Pitch Perfect<br />Jay Jamison<br />Founder Institute <br />June 7, 2011<br />
Agenda<br />The Golden Age for Today’s Entrepreneur<br />The Key Investor Questions I’m Asking<br />Building the Perfect P...
It’s a Golden Age for Entrepreneurs….<br />Cheaper than ever to start a company.<br />Better resources (YC, FI, SD, 500Sta...
… And Investors Understand This.<br />I’m seeing lots of great companies that are:<br />Very capital efficient to date.<br...
Implication<br />While we’re in a Golden Age for Entrepreneurs, it is raising the bar for most very early stage companies…...
So what does that mean for you and fund-raising? <br />
Key Investor Questions<br />Is this a big market opportunity?<br />What is the problem you aim to solve?<br />Does your so...
Perfect Pitch Topics<br />Market Opportunity<br />Problem<br />Solution<br />Distribution (& Marketing)<br />Team<br />Com...
Market Opportunity:What most people tell you….<br />Top Down<br />Analyst reports<br />Comparables in the market<br />Thou...
Instead, compare your ambitions with those of your future peers…<br />World’s largest store<br />Redefine social<br />Orga...
Problem<br />State problem here:<br />
Problem<br />This should be your simplest, most cogent slide.<br />
Problem<br />Every time you do this slide, investors should nod their head that this is a problem.<br />
Problem<br />If no nods or assent, then problem isn’t big enough or you’ve confused them.<br />
Solution<br />
Solution<br />Your Product solves big pain for specific customers…. Describe.<br />Simple bullet list<br />More detailed t...
Demo<br />Have a good one, accept no substitutes<br />Rehearse it until you do in your sleep<br />Have at least 2 backup r...
Roadmap<br />
Distribution<br />This is by far the weakest slide in your deck<br />And, it is also one of the most important…<br />
Team<br />Who are you & what have you done?<br />Briefly, i.e. 90 seconds / founder or less<br />Ideally super strong & >1...
Competition<br />Everyone has competition or will<br />What’s different and why does that matter?<br />Show this on a 2x2 ...
Business Model<br />Figure it out later / Ads<br />Market maker<br />Freemium & Subscription<br />Virtual goods<br />Price...
ExecutionAn approach, not a slide<br />“Since we last spoke…”<br />Key hires onboarded<br />Product revs<br />Customer tra...
Meeting Prep<br />
Logistics : Pre-Meeting<br />Arrive 15 minutes early every time<br />Have back-ups (2nd PC, Dongles, USBs)<br />Treat ever...
Logistics: During Meeting<br />Give everyone who attends a role<br />Script which person handles which slide(s)<br />Assig...
Logistics: Post Meeting<br />Scribe: Write down all new QA for FAQ<br />Follow-up in email that dayw/ thanks, etc.<br />Do...
Q&A<br />Often badly managed, and very important<br />Answer questions directly<br />Script answers on the obvious questio...
Additional Resources<br />Tons of samples decks on Slideshare<br />StartupCompanyLawyer<br />VentureHacks<br />Founders In...
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Pitch Perfect

  1. 1. Pitch Perfect<br />Jay Jamison<br />Founder Institute <br />June 7, 2011<br />
  2. 2. Agenda<br />The Golden Age for Today’s Entrepreneur<br />The Key Investor Questions I’m Asking<br />Building the Perfect Pitch Deck<br />Handling Logistics & Q&A<br />Additional Resources<br />Wrap-Up & Q&A<br />
  3. 3. It’s a Golden Age for Entrepreneurs….<br />Cheaper than ever to start a company.<br />Better resources (YC, FI, SD, 500Startups, StartupCompanyLawyer, TC, etc.).<br />Technology is easier to learn, access, &c.<br />
  4. 4. … And Investors Understand This.<br />I’m seeing lots of great companies that are:<br />Very capital efficient to date.<br />Extremely fast in coding and releasing.<br />With working products, often in market.<br />Have clear insight on what works.<br />Have battle-tested founding teams.<br />Have a concrete ask on what $$$ they need.<br />
  5. 5. Implication<br />While we’re in a Golden Age for Entrepreneurs, it is raising the bar for most very early stage companies… <br />You need to prove more on very little money, because so many other start-ups are already doing so. <br />
  6. 6. So what does that mean for you and fund-raising? <br />
  7. 7. Key Investor Questions<br />Is this a big market opportunity?<br />What is the problem you aim to solve?<br />Does your solution evince credibility?<br />What’s actually built in code? <br />Aka. Could I imagine wanting to use this?<br />How will you get distribution? No, seriously…<br />What’s the deal with the team?<br />How is this different from competition? <br />How will this make money / get mass adoption?<br />Are you a “meat-eater” on execution?<br />
