable market segment, prototype, product, traction
• Funding requirement between $50,000 to $500,000 to finance growth activities, including
product development, recruiting key staff, launching sales and marketing activity
• Seeking on average an expected value of 10x return.
16. Stages of Investment Capital Requirements
http://www.venturegiant.com/news-channel-396-when-should-an-entrepreneur-start-looking-for-investors.aspx
19. Venture Capital 101
• Raise money from LPs (Limited Partners)
• Invest against a thesis/themes (know their
themes)
• Value add: ease in future financing, validation,
advisory
• Not seeking to invest in a small business, or a
social enterprise with a small addressable market.
• Seeking 10x + return. Looking for Unicorns.
21. Where to start
• Lean startup, lean launchpad
• Total addressable market
• Customer discovery
• MVP
• Validate your early hypotheses
• Start telling your story
23. Lightning Round Pitches
• Good Branch: David Lobser, Damon Ciarellii
• GardenAware: Julia Irwin, Uttam Grandhi
• VirtualMenu: Máximo Sica
• MyFrame: Yu-Ting Feng, Peiqi Su
• Jewliebots: Maria Paula Saba, Sara Chipps
• TechnoChic / GLANCE: Natasha Dzurny
• Tiya: Su Hyun Kim
• Mnemonic Making(Table): SAKI HAYASHI
• AQUA-BRIDGE: Youjin Shin, Peter K. Kang
Not here today:
• Good Care Calls: Liz Khoo
• Last Eats: Colin Narver
—————Late Entries——————————
• iCarbon: Tianyu WU
• Pleashare: Jing Zhao
• DanceCode: Justin Lange
• Vidcode: Alexandra Diracles, Melissa
Halfon
24. Next:
• 8-10 Teams selected
• Homework for next week: first draft presentation covering:
• Elevator pitch
• Team, advisors
• Market size (TAM, SAM)
• Market problem, current solutions
• Business model canvas
