How to Pitch Your Startup
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Advice on how to build a pitch deck and deliver a professional business pitch.
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How to Pitch Your Startup
- 1. Pitching and Storytelling The Silicon Valley way Henrik Scheel Founder & VC Investor Henrik@startupxp.com
- 3. Entrepreneurs are always pitching
- 4. 30 sec Elevator pitch 3-5 min Show Pitch 15-20 min Investor Pitch
- 9. YOUR ELEVATOR PITCH Be prepared with a punchy, memorable statement about yourself
- 10. What makes you smile about your business? What are you most proud of? What is the coolest thing about the work you're doing?
- 13. The power of storytelling People hate pitches but they love stories BUILD TENSION
- 14. What do investors care about? Investors care about two things: Low risk + High returns When you are pitching it is your job is to de-risk the opportunity as much as possible and show the HUGE potential for success.
- 15. A good pitch can communicate value in 2-3 minutes Reid Hoffman Goal is to build CREDIBILITY so investors will trust you with their money
- 17. Professional Business Pitch (to investors) Slide 1: Vision / Elevator Pitch Slide 2: The Problem Slide 3: Product / Service Slide 4: Market Opportunity Slide 5: Traction / Validation Slide 6: Revenue Model Slide 7: Competition Slide 8: Marketing & Growth strategy Slide 9: Team Slide 10: Financials Slide 11: Investment ‘Ask’ / milestones
- 18. Be visual Don’t talk to your slides
- 19. Use high resolution pictures Maximum 20 words per slide
- 20. Problem Solution Market Business The show pitch formula TEAM
- 21. My company, (Company name) is developing (a defined offering) to help (a targeted audience) (solve a problem) (with secret sauce) Mad Libs for Pitching
- 22. Pitch Examples
- 24. What happens when we get anxious? • Wet-Dry, Dry-Wet (plumbing reversal) • Shallow breathing • Can’t focus
- 27. Have a positive self-image
- 28. The audience wants you to succeed!
- 30. SMILE J And be positive!
- 32. What affects the audience? 7 55 38 Words (%) Voice (%) Non Verbal (%)
- 36. PROBLEM Fall in love with the PROBLEM ..Not your solution!!
- 37. The power of storytelling People hate pitches but they love stories BUILD TENSION
- 38. Solution Value Proposition (USP) Demo Benefits Problem Solution Market Business Showcase why your solution is at least 10X better than all of the alternatives!
- 39. A thousand songs in your pocket… Golden rule: Features tell, Benefits sell!
- 42. alan
- 45. Online Takeout Orders: Market $ize Top Down $511 Billion spent dining out annually • source: National Restaurant Association, 2006 (http://www.restaurant.org/) Bottom up: 100M people eat out every day Today ~4% of meals ordered online (= 4M/day) In 5 years 20% of meals ordered online (=20M/day) Average takeout order cost is $12 Available Total Market Size: • today = ~$50M daily, ~$20B annually • in future = $250M daily, $100B annually
- 48. Revenue Model Make it simple – and focus on main revenue stream(s)
- 51. Milestones Highlight you achievements Show future milestones How will the money be used….
- 56. THE RIGHT TEAM
- 57. Core skills of team members Key accomplishments (previous successes, work experience at reputable companies) Experience working together Credible advisors/investors Build credibility Team
- 58. Geeks with deep technical background Entrepreneurs who have sold companies Sales/Marketing who Make it Rain Also Identify: Key Hires you Need but *Don’t* Have, and… … you’ve got candidates lined up in those areas ... ready to hire as soon as you close funding … or at least job descriptions / est. salary Team
- 60. Pitch training 1.0 Rules of engagement: 3 min + P2P feedback • Who is the user? • What problem are you solving? • What’s your solution? • How big is the market? • How’re you making money? • Who are you (team)? • The ask? Get us hooked! Show us your passion!
- 64. Awesome books to check out..
- 68. Investment rounds Pre-Seed/Family round/Accelerator (~$20-500K used for building team and initial product/prototype) Seed round (~$500-6M used for building product, establishing product- market fit and early revenue) Series A (~6M-$25M used to scale customer acquisition and revenue) Series B, C, D, IPO/EXIT Raise enough for 3 experiments / 18 months runway
- 71. How to send e-mail introductions
- 72. How to send e-mail introductions If you are asking for an intro.. • Ask nicely (it’s a big favor) • Explain why this is a valuable intro for both parties • Make it easy (write the e-mail intro) When you receive the intro.. • Follow up the same day • Say thanks to the sender and introduce yourself • Move sender to BCC • Later: send the sender another thank you e-mail with details on how it went.
- 73. How to send e-mail introductions If you get asked to make an intro • Ask why this intro is valuable for both parties • Ask your other contact if it is ok that you send the intro and which e-mail he/she prefers • Send the intro introducing both parties and include why you think both people will benefit from the introduction • Thank your contact for taking the time to connect with your friend.
- 74. What questions can you expect? Company Questions: • What’s the history of the company? When did you start operating? • Why did you create this company? • How did you meet/find your team members? Why are you / team right people to execute this business? • Target market size? Minimum market penetration needed for success? • What’s your traction? (MVP done?, user/revenue growth?, key milestones?) • Why will you fail? Biggest challenges? • Why will you succeed? Unfair / sustainable advantages? • Are you a starter or finisher? • Show me how you achieve the magic ratio: ARPU / Life-time Value > Cost to Acquire / Maintain a Customer
- 75. What questions can you expect? Capital Raising Questions: • What’s the capital raising history of the company? How much / what terms? • When did you start raising this round? What investors have committed? • Have you invested any of your money? • Are your advisors investing? Why not? • What’s your valuation? Terms? • How much cash is in the bank? What’s your monthly burn rate (expenses not covered by operating cash flow from revenues)? = Runway (Cash / Burn Rate) • Use of proceeds and expected results/milestones?
- 76. Surprising questions #1: Who believes in you and how can I get in touch with them? #2: What entrepreneurs do you admire and why? #3: How do you track trends in your market? #4: Can you tell me a story about a customer using your product? #5: How do you know how much money you need and could you scale your business with less? #6: How can I connect with 5 customers who have used your product or service? #7: What will your market look like in five years as a result of using your product or service? #8: What mistakes have you made thus far in this business and what have you learned? #9: What if three or five years down the road we think you’re not the right person to continue running this company—how will you address that? #10: Have you ever been fired from a job? Tell us about it.
- 77. “Whether you think you can, or you think you can’t - you’re right!” Henry Ford Henrik Scheel henrik@startupxp.com Linkedin.com/in/henrikscheel StartupExperience.com/pitch Good luck with your entrepreneurial journey!