  8. 8. Perfect Pitch Topics<br />Market Opportunity<br />Problem<br />Solution<br />Distribution (& Marketing)<br />Team<br />Competition<br />Execution<br />Demo<br />Business Model<br />I don’t really care on what order you use. Whichever story works best for you….<br />
  9. 9. Market Opportunity:What most people tell you….<br />Top Down<br />Analyst reports<br />Comparables in the market<br />Thought leaders<br />Bottoms up<br />X people pay Y amount today to ABC Co<br />Tomorrow, we will get X’ to pay Y’, etc…. <br />My view:<br />I find this analysis important to evaluate the brain power and credibility of the founders.<br />What’s their mental model for the business? How do they think about and assess the market opportunity? Are they good at math? <br />Do they really know the market or did they just read something on the internet?<br />
  10. 10. Instead, compare your ambitions with those of your future peers…<br />World’s largest store<br />Redefine social<br />Organize & access information<br />Payments<br />????<br />Your Company<br />
  11. 11. Problem<br />State problem here:<br />
  12. 12. Problem<br />This should be your simplest, most cogent slide.<br />
  13. 13. Problem<br />Every time you do this slide, investors should nod their head that this is a problem.<br />
  14. 14. Problem<br />If no nods or assent, then problem isn’t big enough or you’ve confused them.<br />
  15. 15. Solution<br />
  16. 16. Solution<br />Your Product solves big pain for specific customers…. Describe.<br />Simple bullet list<br />More detailed than Problem, but still simple<br />Simple diagram also works<br />
  17. 17. Demo<br />Have a good one, accept no substitutes<br />Rehearse it until you do in your sleep<br />Have at least 2 backup routes available<br />Backup PC, Iphone or whatever<br />Video YouTube demo<br />If no demo, then at a minimum get a mockup<br />Your passion for demo should be obvious<br />
  18. 18. Roadmap<br />
  19. 19. Distribution<br />This is by far the weakest slide in your deck<br />And, it is also one of the most important…<br />
  20. 20. Team<br />Who are you & what have you done?<br />Briefly, i.e. 90 seconds / founder or less<br />Ideally super strong & >1<br />Key tech folks onboard<br />
  21. 21. Competition<br />Everyone has competition or will<br />What’s different and why does that matter?<br />Show this on a 2x2 grid or checkbox<br />BE NOT AFRAID<br />
  22. 22. Business Model<br />Figure it out later / Ads<br />Market maker<br />Freemium & Subscription<br />Virtual goods<br />Price for product or service<br />Others<br />My recommendation:<br />Choose one for now, and get back to work…<br />But have someone who has a passion for figuring out a business affiliated with your company.<br />
  23. 23. ExecutionAn approach, not a slide<br />“Since we last spoke…”<br />Key hires onboarded<br />Product revs<br />Customer traction<br />Etc, etc, etc<br />
  24. 24. Meeting Prep<br />
  25. 25. Logistics : Pre-Meeting<br />Arrive 15 minutes early every time<br />Have back-ups (2nd PC, Dongles, USBs)<br />Treat everyone you meet politely<br />Setup & preflight ppt & demo before meeting starts<br />Bring ideally 2-3 people<br />Remember: You are SELLING<br />
  26. 26. Logistics: During Meeting<br />Give everyone who attends a role<br />Script which person handles which slide(s)<br />Assign a scribe, every time<br />
  27. 27. Logistics: Post Meeting<br />Scribe: Write down all new QA for FAQ<br />Follow-up in email that dayw/ thanks, etc.<br />Do what you need to handle rejection<br />Keep positive & keep in touch<br />
  28. 28. Q&A<br />Often badly managed, and very important<br />Answer questions directly<br />Script answers on the obvious questions<br />How much are you raising?<br />How long does this last?<br />What beachhead markets do you think are most promising?<br />What holes exist in your team?<br />Why won’t Google, Facebook, Twitter, or someone else eat your lunch?<br />What makes you the right team to do this?<br />
  29. 29. Additional Resources<br />Tons of samples decks on Slideshare<br />StartupCompanyLawyer<br />VentureHacks<br />Founders Institute, YC, Women 2.0, etc<br />Guy Kawasaki’s Books & Blog on pitching<br />Friends & network<br />
  30. 30. ?<br />
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