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Startups Start With the Pitch

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If you have an idea for a startup, everything starts with the pitch. If you don't get the pitch right, nothing else matters. Here are five keys to a successful pitch.

Published in: Business, Technology
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Startups Start With the Pitch

  1. Startups Start With the Pitch<br />How to *not* suck at pitching<br />by<br />Mike Figliuolo<br />That’s not Mike.<br />That’s Chewbacca. <br />Yes, there’s a resemblance.<br />
  2. Who is this guy and why should I listen to him?<br />
  3. When you pitch, you need to cover five things. <br />
  4. You’d better have a REAL problem or you have a BIG problem.<br />A problem is NOT:<br />“The problem is consumers don’t have my app yet.”<br />“People want to know what kind of beer is on tap.”<br />“The web needs more widgets.”<br />
  5. Your solution had better be compelling and truly meet a consumer need.<br />Your solution must make sense - IN ENGLISH.<br />It must be simple enough for your buyer/investor to understand in 30 seconds or less – they get bored easily.<br />
  6. You MUST know how you make money. LOTS of money.<br />Crappy revenue models:<br />“We’ll make money on banner ads and AdWords.”<br />“Consumers will pay us $9.99 per month for our app as a subscription fee.” Umm no. They won’t.<br />
  7. Your business must be defensible. If it’s not, you will lose.<br />Everyone has competitors. They will take your crap.<br />If you can’t explain how you keep competitors at bay, no one will invest in you.<br />Think of scale, patents, and exclusive market position.<br />
  8. Investors want money back. A *lot* more than they put in.<br />IPO’s are pretty much dead.<br />If you’re not thinking about the exit from day one, you’re not thinking hard enough.<br />Investors calculate the odds they’ll have a lucrative exit in a reasonable time period.<br />
  9. Don’t you DARE say any of these stupid things.<br />“At this point we’re considering either an IPO or just running a lifestyle business.”<br />“I want to make sure I maintain control of the business.”<br />“We have plenty of cash and don’t need to raise money.”<br />“If we just get 0.5% of the market, we’ll be trillionaires.”<br />“We don’t have any competitors.”<br />
  10. References and Resources<br />www.onepieceofpaper.com<br />www.facebook.com/onepieceofpaper<br />www.twitter.com/1pieceofpaper<br />www.thoughtleadersllc.com<br />www.facebook.com/thoughtleadersllc<br />www.twitter.com/thoughtleaders<br />www.freakjet.com<br />www.facebook.com/freakjet<br />www.twitter.com/freakjet<br />www.tixitbox.com<br />www.facebook.com/tixitbox<br />www.twitter.com/tixitbox<br />www.simplemile.com<br />www.webuildstartups.com<br />www.ohiotechangels.com<br />

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