THEIDEATORA MONASH GENERATOR EVENT

MONASH.EDU/ENTREPRENEURSHIP

How to Pitch

Just because someone tells you to jump off a cliff doesn’t always mean you should do it.

This presentation will inform you about improving your pitch message, style and delivery.

However – listen to your gut and what you think is important. No one knows your story better than you do.

What is an Elevator Pitch?Ashort,simpledescription ofyourbusinessideathatanyonecouldunderstandbythetimeyourideupthreefloorsinatypicalelevator.

You have to be more interesting than angry

birds

MAKE AIfyouraudiencedoesn’tunderstandwhatyou’reoffering,you’vefailed.Everywordyouspeakshouldworktoexplainandclarifythat

purpose— that’swhyyouraudienceisthereinthefirstplace.

LESSIS MORE

[More or Less]

HookAquestionorastatementthatreallyenticestheaudiencetostaywithyouforthefullpitch

The Opportunity•Whatproblemoropportunityhaveyouidentified?•Whatisyoursolutiontothisproblemorhowdoyouplantocapturetheopportunity?•Whichcustomerpainwillyoualleviate?•Whatisyourvisionofthebusinessandwhydoyoucare?

Core Structure

1

The Market•Whichgroupofcustomerswillyoutarget?•Howbigisthepotentialmarketandhowfastisitgrowing?•Whoisyourcompetitionandwhywillyourstart-upprevail?

Core Structure

2

The Business Model (How will you make money?• Howmuchwillyouchargecustomersforyourproductandwhywilltheypaytheprice?•Whatarethevariableandfixedcostsofyourstart-upandhowmuchprofitwillitgenerate?• Howmanycustomerscanyouwinovertimeandwhydoyouthinktheywillcomeonboard?

Core Structure

3

3 key talking points•Whatisitthatyou’redoing&whydoesitmatter?•Howisitbetter?•Whyareyoudoingwhatyou’redoing?

What people should be thinking

I didn’t know that

I’m glad I do now

I’d like to know more

Don’t be salesyHow to Say It

“No word was ever as effectiveas a rightly timed pause”

“ “Mark Twain

Interestingstorywithacompellingcalltoaction

Strong,succinctproblem-solutionstatement

Cleardescriptionofhowyoursolutionisinnovative

Tips for your Pitch

Don’tcraminbuzzwords– focusonwhatmatters

Knowyourmarketandhowyou’lltapintoit

Whyisyoursolutionurgent?Whatimpactwillithave?

Knowyourcustomers&yourusers

Whoareyourcompetitors?Whatisyourcompetitivedifferentiationandhowwillyougetmarketshare?Don’tbashyourcompetition.

Whattractiondoyoualreadyhave(trials,users)?

LetyourpassionshinethroughRememberthe“A-Ha”moment

Whattechnicalstepsneedtobeachieved?

Howmuchmoneydoyouneedtomakethiswork?Whatwillyoudowiththismoney?

Managementteamand/oradvisorswithrelevantexperience?

IP&otherformsofdefensibility foryourbusiness(patents,licenses,exclusiverelationships,etc.)

1. A Minute is Too LongIntherealworld,youbasicallyhave20secondstogetsomeoneengagedoryoumightaswellgohome

2. Don’t Linger on the ObviousRehashingfactsseasonedinvestorshaveseenhundredsoftimesiswastedoxygen

3. Create a Story Around Your InnovationEvenfriendlyaudiencesneedtobewonoverDon’texpecteveryonetogetit

3. Templates are BoringStartingpoint– butmodifybecauseitwon’tbeperfectlysuited

(Boring but Useful)Template

HookBriefproduct/servicedescriptionBrieftargetmarketdescriptionCompetitivelandscapeHowyouwillmakemoneyResourcesneeded(e.g.$,expertise)Returns/paybacktoinvestorsMemorabletagline/pitchclosing

Do Not Get Bogged DownPresenta(nagging)problem&(massivepotentialforsuccess)solution

Keepitclean&simple,makesuretheyunderstandthevalueproposition

Highlightcustomerbenefits,nottechnicalbenefits

The KISS of Death

INEFFECTIVEOurmedicaltechnologyisthefirstautomaticanesthetic gasscavengingsystemthatwillscanpatientsusingananesthetic vaporizerthusprovidinganalytical,diagnosticandtherapeutictechniquessimilartothoseusedbyNationalLaboratoriesin2007,butthatwereupdatedin2011toincludethenewimmunologyreports

EFFECTIVEWeprovidethemostaccuratemedicaldiagnosticequipmentavailableonthemarket.

too much detail

Geek Speak

INEFFECTIVEWeprovidenon-penetrabledebridementmedicalequipmenttechnologiesforlymphnodeexcisionbyintegratingwithour485I-bitencryptionalgorithmthatisintegratedwiththenewest245-bitDorlandoperators.

EFFECTIVEWeallowmedicalprofessionalstooperateoncancerpatientsusingtheleastinvasiveequipmentonthemarket.

listeners tune out what they don’t understand

Youneedtogetintothenitty grittyforkeythingslike• businessmodel• howyourproductworksandwhy

itisunique• competitivelandscape• themakeupofyourmanagement

team• keymetrics

Dive In

Identifyproblemsolvedorneedaddressedin1-2sentences

Weallowx-rayfreereal-timeimagingforsurgicalguidance

Ifpossible,mentionacustomerwhousesyourproductorthathasexpressedinterest

AustralianImmigrationhasdeterminedthatwearetheonlysystemthatcanquicklyscreenpeopleatsecuritycheckpointsforhighlycommunicablediseases

Target Market Descriptionrelate to a need

Acknowledge Competition

Don’tcompetitorbashIdentifylandscape&whereyoufit

& neutralize it

Whendiscussingyourbusinessmodel,themostimportantthingtogetacrosstoyouraudienceishowyou’regoingtomakemoney

Ifyouhavearevolutionarybusinessmodel,makesureitdoesn’tsoundscary

Revenue Model

Be ConcreteDon’tbevague– haveconcretedetails(butdon’tmakethemup

Showyouhavethoughtaboutthedetailsofyouropportunityandyouunderstandwhatyouareaskingfor

Toomanyentrepreneurscrossoverthelinebetweenpassionateenthusiasm&fraudulentmisrepresentation

Commonlies:• “Ourprojectionsareconservative”• “Boeingwillsignourcontractnextweek”• “Keyemployeeswilljoinusassoonaswegetfunded”• “Gartnersaysourmarketwillbe$50Bby2020”• “Nooneelseisdoingwhatwedo”• “Severalfirmsaredoingduediligence”• “Patentsmakeourbusinessdefensible”• “Allwehavetodoisget1%ofthemarket”

Don’t Lie (You would think this goes without saying)

Tell a StoryStoriesconnectwithanaudienceonamuchdeeperlevelthanfacts

Evenifyou'representingonsomethingtechnical,trytoweavepersonalstoriesintoyourentirespeechtorelatebacktotheaudienceandkeepthemengaged

Let thestoryshowyourpassion

Don’t Get Sidetracked

Don’tconfusetheaudiencewithsuperfluouscomments

End with a Memory Cue

Youareupagainstlotsofcompetitorsinashorttimeframe

Itcanbealmostimpossibleforjudgestorememberthedetailsabouteveryonewhopitched

Offersometypeofmemorycuetomakeyourpresentationstandout

pitchtopeopleoutsideofyourteamandgetafreshpairofearso RealityCheckstationo RapidFireRoundo Otherteams

Practice, Practice, Practice

THEIDEATORJust keep hacking…