IDCEE 2014: Pitching Power - Eveline Butchatskiy (Mentor @ TechStars Boston)
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http://idcee.org/p/eveline-buchatskiy-eastlabs/ Former CEO of leading media company Ekonomika, having launched several popular websites including delo.ua, the most quoted business portal in Ukraine. Prior to Ekonomika, Eveline was CEO of high-tech startup APCT, winner of the second annual "Silicon Valley Open Doors" contest in 2006. Before moving to Ukraine, Eveline worked for 10 years as an engineering associate on several multi-million dollar projects for top industrial gas company Praxair, Inc. Eveline received her Bachelors of Science degree in Chemical Engineering from University of California at Berkeley, her Master of Engineering degree from State University of New York, in Buffalo, and her executive MBA from INSEAD. Pic's are here: http://www.flickr.com/photos/idcee/sets/ More @ http://idcee.org Follow us on: YouTube: http://www.youtube.com/user/OfficialIDCEEChannel Facebook: https://www.facebook.com/IDCEE Linkedin: http://www.linkedin.com/groups/IDCEE-3940138 Twitter: https://twitter.com/idcee_eu Google+: http://gplus.to/idcee Flickr: http://www.flickr.com/photos/idcee/collections/
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IDCEE 2014: Pitching Power - Eveline Butchatskiy (Mentor @ TechStars Boston)
- 1. PITCHING POWER by Eveline Buchatskiy Mentor-in-Residence at
- 2. Investors are Binary Like or Not Like
- 3. What makes investors like your startup? Founders + Market
- 4. Founders Execution Ability Domain Expertise
- 5. Market y people will pay $x for something Total Adressable Market (TAM) = $x.y
- 6. Answer the following 6 questions: 1.Problem you are solving 2.Your Solution 3.Competition 4.Secret sauce 5.Monetization 6.Team
- 7. “MUST-HAVE” Pitches: 1. 15 seconds 2. 60 seconds 3. 5 minutes 4. 10 minutes 5. 30 minutes
- 9. 1.Problem you are solving 2.Your Solution USE CASE
- 10. 3. Competition
- 12. 4. Secret Sauce
- 13. 5. Monetization
- 14. 5. Team!!!
- 16. Answer the following 6 questions: 1.Problem you are solving 2.Your Solution 3.Competition 4.Secret sauce 5.Monetization 6.Team
- 17. Your job is to make them REMEMBER YOU
- 18. Good luck!
Notes de l'éditeur
- Hi everyone, great to see you at the IDCEE, this amazing conference that gets better and better each year. I will just tell you a few words about pitching. Some of you here may have already mastered the pitching skill, some may have never done. But for all of you, if you are here, you are likely thinking about fund raising. So you will be facing investors today or in the near future.
- So it’s good to understand that investors are binary people. They will either like you or not like you, and usually the decision to like you or not like you happens within the first moments of the conversation and leads the rest of the talk. If they like you, they think you are a good bet and will say stuff like “oh yeah, you can do this, and that with this idea”. If they don’t like you, they will say “ what about that other idea?”. So what makes them believe you are a good bet?
- Basically investors look at the founders and the market.
- Founders need to convince that they can execute. Investors prefer to see founders with domain expertise. It’s hard to convince that you are passionate and you can get things done and people to listen to you in a market that you are not an insider. Now at Techstars we have a team doing an app for female sports training. The founder is a women world champion for weight lifting.
- As for the market, investors need to believe your potential market is really big. They can calculate themselves the total adressable market if you can give some leads on potentially how many people would be willing to pay how much for the stuff you are offering. Now speaking about market, please, do not waste investors time on your presentation with general info on the market. Keep in mind the target audience of your pitch knows the pace of growth of the internet, or more less how many mobile phones are shipped per year, and so on. Investors tend to drift very easily. So if you don’t want to lose them while you are pitching, please focus exclusively on your product, your startup, or they will start grabbing their cel phones and checking emails or rolling their eyes like they are gone. So have some structure on your pitch.
