Nyu itp pitchfest 2014 workshop 1Presentation Transcript
NYU ITP !
Workshop 1 !
May 28 2014!
Jen van der Meer!
jd1159 at nyu dot edu
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.
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
• 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
May 28 2014
Pitchfest 1 minute pitches
Overview of pitchfest
Primer on Funding an ITP
June 4 2014
Business Purpose Workshop
Breakouts w/ Mentors
June 11 2014
Business Model Exercise
Business Model Canvas
Breakouts w/ Mentors
June 18 2014
May 29 2014
Jen van der Meer
NYU ITP Adjunct
• Growth capital 101
• Alternatives forms of launching
• Lightning round pitches and QA from Mentors, Coaches
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?
For Proﬁt, Non Proﬁt, or
Series B, C, D…
Not for Proﬁt
Our Focus Today:
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.
Types of Company Formation
LLC Scorp Ccorp BCorp
This is not a legal recommendation - but do visit Lowenstein and other ﬁrms that host ofﬁce hours at NYU Incubators
Angel Investing 101
• Seek out successful angel investors:
• 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.
Stages of Investment Capital Requirements
Stages of Investment Risk, Reward
Angels Increase in # but not $ Invested
Venture Capital 101
• Raise money from LPs (Limited Partners)
• Invest against a thesis/themes (know their
• Value add: ease in future ﬁnancing, validation,
• Not seeking to invest in a small business, or a
social enterprise with a small addressable market.
• Seeking 10x + return. Looking for Unicorns.
Tracking Themes of Investment
Where to start
• Lean startup, lean launchpad
• Total addressable market
• Customer discovery
• Validate your early hypotheses
• Start telling your story
So What Am I?
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
• iCarbon: Tianyu WU
• Pleashare: Jing Zhao
• DanceCode: Justin Lange
• Vidcode: Alexandra Diracles, Melissa
• 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