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Communication Tools: How to make your idea credible and understandable - Entrepreneurship 101 (2012/2013)

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COMMUNICATION	
  TOOLS:	
  
	
  
HOW	
  TO	
  MAKE	
  YOUR	
  IDEA	
  
CREDIBLE	
  AND	
  UNDERSTANDABLE	
  	
  
AGENDA 	
  	
  

•  1.	
  Why	
  do	
  you	
  need	
  the	
  toolkit?	
  
•  2.	
  How	
  to	
  create	
  and	
  use	
  yo...
Business	
  is….	
  	
  	
  

Being	
  adap:ve	
                     For	
  profit	
  

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Communication Tools: How to make your idea credible and understandable - Entrepreneurship 101 (2012/2013)

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Tips, examples, techniques and tools for building the five essential communication documents for entrepreneurs:

* elevator pitch
* executive summary
* company presentation
* technical white paper
* business plan

Learn how to create these communication tools and how to use them effectively to grow your business from an idea to a funded business.

Tips, examples, techniques and tools for building the five essential communication documents for entrepreneurs:

* elevator pitch
* executive summary
* company presentation
* technical white paper
* business plan

Learn how to create these communication tools and how to use them effectively to grow your business from an idea to a funded business.

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Communication Tools: How to make your idea credible and understandable - Entrepreneurship 101 (2012/2013)

