Startup Wednesday 5: Raising Finance & Pitching

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Startup Wednesday 5: Raising Finance & Pitching

  1. 1. Session 5 Raising Finance Pitching
  2. 2. Some questions <ul><li>Why should anyone else give you money? </li></ul><ul><li>Why shouldn’t they? </li></ul><ul><li>What can you do to make it easier for them to give you money? </li></ul>
  3. 3. Sources of finance Existing angel investment, already profitable High level of potential return and customers already signed up A proven track record or security (eg a house) Good personal relationships Skill in completing application forms What do you need? Shares in your business Shares in your business Regular repayments at a set rate of interest Negotiable Free Cost? £200,000 or more £50,000-£200,000 Varies Up to £50,000 Up to £10,000 for students How much? Venture Capital Business Angels Banks Friends & Family Grants & competitions
  4. 4. So how much money do you need? Add all the z's Thats how much money you need Q: How can you reduce this amount? z y Dec … z z z z Total costs … y y y y Monthly costs x Startup costs … Apr Mar Feb Jan
  5. 5. Competitions and grants <ul><li>One of the main ways for students to get initial funding </li></ul><ul><ul><li>Usually small amounts (c. £1,000) but can help to unlock funding from other sources </li></ul></ul><ul><li>Competitions are advertised at </li></ul><ul><ul><li>www. royalhollowayentrepreneurs .com /competitions </li></ul></ul><ul><li>Government grants are available from </li></ul><ul><ul><li>www. businesslink .gov.uk/support </li></ul></ul><ul><li>Grants for social enterprises and charities are at </li></ul><ul><ul><li>www. fundingcentral .org.uk/ </li></ul></ul><ul><ul><li>www. unltd .org.uk </li></ul></ul><ul><li>Make sure you get advice on your application – you can book an appointment with me! </li></ul>
  6. 6. Building business relationships <ul><li>Many businesses minimise costs by bartering </li></ul><ul><ul><li>Sharing office space </li></ul></ul><ul><ul><li>Promoting each other </li></ul></ul><ul><ul><li>Combining forces </li></ul></ul><ul><li>You raise finance from friends and family and angel investors , and build business relationships with other companies by… </li></ul>
  7. 7. Pitching
  8. 8. Communications... <ul><li>Are a key to success: </li></ul><ul><ul><li>Career development </li></ul></ul><ul><ul><li>Promoting your ideas </li></ul></ul><ul><ul><li>Selling your services or products </li></ul></ul><ul><ul><li>Making an impact </li></ul></ul><ul><li>The pitch is a key form of communication – master it! </li></ul>
  9. 9. What is an elevator pitch? <ul><li>Your 1 minute opportunity to: </li></ul><ul><ul><li>Tell the story </li></ul></ul><ul><ul><li>Sell yourself or your idea </li></ul></ul><ul><ul><li>Make a date for a meeting </li></ul></ul><ul><ul><li>Leave a good impression </li></ul></ul>
  10. 10. What can I pitch? Myself for career opportunities My idea for feedback, partnership, support My product / service for sale My firm for support, investment, sale
  11. 11. Who do I pitch to? <ul><li>Business owners </li></ul><ul><li>Employers </li></ul><ul><li>Peers </li></ul><ul><li>The unexpected </li></ul>
  12. 12. Key Content: My Proposition <ul><li>Who am I? </li></ul><ul><li>What is the problem I’m solving? </li></ul><ul><li>How am I solving it? </li></ul><ul><li>Why is my solution likely to succeed? </li></ul><ul><li>What do I want from you? </li></ul><ul><li>What will success look like for both of us? </li></ul><ul><li>How will success shape the future? </li></ul>
  13. 13. Who am I? <ul><li>Hello, I’m John – John King </li></ul><ul><li>I help students at Royal Holloway to start their own businesses and to become more entrepreneurial </li></ul>
  14. 14. What is the Problem I’m Solving? <ul><li>Students sometimes don’t have the confidence or skills to achieve success. </li></ul><ul><li>They don’t know how to plug in to the right networks or how to make things happen. </li></ul><ul><li>Often, this means that they don’t persist in trying to realise their ambitions, or that they aren’t ambitious enough in the first place. </li></ul><ul><li>This is a tragedy for both the student and for society. </li></ul>
  15. 15. How am I solving it? <ul><li>I created Royal Holloway Entrepreneurs, a student-led organisation, which encourages more students to take part in enterprising activities. </li></ul><ul><li>I also launched Enterprise Lab, a business incubation service. </li></ul><ul><li>Finally I run intensive boot camps to make students more entrepreneurial. </li></ul>
  16. 16. Why is my solution likely to succeed? <ul><li>My strategy reaches out to more students than I could reach alone, and students listen to other students more than staff. </li></ul><ul><li>Research has proven that boot camps work. </li></ul><ul><li>And free incubation services are very useful when you have no money to start a business. </li></ul>
  17. 17. What do I want from you? <ul><li>I want you to join Royal Holloway Entrepreneurs by visiting the website at www.royalhollowayentrepreneurs.com </li></ul><ul><li>I am also looking for Royal Holloway students to help out with activities next year. </li></ul>
  18. 18. What will success look like for both of us? <ul><li>The more members we have, the stronger the organisation becomes. </li></ul><ul><li>This is good for you, because you will become part of a network of successful students, and will learn from helping other students to succeed. </li></ul><ul><li>This is good for me, because the more students that help, the more students will join. </li></ul>
  19. 19. How will success shape the longer term? <ul><li>Longer term, the society needs to become self-funding, and your efforts – to include more people and to help find funding for the society – will help make this happen. </li></ul><ul><li>The organisation could include every student at the College and become the strongest society in Europe. </li></ul>
  20. 20. Write Your Pitch <ul><li>Here’s your opportunity to get your pitch up to scratch: </li></ul><ul><ul><li>Write your personal 1 minute pitch </li></ul></ul>Exercise
  21. 21. Key Content: My Proposition <ul><li>Who am I? </li></ul><ul><li>What is the problem I’m solving? </li></ul><ul><li>How am I solving it? </li></ul><ul><li>Why is my solution likely to succeed? </li></ul><ul><li>What do I want from you? </li></ul><ul><li>What will success look like for both of us? </li></ul><ul><li>How will success shape the future? </li></ul>
  22. 22. Perform Your Pitch <ul><li>Now perform your pitch once to each other person in the room </li></ul><ul><ul><li>Ask for their feedback </li></ul></ul><ul><ul><li>They will give constructive feedback and write notes on your worksheet </li></ul></ul>Exercise
  23. 23. Course programme 2pm-4pm in Arts Building S21 Finding role models and teams 20 Oct 1 Generating ideas 10 Nov 2 Planning your first year 24 Nov 3 Branding and building a website 8 Dec 4 Pitching and raising finance 12 Jan 5 Marketing and PR for startups 26 Jan 6 Selling and negotiating 9 Feb 7 Accounting and legal issues 23 Feb 8 Running an office and bookkeeping 9 Mar 9

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