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Pitch the way VCs think

Presenting with emotion

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Pitch the way VCs think
Presenting with emotion
STANDARD OPERATING PROCEDURES
How to develop an effective fundraising deck
Examples of what works and what doesn’t
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Develop your company narrative
Follow the VC thought process
Basic rules for putting together a deck
Start with everything you want to say
Data/Technology
• First provider of video
• Low-cost gizmos enable locations to be monitored on a weekly basis, impossible with current technology
• Will be able to image anywhere within 90 minutes, no capability exists to do so in less than a day
• Will be able to downlink imagery every two weeks, nearly 10x competitors of today
• Business intelligence will lead a transition from mapping to monitoring
• Exponential increase in customer base
• Can launch latest advanced commercial electronics into space 5x faster than competitors
• Designed world’s highest performance gizmo with data costs less than 1/20 that of competitors
• Developed proprietary designs for world’s lowest cost gizmo system
Business
• High barrier to entry for potential competitors (technology, regulatory, capex, specialized experience)
• A $4.5M gizmo has the capacity to generate $60M+ in revenue over its 2 year lifetime
Initial market
• Currently a $1.5B+ addressable market
• Today’s two providers operate at software-like gross margins
• Positive response from lead customers with deep pockets (Google, Microsoft, oil & gas sector)
• Will be cash flow positive off first gizmo(2013)
Huge potential market
• Today, X is a $1.5B market ,Y is a $3B market, and Z is a $6-8B market, Gizmo will revolutionize all 3
• Automate monitoring of land, vehicles, infrastructure & facilities (billions of dollars annually)
• Market research reports have consistent potential for gizmo to be a $10B industry
Team
• Gizmo team among world experts in microsatellite technology
• Unique combination of silicon valley start-up experience with strong Stanford ties
REASONS TO INVEST REASONS NOT TO INVEST
• Launch vehicle delay or failure
• 1 fails before 2 year design lifetime
• US Government regulation
• Customer product requirements mandate scope creep & cost increases
• Technology development results in cost increases & delays
• Delay in recruiting remainder of team
• Large information product market fails to materialize
• Anchor customers reduce data budgets
• Actual images fail to meet lead customer requirements
• Competitors match Gizmo’s low commercial pricing
• Lower cost monitoring solutions materialize
• Payload supplier can’t deliver on time/on budget
• Automated analysis capabilities require more time/effort to implement than anticipated
• US Government commissions similar to Gizmo
• Gizmo security compromised
• Foreign government competes with Gizmo
*Also, see KV consumer fundraising deck checklist
Narrow down the 3-5 major takeaways
Emphasize the actual reason to invest, not just the facts
REASONS TO INVEST FACTS
Greed $10M gizmo generates $60M high margin revenue
10X data over competitors Low risk, very low CAPEX approach to rapid & extensive monitoring
Technical advantage
Proprietary high data rate system = 95% lower data costs; 

900% more data
Large existing markets with huge potential Revolutionizing $1.5B sensing, $3B GIS, $6B BI markets
Easy economics, if we get to stage 1, then we’ve
achieved our goal
First gizmo = cash flow positive company
Suggested reading
Fascinate: Your 7 Triggers to Persuasion and Captivation by Sally Hogshead
Develop your company narrative
Follow the VC thought process
Basic rules for putting together a deck
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Pitch the way VCs think

  • 1. Pitch the way VCs think Presenting with emotion STANDARD OPERATING PROCEDURES
  • 2. How to develop an effective fundraising deck Examples of what works and what doesn’t 1 2
  • 3. 1 2 3 Develop your company narrative Follow the VC thought process Basic rules for putting together a deck