  1. 1. COMMUNICATION  TOOLS:     HOW  TO  MAKE  YOUR  IDEA   CREDIBLE  AND  UNDERSTANDABLE    
  2. 2. AGENDA     •  1.  Why  do  you  need  the  toolkit?   •  2.  How  to  create  and  use  your  toolkit?   •  3.  What  is  in  the  toolkit?  
  3. 3. Business  is….       Being  adap:ve   For  profit  
  4. 4. You  can  start  with  a  product  idea  
  5. 5. Seeing  a  need  in  the  market   •  hBp://www.youtube.com/watch?v=i5UbII_Q0_c   •  0.59  to  1.22    
  6. 6. You  need  tools  on  your  journey  of   “validated  learning”   Ideas Data Product The  minimum  viable  product  is  that  version  of  a  new  product  which  allows  a  team  to   collect  the  maximum  amount  of  validated  learning  with  the  least  effort.  
  7. 7.   Your  are  building  a  profit  engine    
  8. 8. •  hBp://www.youtube.com/watch?v=i5UbII_Q0_c   •  From  1.57  to  2.38  
  9. 9.   You  will  always  deal  with  people      
  10. 10. Customers,  Investors  and  Employees  all   want  to  know   •  What  do  you  do?   •  Who  cares?   •  How  do  you  make  money?  
  11. 11. Percep:on   We  all  see,  understand  and  remember  in  different  ways    
  12. 12. Create  cohesive   Solicit  investment     rela:onship  with   partners     Convince   Direct  work  of  the   B-­‐plan   customers  to   employees     Exec  Summary   purchase  from  you   PPT  Deck   White  paper  
  13. 13. Meaningful  Milestones=3Ps   Problems  that  the  customer  actually  has  and  cares  about   Founders  with  domain  knowledge   Path  to  success  for  customers  to  inves:gate,  compare,  test  and  purchase   ¤  Revenue    model   ¤  Demo  or  prototype  technology   ¤  Early  indica:ons  of  the  marke:ng  equa:on  (cost  of  customer   acquisi:on  &  customer  life:me  value)     Proof  that  the  results,  outcomes  and  value  are  real;  How  to  scale  the   company   ¤  Team  that  has  its  key  team  members   ¤  Scalable  working  solu:on            
  14. 14. Break  your  Customer  Discovery  in  2  phases   1.  Problem  Discovery   2.  Solu:on  Discovery   Talk  to  your  customers  
  15. 15. How  the  customers  define  “quality”?   •  hBp://www.youtube.com/watch?v=NoGnOscqyg8  
  16. 16. How  to  create  your  toolkit?   •  Do  not  start  by  building  your  business  plan   –  You  will  not  have  the  informa:on  you  need   –  You  will  examine  issues  out  of  priority   –  You  will  expose  lack  of  understanding   •  Use  the  PowerPoint  Deck  as  receptacle  for  all  ideas  and   informa:on  that  comes  to  light  –  easy  to  manipulate,  organize  and   adapt     •  Build  your  execu:ve  summary  and  eventually  your  business  plan   based  on  your  PowerPoint  deck  
  17. 17. PowerPoint   B-­‐plan  with   Execu:ve   Financial   Summary   Projec:ons  
  18. 18. How  to  create  your  toolkit?   •  Use  your  Business  plan  to  communicate  tac:cal  priori:es  to  your   team   •  Develop  two  versions  of  the  execu:ve  summary:   –  1-­‐page  abstract  include  Technology,  Customer,  Pain,  Revenue,   Team   –  3-­‐5  pages  detailed  summary  with  suppor:ng  data,  commercial   risks  and  milestones   •  Develop  metaphors  to  make  your  innova:on  “real”   •  Give  investors  your  exec  summary  and  offer  to  walk  them  through   the  PowerPoint  slides  in  person  or  on  the  phone   •  Develop  visual  assets  (diagrams,  videos)  to  use  on-­‐line  and  in  your   pitch  deck  
  19. 19. Selling  vs.  Planning VS.   This  is  a   selling   toolkit  
  20. 20. Understanding  Individual  Differences  &   Percep:on   Common  perceptual  biases   •  Stereotyping:    assump:ons  about  others  based  on     belonging  to  a  certain  category  or  group   •  Halo  effect:  one  characteris:c  influences  your  overall   evalua:on  of  a  person   •  SelecRve  percepRon:  tendency  to  consider   informa:on  that  reinforces  your  exis:ng  beliefs  
  21. 21. Know  your  audience   q  Speak  to  your  audience  in  language  that  they  understand:   §  Ins:tu:onal  investor  –  do  not  speak   techie ,  :e   everything  back  to  money     §  Angel  Investors  -­‐  access  their  background;  understand  their   interests  
  22. 22. Understanding  Individual  Differences  &   Percep:on   Biases  related  to  decision-­‐making:   •  Availability  bias:  tendency  to  base  decisions  on   informa:on  that  is  readily  available   •  RepresentaRve  bias:  assessing  the  likelihood  of  an   occurrence  based  on  pre-­‐exis:ng  data   •  EscalaRon  of  commitment:  increasing  the   commitment  to  a  decision  in  spite  of  nega:ve   informa:on  
  23. 23. Know  your  audience   §  Strategic  investor  –  may  be  more  technical;  will  be  interested   in  your  ideas  as  they  impact  their  business   §  Strategic  Partner  –  mix  of  technical  and  business;  understand   how  a  rela:onship  will  be  mutually  profitable  to  both  par:es   §  Customer  –  understand  their  industry  and  pain  points      
  24. 24. Achieving  Value  Through  Partnership:  Founda'onal   Framework  for  Alliance  Success  for  STRATEGIC  INVESTORS   3  Dimensional  Fit   Cultural  Fit   How  compa:ble  are   the  management   teams  and  cultures?   Cultural     Strategic  Fit   Fit   OperaRonal  Fit   How  well  aligned  are   How  complementary   the  partners'   Strategic     OperaRonal   are  the  business   objec:ves?   Fit    Fit   models?   Source: The Waren Company, an Andersen Consulting Alliance
  25. 25. Make  your  message  memorable     Make  informa:on  meaningful  to  them   •  Case  studies,  tes:monials,  personal  stories   •  hBp://www.screencast.com/t/EK8RSUzkngtM   -­‐From  10  sec  to  32  sec  
  26. 26.   Social  Media  Tools     •  Create  an  informed  dialog  with  peers,  partners,   journalists  and  investors     •  Ask  people  to  engage  in  the  conversa:on,  cul:vate  the   audience  with  #  and  streams   •  Plan  your  social  media  presence,  e,g,   –  Month  1-­‐2:    TwiBer   –  Month  3-­‐4  Facebook  or  Quora   –  Month  6:  Google+   –  Month  8:  LinkedIn    
  27. 27. What  is  your  Value  Proposi:on?  
