COMS Young Technology Award• Process: – Sunday: introduction to pitching – Monday: 10 AM announcement of finalists during plenary session – 13.30-15.30 Lessons learned in Technology Startups – 16.00 – 17.30 Practice and improve your pitch – Tuesday: 16.00 start finale (3 minutes)
Importance of a good pitch• Sometimes, Your Only Chance• Average VC Listens for Only 90 Seconds• Process Forces You to Clarify Your Concept – Usually You Understand More Clearly
We’ve all pitched before• Situations for an elevator pitch: – Birthday parties – Networking events where you meet potential customers, partners and investors – Or during a phonecall with media• The key to success: – Be prepared – Use the building blocks relevant for that specific situation – It’s not about closing the deal, it’s about starting the conversation!
PreparationThink about:• Who is your listener / audience? – No jargon: make it easy to understand• What do you need from them?• What should they remember?
The first impression• Enthusiasm and belief• Likeability• Getting the attention: – Rhetorical question – Joke – Tell a short story that we can relate to
Stage attitude• What you say and what the audience hears: – An audience’s opinion is based for more than 50% on how you say something, not what you say – Don’t be afraid of silence – Dress to impress!
Building blocks• Introduction – Get our attention! – Your name and your company name – What are you looking for 90-seconds• Which problem are you solving for whom?• Your solution: product or service?• What’s your competitve advantage?• Business model•Team•Competition If you still have time•Marketing/sales/distribution•Status and timeline•Summarize and call to action Always!
Customer perspective of the problem• Who is your customer?• Your customer’s problem is: – A pain he wants solved (priority) – Relevant and important – He/she wants to pay for it to go away• How many potential customers are experiencing this problem?
Your USP• Convince the audience you have the best solution – Happy customers – Case studies• Value proposition: your solution quantified: • Saves money • Increases turnover • Saves time • Is more accurate
Team• Investors invest in a team, customers buy from people• Do you have an experienced team, an absolute authority in the field? Tell us!
3 minutes• You won’t have enough time to tell us everything (so don’t zoom in on the technical details)• Make the listener and the judges want to ask you for more info• No powerpoints
Try This Sample• Our business will deliver ______ to _______. Until now, this market has been underserved because _________.• Our business was / will be launched on ____and we will begin delivering product ______.• Our business model involves ______ and we expect to reach a breakeven level in the ___ quarter.• We have put together a team led by ____ and _____, who have ______. In addition, our Advisory Board includes ______.• We have raised ___ thusfar and are now seeking _____ to finance _______.• We anticipate an exit strategy in year ____ through _____.• I would like the opportunity to schedule a meeting to discuss this with you in greater detail.