Business 101.1 class 11

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Pitch, storytelling, long form, short form, lessons learned

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Business 101.1 class 11

  1. 1. Business 101.1 A class in business. And entrepreneurship. Fall 2016 NYU ITP November 28, 2016 Josh Knowles Jen van der Meer Extra love from Tom Igoe And the Leslie E-Lab
  2. 2. Syllabus Map START + Form Teams Business Models Customer Development How to Interview Value + The Purpose of Business Values Motivation Team Customer Relationships + Channels Analytics Key Resources Activities Partners Biggest Vision Analyze Test The Money Plan MVP Turning Insights Into Features More MVP How small, How big? Launch MVP Lessons Learned Go/No Go? Sketch Paper Prototype Oz Test Smallest MVP Tech Architecture
  3. 3. Final Prep
  4. 4. 4 FOR THE FINAL • Pitch + Lessons Learned • Lessons Learned: 7-10 minutes • Where did you start, where did you go, how did you make decisions along the way? • Beginning Canvas, end of semester canvas • Go/No Go? Continue? • Pitch: 5-7 minutes See slide 21 for “long form pitch: • Pitch as if you were asking for money from a benevolent angel investor
  5. 5. Storytelling
  6. 6. 7 Stories are how we think. They are how we make meaning in life. Stories are how we make things work, how we make decisions, how we persuade others, how we understand our place in the world, create identities, and define and teach social values. Dr. Pamela Rutledge
  7. 7. 8 TELLING THE STORY OF YOUR COMPANY
  8. 8. 9 STORIES + MEDIUMS • Self intro - at an event. Hi my name is ___________ and I ________________ • Self intro to a person you know you need to meet = elevator pitch • Email intro to find customers • Email to intro find partners / experts • Email to intro to find investors • Follow up email and ask for plus one • Video demo • Kickstarter / indiegogo video + demo • Investor meeting • Pitch day / demo day 9
  9. 9. 10 TWO GOALS TODAY: • Self intro - at an event. Hi my name is ___________ and I ________________ • Investor pitch
  10. 10. 11 WHICH STORY ARE YOU TELLING? : http://www.openculture.com/2014/02/kurt-vonnegut-masters-thesis-rejected-by-u-chicago.html
  11. 11. 12 WHY DO WE HAVE A STORYLINE? Most investors and backers believe, consciously or subconsciously, that a founder’s motivation is the primary driving force behind a high impact, high growth, super successful story.
  12. 12. SAID INVESTORS, EVERYWHERE. I invest in TEAM It’s all about the founders It’s motivation, baby
  13. 13. YOU’RE ENROLLING ALL KINDS OF BACKERS Is going to recommend your CTO co founder Knows an investor you should meet Wants to buy, now and feature on his 6 MM #insta Wants to feature you on Fast Co
  14. 14. QUICK INDIVIDUAL STORY. HI I’M ________. I’M WORKING ON ______________. TRY TO CONNECT SOMETHING ABOUT YOURSELF TO YOUR COMPANY CONCEPT.
  15. 15. SHOULD YOU BE TOUGH OR VULNERABLE?
  16. 16. Pitching
  17. 17. 19 2 DECKS 1 / Intro - teaser. 2 / Longer form - with more proof points
  18. 18. INVEST PROCESS: X 50-100 Intro email + Teaser deck Response - would like to know more Follow up long form deck In person “pitch” In or out then negotiation
  19. 19. LONG FORM - ORDER UP TO YOU… • Pain (problem you are solving) • Solution (demo, screenshots, workflow, rendering) • Secret sauce (why you and only you and your technology / intellectual property) • Market size (current potential, or targeted micro market) • Competition (how you’re different) • You: (why you / your team) • Team: (who else you’ve roped in) • Business Model: (show your theory for how you’ll make money, even if the answer is none at the start) • Financials/ Key metrics: (show off how you are making money, or the metrics you’ll use to validate your path • Timeline and use of funds: (show off how you’ve been using your money wisely, and how you will achieve great things with additional funds) 21
  20. 20. SHORT FORM: • Pain (problem you are solving) • Solution (demo, screenshots, workflow, rendering • Secret sauce (why you and only you and your technology / intellectual property) • Market size (current potential, or targeted micro market) • Team: (why you / your team) • Business Model: (show your theory for how you’ll make money, even if the answer is none at the start) 22
  21. 21. Next Week
  22. 22. LESSONS LEARNED + PITCH • Lessons Learned: 7 Minutes • Where did you start? • Where did you go? • What decisions did you make? • Then, pitch (long form, 7 minutes) 24

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