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10 Tips on How to Pitch a VC (FOWA, London)
 

10 Tips on How to Pitch a VC (FOWA, London)

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slides for my talk at Future of Web Apps, London, Oct 2011.

slides for my talk at Future of Web Apps, London, Oct 2011.

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    10 Tips on How to Pitch a VC (FOWA, London) 10 Tips on How to Pitch a VC (FOWA, London) Presentation Transcript

    • 10 Tips on How to Pitch a VC Dave McClure 500 Startups FOWA London, October 2011 [email_address] / @DaveMcClure
    • Essential Elements of your Pitch
      • Elevator Ride (30-sec quick pitch)
      • The Money Shot (demo)
      • Size Matters (market)
      • Nice Number$ (customers + revenue)
      • SuperHeroes & RockStars (your team)
      * note: the above are teaser images… they don’t really mean anything; they’re just here to capture your attention.
    • Pitch MY PROBLEM (not YOUR SOLUTION ) Post: “Your Solution is Not My Problem”
    • [Pardon The Blatant Commercial ]
    • Read Geoffrey Miller Sex + Evolution + Consumer Mktg = Awesome
    • 500 Startups Fund & Incubator Mountain View, CA – Founded 2010
      • “ Design, Distribution, Data”
        • 165+ Mentors in 10+ Countries
      • Seed Fund + Startup Accelerator
        • 20-25 accelerator companies @ 3x/yr
        • 50-75 / yr seed investments
      • Fund I: 180+ Companies
        • Twilio
        • Wildfire
        • SendGrid
        • Erply (EST)
        • MoonFruit (UK)
        • MyGengo (JPN)
        • BugHerd (AU)
        • ChinaNetCloud (CH)
    • [How to Pitch a VC (or Angel)]
    • 10 Tips to an Awesome Pitch
      • 1. Elevator Pitch
      • 2. The Problem
      • 3. Your Solution
      • 4. Market Size
      • 5. Business Model ($)
      • 6. Proprietary Tech
      • 7. Competition
      • 8. Marketing Plan
      • 9. Team / Hires
      • 10. Money / Milestones
      Demo Goes Here Teaser Image Goes Here
    • 10 Slides to an Awesome Pitch
      • 1. Elevator Pitch
      • 2. The Problem
      • 3. Your Solution
      • 4. Market Size
      • 5. Business Model ($)
      • 6. Proprietary Tech
      • 7. Competition
      • 8. Marketing Plan
      • 9. Team / Hires
      • 10. Money / Milestones
      Demo Goes Here Teaser Image Goes Here Cu$tomer Testimonial$ “ This Shit Rocks .” The Money Shot: Demo Screen Shots Video Business Metrics (NOT Revenue Projections) AARRR!
    • 1. The Elevator Pitch ( only 30 sec! )
      • Short, Simple, Memorable:
        • “ What , How , Why .”
      • 3 key words or phrases
        • “ Mint.com is the free, easy way to manage your money online.”
      • No expert jargon… just KISS .
      • Remember to Have Fun 
      • (…. when you pitch ------> )
    • 2. The Problem
      • What is The Problem ? … Make it Obvious .
        • “ Ouch . Yeah, I have that too…”
      • Who has it?
      • “ Painkiller not Vitamin ”
      • also see blog post:
      • “ Your SOLUTION is not my PROBLEM ”
    • 3. Your Solution
      • Great Products & Companies do 1+ of 3 things:
        • Get You LAID (= sex)
        • Get You PAID (= money)
        • Get You MADE (= power)
    • 3. Your Solution
      • Great Companies do 1+ of 3 things:
        • Get you LAID (= sex)
        • Get you PAID (= money)
        • Get you MADE (= power)
      • Describe why your Solution:
        • Makes your customers Happy
        • Does it better, different than anyone else
          • “ NICHE to WIN”
          • (Customer Case Study can also go here)
    • [ The Money Shot ]
      • http://Jing.com
      • http://ScreenCast.com
      • http://Flickr.com
      • http://YouTube.com
      • http://Scribd.com
      • http://SlideShare.com
      Demo Screen Shots Video
      • PRACTICE! PRACTICE! PRACTICE!
      • demo will FAIL -- have a backup (screenshots, local video, interpretive dance)
      • expect to be interrupted
    • [ The Money Shot ]
      • http://Jing.com
      • http://ScreenCast.com
      • http://Flickr.com
      • http://YouTube.com
      • http://Scribd.com
      • http://SlideShare.com