  • 4. Start with everything you want to say Data/Technology • First provider of video • Low-cost gizmos enable locations to be monitored on a weekly basis, impossible with current technology • Will be able to image anywhere within 90 minutes, no capability exists to do so in less than a day • Will be able to downlink imagery every two weeks, nearly 10x competitors of today • Business intelligence will lead a transition from mapping to monitoring • Exponential increase in customer base • Can launch latest advanced commercial electronics into space 5x faster than competitors • Designed world’s highest performance gizmo with data costs less than 1/20 that of competitors • Developed proprietary designs for world’s lowest cost gizmo system Business • High barrier to entry for potential competitors (technology, regulatory, capex, specialized experience) • A $4.5M gizmo has the capacity to generate $60M+ in revenue over its 2 year lifetime Initial market • Currently a $1.5B+ addressable market • Today’s two providers operate at software-like gross margins • Positive response from lead customers with deep pockets (Google, Microsoft, oil & gas sector) • Will be cash flow positive off first gizmo(2013) Huge potential market • Today, X is a $1.5B market ,Y is a $3B market, and Z is a $6-8B market, Gizmo will revolutionize all 3 • Automate monitoring of land, vehicles, infrastructure & facilities (billions of dollars annually) • Market research reports have consistent potential for gizmo to be a $10B industry Team • Gizmo team among world experts in microsatellite technology • Unique combination of silicon valley start-up experience with strong Stanford ties REASONS TO INVEST REASONS NOT TO INVEST • Launch vehicle delay or failure • 1 fails before 2 year design lifetime • US Government regulation • Customer product requirements mandate scope creep & cost increases • Technology development results in cost increases & delays • Delay in recruiting remainder of team • Large information product market fails to materialize • Anchor customers reduce data budgets • Actual images fail to meet lead customer requirements • Competitors match Gizmo’s low commercial pricing • Lower cost monitoring solutions materialize • Payload supplier can’t deliver on time/on budget • Automated analysis capabilities require more time/effort to implement than anticipated • US Government commissions similar to Gizmo • Gizmo security compromised • Foreign government competes with Gizmo *Also, see KV consumer fundraising deck checklist
  • 5. Narrow down the 3-5 major takeaways Emphasize the actual reason to invest, not just the facts REASONS TO INVEST FACTS Greed $10M gizmo generates $60M high margin revenue 10X data over competitors Low risk, very low CAPEX approach to rapid & extensive monitoring Technical advantage Proprietary high data rate system = 95% lower data costs; 
 900% more data Large existing markets with huge potential Revolutionizing $1.5B sensing, $3B GIS, $6B BI markets Easy economics, if we get to stage 1, then we’ve achieved our goal First gizmo = cash flow positive company Suggested reading Fascinate: Your 7 Triggers to Persuasion and Captivation by Sally Hogshead
  • 6. Develop your company narrative Follow the VC thought process Basic rules for putting together a deck 1 2 3
  • 7. Address investor fears directly Recognize the reasons they may not want to invest Contingency for delay or failure Gizmo fails before 2-year design lifetime Technology development delays and cost increases Automated analysis technology risks Large market fails to materialize
  • 8. Ask the same questions VCs will ask you Mission: What pain does company alleviate? Reasons to invest Risks and mitigation strategies Team: How good are you? Financials with cash flow: How dangerous? Appendix: Answer all the critical questions
  • 9. Develop your company narrative Address investor fears directly Basic rules for putting together a deck 2 1 3
  • 10. Budget the length of your presentation Max: 20-25 slides REASONS TO INVEST NUMBER OF SLIDES $10M gizmo generates $60M high margin revenue 1 Low risk, very low CAPEX approach to rapid and extensive monitoring 3 Proprietary high data rate system = 95% lower data costs; 900% more data 3 Revolutionizing $1.5B sensing, $3B GIS, $6B BI markets; Competition 5 First gizmo = cash flow positive company 2 OTHER INFORMATION AND MESSAGES NUMBER OF SLIDES Risks: Well planned for contingencies 3 Team: Very good but “additional needs” 1 Financials: Upside revenue, reasonable cash flows, CAPEX, low burn rate 3 Others: What you deliver with each series? Contingencies? 1 Have a backup slide for every question you might encounter (put these slides in your appendix section)
 You will impress your audience if you have thought of all the possible questions