  28. 28. The  Value  Proposi:on   Value   Product   Benefits   Problem   Market   Proposi:on   Management  
  29. 29. Be  prepared  to  go  back  and  change  
  30. 30. Principles  for  Business  Planning  and   Communica:on   FACTUAL   • No  hype.  Let  investors  become  enthusias:c  on  his/her  own   DYNAMIC   • Business  planning  is  an  itera:ve  and  adap:ve  process   • A  clear,  precise  structure  is  a  courtesy  to  those  inves:ng  their   VISUALLY  COMPLELLING   :me  in  reading  the  proposal   CONSISTENT,    CONCISE,   • The  storyline  and  all  the  facts  presented  must  fit  together   CLEAR   and  generate  a  well  rounded  impression   AUDIENCE-­‐CENTRIC   • Acknowledge  style,  recognize  knowledge  gaps  and  biases   • Those  who  allocate  investment  resources  rarely  are   EASE  OF  UNDERSTANDING   technical  experts  for  the  technology  used  in  the  proposal  
  31. 31. Do  not  Rely  on  “Reality  Distor:on  Field”  
  32. 32. Blueprint  for  successful  presenta:on     •  What  is  my  objec:ve?   •  How  will  I  close?  When  it  is  all  over,  what  will  they   remember?   •  How  will  I  open  the  presenta:on?   •  How  will  I  organize  the  body?   •  How  will  I  get  their  aBen:on?   •  How  will  I  keep  their  interest?   •  What  ques:ons  will  they  ask?   •  What  ques:ons  will  I  ask?   •  How  will  I  tailor  the  presenta:on  to  the  audience?   •  What  notes  do  I  need?   •  How  many  :mes  should  I  rehearse?  
  33. 33. Create  Context     Idea#  1:  “Don’t  Dive  Straight  into  the  Technology”  (Value  Proposi:on)   •  Don’t  start  with  technology.    Everyone  has  this.    Instead  create  context.       •  Understand  your  customer’s  pain  points  and  show  them  how  you  offer  a   value  proposi:on  that  is  FASTER,  CHEAPER,  BETTER     Idea  #2:  Maintain  A  Degree  of  Focus  &  Consistency  in  your  Message  (Brand)   •   Focus  on  just  a  few  of  the  really  good  things  you  can  do  and  lead  with   these  points.         Idea  #3:  “Personify  your  People”  (Profiles)   •  Profile  Managers  Backgrounds  -­‐  Creates  context  for  poten:al  clients  and   investors.     Idea  #4:  “Provide  Proof  of  Results”  (Case  Studies)   •  Tell  a  story.    Focus  on  Results  and  the  overall  customer  Experience.  Use   tes:monials.        
  34. 34. Many  forks  on   the  road  ahead:     tools  simplify   what  to  say   to  whom   and  when  
  35. 35. The  Elevator  Pitch   •  What:     –  A  30  second  overview  of  your  business  concept     •  Why:       –  To  get  a  follow–on  mee:ng     •  When:       –  In  a  cold  call  to  an  investor,  customer,  poten:al  partner,  etc.   –  Good  for  networking  at  trade  shows,  business  func:ons,  etc.       •  Dos  and  Don ts:       –  Do  not  spend  forever  prac:cing  and  refining  this  –  should  come   naturally;     –  Figure  out  a  few  key  messages  you  would  like  to  get  across  to  use   as  a  loose  script   –  Distribute  key  messages  to  outward  facing  employees  –   standardize  message  
  36. 36. The  Execu:ve  Summary   •  What:   –  3-­‐5  page  summary  of  your  technology,  product,  sales  plan,  revenue  path   and    financial  requirements   •  Why:     –  A   teaser  document  meant  to  generate  a  request  for  more  informa:on     or  a  mee:ng   –  Readers  will  want  to  get  their  head  around  the  concepts  quickly   •  When:     –  When  you  have  a   warm  intro  or  an  invita:on  to  contact  someone   –  Integral  first  interac:on  with  an  investor   –  Rides  the  line  between  confiden:al  and  non-­‐confiden:al  –  some  degree   of  trust   •  Dos  and  Don ts:     –  Has  to  have  the  right  emphasis  given  the  maturity  of  the  business  concept   –  Keep  it  current  
  37. 37. The  Whitepaper   •  What:   –  A  fairly  concise  layman s  summary  of  your  technology,  product(s),   the  uniqueness  of  the  technology  and  products  and  the  value   proposi:on       •  Why:     –  Helps  investors  to  understand  how  a  concept  or  technology  works     •  When:     –  Awer  investors  are  curious  about  details  or  have  bought  into  the   big  picture  business  vision     •  Dos  and  Don ts:     –  Put  the  whitepaper  on  your  website   –  Don t  go  so  deep  as  to  give  away  all  of  your  trade  secrets/IP  –   consult  your  IP  professional   –  Keep  it  as  short  as  possible  and  fully  explain  all  acronyms    
  38. 38. The  PowerPoint   •  What:   –  A  ~15  slide  outline  of  the  key  aspects  of  your  business  plan   •  Why:     –  Provides  an  overview  of  the  business  plan  in  point  form   –  Allows  people  to  absorb  a  lot  of  key  informa:on     –  in  a  short  period  of  :me   •  When:     –  Usually  the  second  piece  of  informa:on  an     –  investor  receives  awer  the  execu:ve  summary   –  Investors  love  these  because  they  can  flip  through   –   them  very  fast  and  get  highlights   •  Dos  and  Don ts:     – Cri:cal  document  in  the  fundraising  process  –     – present  a  sound  story;  make  it  look  good   – Prac:ce  speaking  to  it,  preferably  in  front  of     friendly  people  who  will  ask  lots  of  ques:ons   – Use  graphics  as  much  as  possible    
  39. 39. The  Business  Plan   •  What:   –  A  rigorously  prepared  and  executable  descrip:on  of  how  you     will  build  your  business   Why:   –  This  is  your  roadmap  for  how  you  are  going  to  build  your  business   –  Describes  roles  and  responsibili:es  for  building  various  aspects  of     –  the  business   •  When:     –  When  you  have  assembled  enough  solid  informa:on  to  write  it   –  Highly  proprietary;  later  stages  of  diligence   –  Wait  for  the  investor  to  ask  for  it   •  Dos  and  Don ts:     –  Owen  made  a  condi:on  of  financing  or  a  board  ac:on  item     –  Re-­‐write  with  every  major  change  in  strategic  direc:on   –  Avoid  the  tempta:on  to  turn  this  into  a  sales  tool  –  preserve  its  integrity  as  an   execu:on  plan  

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