- Here is one structure to use, just answer the following 6 questions: Problem you are solving Your Solution Competition Secret sauce Monetization Team And I will briefly describe each one of them, but I take the moment to say that during the oitch, if you are asked a question, just answer the question. I often see founders go round and round and give very long answers to simple and direct questions. Please don’t do that. If you are asked a question, just answer straight without long stories.
- Keep in mind that you must have different types of pitche. One-size does not fit all. You must have a 15 second pitch for when you meet somebody on the corridor. So you meet Dave Cohen on the corridor, you know what to say in 15 seconds. If you are invited to pitch on stage, most likely you will need a 5 minute pitch. The rule is, the less time, the more you need to focus on your product and nothing else.
- Keep in mind that you must have different types of pitche. One-size does not fit all. You must have a 15 second pitch for when you meet somebody on the corridor. So you meet Dave Cohen on the corridor, you know what to say in 15 seconds. If you are invited to pitch on stage, most likely you will need a 5 minute pitch. The rule is, the less time, the more you need to focus on your product and nothing else.
- So here you go, for the first two points, the problem you are solving and your solution, just give a use case. Chose your persona, the best representation of the market you are initially targeting, and describe the current issue this persona has, and how you will make her life easier with your product, For very early stage companies like probably most of you, the focus of the pitch has to be on the product. Depending on the time you are given, you can even do a demo, although you should avoid live demos that are dependent on the internet cause there seems to be always technical issues when you need internet.
- Competition. There are many ways that you can show competition, but you can’t ignore it. And please don’t say you don’t have competition. That is the dumbest thing to say during a pitch.
- Here is how Airb&b showed competition. They positioned themselves against others based on certain attributes. In their case, expensive/affordable, online/offline, and they are the affordable online option. You can also show in a table or in another other way that is visually simple for investors to understand in seconds the space you are in.
- Of course when you show competition you immediately need to explain your uniqueness. How are you better or at least different from your competitors. In some cases it may be the target geography, if you are implementing a proven model in an emerging market, for example. In some cases, it can be disruption around the business model, or the technology behind the product. Uniqueness and superiority has many faces.
- Monetization: how you plan to make money. If you are not sure, at least say your best guess. And don’t worry, every investor know the business model always requires validation.
- Last but not least, the team!!! It’s a very important part of your potential success, so obviously it cannot be forgotten.
- Here is a slide from Square’s deck. You see the impressive logos on the side, showing the companies these people have worked. I don’t even want to hear much of the pitch, I am ready to invest just based on those logos!
- So, you answered all these questions, then what? Then hopefully they will remember you.
- Pitching is about making them remember you. As you present your startup you need to have something in that pitch that will make them remember you. I can give you some examples. We’ve once selected a team that created a platform for organizers of professional dance events. The team is called danceter and I don’t remember anything about the pitch, except that one of the team members was a world champion for ballroom dancing. Wow!!! That’s quite an achievement, I want to be around this guy. How can I forget this pitch? We have another team that does stuff for bikes. As they pitched to me, I remember just a couple of things. One of the founders worked at Abercrombie and fitch, one of the coolest teenager clothing brands in the world, and he was responsible for marketing jeans. Wow, that’s a very big accomplishment if you are in charge of jeans at Abercrombie. First of all, you must be super cool, and I want to hang out with you. Second, you definitely know how to sell, and you will need that retail experience as you deal with hundreds of bike shops.
- Pitching is about making them remember you. As you present your startup you need to have something in that pitch that will make them remember you. I can give you some examples. We’ve once selected a team that created a platform for organizers of professional dance events. The team is called danceter and I don’t remember anything about the pitch, except that one of the team members was a world champion for ballroom dancing. Wow!!! That’s quite an achievement, I want to be around this guy. How can I forget this pitch?