  • 11. Tips for slide design No clutter: Where does the eye go first? Don’t use up the entire slide: Leave space at the edges Examine every word and image: Are they absolutely necessary? Text should be 1-line (titles, bullet points, etc.) Will your audience understand each slide immediately? Superlatives don’t mean anything: Show, don’t tell Start with an agenda and repeat where you are in the agenda throughout
  • 12. If it’s hard to read, then it’s hard to do Example: University of Michigan researchers, Song & Schwarz If we want people to adopt a new behavior, instructions need to be: 1. Semantically clear 2. Visually easy-to-read Otherwise the behavior will seem too demanding. EXAMPLE A EXAMPLE B When researchers presented exercise 
 instructions in easy-to-read font type, 
 Arial, readers guessed the exercise 
 would only take 8.2 minutes to complete When presented with identical instructions in more 
 difficult-­to-­read font type, Brush Script MT, 
 readers guessed the exercise would take more than 
 15 minutes to complete
  • 13. Be consistent Make all your numbers match: Be sure your P&L is consistent throughout Verbal descriptions should be consistent Clearly label all charts and graphs Tie details through the appendix
  • 14. How to develop an effective fundraising deck Examples of what works and what doesn’t2 1
  • 15. 1 2 3 4 5 6 7 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email
  • 16. No clear message or take away Example of what doesn’t work
  • 17. Slight improvement Clear message but still cluttered
  • 18. Focus on the visceral punch Example that gets to the heart of the company mission
  • 19. 1 2 3 4 5 6 7 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email
  • 20. State the reasons to invest upfront Make it easy for the audience to understand immediately
  • 21. Title should explain your company mission Make the content easy to consume
  • 22. 2 1 3 4 5 6 7 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email
  • 23. There should only be one message per slide Example of a cluttered slide with no clear message
  • 24. Slide titles should be the takeaway Use declarative statements
  • 25. 4 2 1 5 6 7 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3
  • 26. Don’t make the audience do the work
  • 27. Slides should be immediately understandable
  • 28. Cluttered slide muddies takeaway Bland title does not get the message across
  • 29. Emphasize your key message Titles and subtitles are opportunities to get your point across
  • 30. No more than 25 words on a slide Titles should only take up one-line
  • 32. No superfluous words, colors or images
  • 34. Highlight company advantage Don’t obscure or simplify technological breakthroughs
  • 35. Too much text on a slide is distracting
  • 36. Focus on your core message Title is the takeaway
  • 37. 5 2 1 6 7 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4
  • 38. Top down market projection reduces credibility
  • 39. Bottom up analysis is more convincing
  • 40. 6 2 1 7 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5
  • 41. Too much financial data is overwhelming
  • 42. Less is more 7 rows or fewer
  • 43. 7 2 1 8 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5 6
  • 44. Show the strength of your team Don’t just list names and logos
  • 45. Be selective about who you include Show the team that is directly responsible for your success
  • 47. 8 2 1 9 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5 6 7
  • 48. Investors want to know you are proactively managing risk Share this information in detail
  • 49. 2 1 10 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5 6 7 9 8
  • 50. Make your ask clear Funding history should demonstrate accomplishments
  • 51. Explain how you will use the new funding What milestones have and will be completed
  • 52. 2 1 11 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5 6 7 10 8 9
  • 54. 2 1 12 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5 6 7 8 9 11 10
  • 55. Finish with a flourish Use emotion to capture your audience’s imagination
  • 56. 2 1 State the problem Give the reasons to invest upfront Slide titles are the key takeaway Declutter slides Bottom up market projections are more effective Clearly layout financials Emphasize team advantages Explain how you are proactively managing risk The fundraising ask is key Analogies are effective Use emotion Engineer the investor email 3 4 5 6 7 8 9 10 12 11
  • 57. Your goal is to engineer the investors’ email Bias the investment team in your favor
  • 58. The message sent is not the same as the message received