      Demo Screen Shots Video
      • PRACTICE! PRACTICE! PRACTICE!
      • demo will FAIL -- have a backup (screenshots, local video, interpretive dance)
      • expect to be interrupted
      • and remember :
      • The Script is NOT your Slides – The Script is the FACE of your Audience
    • 4. Market Size
      • Bigger is Better
      • Top Down = someone else reported it
        • Forrester, Gartner, Your Uncle
    • 4. Market Size
      • Bigger is Better
      • Top Down = someone else reported it
        • Forrester, Gartner, Your Uncle
      • Bottom Up = calculate users/usage/rev$
        • Avg Txn = $X
        • Y customers in our market
        • Avg customer buys Z times per year
        • Market Size = $X * Y * Z annually = a big friggin’ #
        • Market growing @ 100+% per year
    • 5. Business Model (How Do You Make Money?)
      • Describe Top 1-3 Sources of Revenue
        • Prioritize by Size or Potential
      • Common Revenue Models:
        • Direct : ecommerce, subscription, digital goods
        • Indirect : advertising, lead gen, affiliate
    • 6. Proprietary Technology / Expertise
      • VCs *really* like unfair advantages:
        • BIG market lead
        • experienced team
        • “ superior” technology
    • 7. Competition (why you’re better *or* different )
      • List *all* competitors
      • Show how you’re better …
      • … or at least different
        • if not better or different then
        • -> “NICHE TO WIN”
    • Better or Different . Funny! Shocking !!! Accepted Not Funny.
    • 8. Marketing Plan
      • PR
      • Contest
      • Biz Dev
      • Direct Marketing
      • Radio / TV / Print
      • Telemarketing
      • Email
      • SEO / SEM
      • Blogs / Bloggers
      • Viral / Referral
      • Affiliate / CPA
      • Widgets / Apps
      • LOLCats
      … how do you get customers & distribution ? lots of channels & decisions… choose a few :
    • 8. Marketing Plan
      • PR
      • Contests
      • Biz Dev
      • Direct Marketing
      • Radio / TV / Print
      • Telemarketing
      • Email
      • SEO / SEM
      • Blogs / Bloggers
      • Viral / Referral
      • Affiliate / CPA
      • Widgets / Apps
      … how do you get customers & distribution ? lots of channels & decisions… choose a few :
      • 3 Things That Matter / To Measure :
        • Volume
        • Cost
        • Conversion
    • 9. Team
      • People that get VCs Hot:
      • Geeks with deep tech experience
      • Entrepreneurs who have sold companies
      • Sales/Marketing who bring in customer$
    • 10. Money, Milestones
      • How Much Money ?
        • 3 Budgets: Small , Medium, Large
      • What will you do with Capital ?
        • New Hires (Build Product )
        • Mktg & Sales (Get Customers / $$$ )
        • Ops & Infrastructure ( Scale Up)
    • Financing
      • Raised $200K Seed round Jan 08 @ $1M valuation
        • angel investors: Ron Conway, Larry Page, Bill Gates
        • built initial prototype; functional use with 1000 customers
      • Seeking $500K-$1M Series A round @ $2.5M valuation
        • already closed $300K
        • meetings with 5 other VCs in next 2 weeks
        • targeted closing in 4 weeks
      • Use of Proceeds / Product Roadmap / Goals
        • $300-500K: hire 2-3 engineers, 1 marketing / sales, .5 PT customer support
        • $200-500K: marketing campaigns & customer acquisition
        • get to 25K customers, $1M revenue by end of year
        • estimated break-even in Q4 / 09 @ $100K / month
    • Additional Resources
      • Dave McClure :
        • Startup Metrics for Pirates ( AARRR !)
        • ZapMeals Sample Pitch Presentation
        • Master of 500 Hats Blog: “Greatest Hats” (top blog posts)
      • Steve Blank : 4 Steps to Epiphany, Customer Development Methodology
      • Eric Ries : StartupLessonsLearned
      • Sean Ellis : Startup-Marketing.com
      • Andrew Chen : AndrewChenBlog.com
      • Brad Feld, Jason Mendelson : AskTheVC.com
      • Aydin Senkut : Felicis Ventures blog
      • Mark Suster : Both Sides of the Table
      • VentureHacks.com
      • StartupCompanyLawyer.com