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Bio Pitching Workshop 2018 (1).pdf
- 3. 03 EMİN OKUTAN Viveka – Co-Founder
- 4. Years Ago at an Investor Meeting (2009) • Synthetic biology • Questions: • So you are building bugs? • Wouldn't that be a national threat? • How do you control the bugs? • Who is interested in synthetic bugs? • Investor: I am sorry, I am just a banker. I only understand market potential. I think this business is difficult to start in Turkey.
- 5. Elevator Pitch – 30 Seconds • Name • Company • Product • Target Consumers • Unique Selling Proposition • Call to Action
- 6. Types of Presentations • Learning Oriented • Product Promotion • Company Promotion • Investor Pitch • Elevator Pitch
- 7. Presentation Material • Best presentation material is your presence. • No PowerPoint or whiteboard can capture more attention than your presence on stage
- 8. Pitching – Persuasive Presentation • Capture Interest • Deliver Message • Build Credibility • Invite to Action
- 9. Persuasive Presentation • Content • Attitude & Tone • Observation • Time Management • Reputation • Managing Questions
- 10. Flow of Presentation Introduction to Context Core Technology and Application Commercial Plan Closure with Vision
- 11. Introduction to Context Introduce yourself and your value proposition Problem Background Solution Description
- 12. Value Proposition • Who is your customer? • What pain are you solving? • How are you solving?
- 13. Problem Background • Technological • Economical • Social • Political
- 14. Solution • How strong is your solution? • Rate it from 1-10. • Is it absolutely crucial? • Weak problem -> weak solution • Strong problem -> weak solution • Strong problem -> Strong solution
- 15. Core Technology and Application Area Product Features How Technology Applies to Solution Real Use Case
- 16. Product Features • What your product and service does? • Show the product and service process • How value is created? • What does your product have?
- 17. Core Technology • What type of technology enables you to deliver the product feature?
- 18. Use Case • Give an example to show how technology solves the problem • Underline the impact of benefit
- 19. Commercial Plan Customers Market Competitors
- 20. Customers • Refer to your current customers • Strategic allies • Letter of intent
- 21. Market • Market size • Market conditions • Market growth rate • Benchmark a competitor
- 22. Competitors • Based on the market definition • On what fundamental dimension are you competing on? • Avoid the table and checklist
- 23. Closure with Vision Innovation Pipeline (Research + Patent + Prototype) Business Roadmap Team Vision and Call to Action
- 24. Innovation Pipeline • Research • Patent • Prototype
- 25. Business Roadmap • Your milestone so far today • Your plan for the future - One year ahead - Two years - Three years
- 26. Team • Team credibility and capability
- 27. Vision & Call to Action • What is the vision of your company? • What do you intend on changing in the long term?
- 28. Investment Decision Introduction to Context Core Technology and Application Commercial Plan Closure with Vision
- 29. Investment Decisions Timing Value Business Potential
- 30. Case 1 • Scaled - https://www.youtube.com/watch?v=tvQ6iAAvyOU
- 31. Flow of Presentation • Value Proposition • Context - Problem Definition • Metaphor • Support • Explanation • Refer to Competing Solution • Solution-Core Technology • Value Proposition • Demonstrate
- 32. Flow of Presentation • Experiment • Refer to Core Technology • Product Features • Use Case • Credibility • Financial Metrics • Business Model • Market
- 34. Before Presentation • Arrive early and check the projector • Avoid using presentation software other than PowerPoint (never please never Prezi) • Always have a backup in USB • Even if the technology fails continue with your speech, it is your thoughts that matter after all
- 35. CONTENT: Presentation & Slide Format • Single proposition per slide • Important visuals must be sized to cover the slide • At least 24 font size • Video maximum 30 seconds • Minimum to no animation • Three presentation sizes - Heading - Main idea - Supporting idea
- 36. CONTENT: Presentation & Slide Format • DO NOT read your slides • Prepare speech cards • Don’t memorize! Internalize • Avoid long text • Emphasis important parts with BOLD and LARGE font size.
- 37. During the Presentation: Providing Support & Evidence • Supporting evidence • Impact is more important than diversity • Research outcomes and prototype visuals are very effective • Prepare your content based on your time limits
- 39. Logical Flow • Present condition and context • Underline key issues • Invite the question • Share the answer
- 40. Logical Flow • Premise: Main idea or theory believed to be true • Supporting Arguments: Claims that support your premise • Counter Arguments: Claims that reject your premise • Evidence: External resource that support arguments • Conclusion: Justification of the premise through arguments and evidence.
- 41. Logical Fallacy • False Cause - Correlation is not necessarily a causation. • Bandwagon - Popularity of an idea does not make is validated • Begging the Question - Conclusion is included in the premise • Tautology - Repeating the same argument in different phrasing and terminology
- 42. Logical Flow Business with a goal of growth Real Problem Strong Team Consistent Business Model Unique Product Strong Commercial Plan Competitive Advantage
- 43. Case 2 • Onconetics - https://www.youtube.com/watch?v=jcZmc0CwiYw
- 44. Efficacy / Effectiveness • Efficacy Trials (Significance under controlled environment) • Effectiveness Trials (Beneficial effect under “real world” clinical settings)
- 48. Storytelling • Used to capture interest • An incident everyone can relate to • Must be short and relevant.
- 49. Quote • Used to build reputation • Invite quotes that actually refer to your company or product
- 50. Visual Language • Visuals summarizing message • Photo • Animation • Sketch • Video
- 51. Understand your Audience • Go through the audience list if you can • Try to understand the issues residing on their minds
- 52. Refer to Emotions • Fear • Power • Family • Autonomy • Sadness • Movement • Happiness
- 53. Repeat Repeat your value proposition and your innovative solution
- 54. Humor • Used to build relationship with the audience • Be mindful of the power space between you and the audience • Humor must not be distracting
- 55. Contrast and Focus • Contrast with your alternative solution to underline your strong features • Avoid your weak points focus on your strengths
- 56. WHERE TO FOCUS? Timing Value Business Potential
- 57. Focus • Weak Timing (Value far in the future) - Focus on Potential and Business • Weak Value (Commercial Urgency is weak) - Focus on Business Potential • Weak Business (Difficult to Commercial) - Focus on Potential • Weak Potential - Focus on Timing and Business
- 58. Focus on Progress • Arguments are build on past data • If past data is not mature enough to support your claims then focus on future prospects
- 59. Invite to Action • Investment? • Business Partnership? • Mentorship & Guidance? • Recommendations? • Strategic Alliances?
- 60. Confident Claims • Do not use ambiguous arguments in your presentations • Be confident in your arguments but don’t be speculative
- 61. During Presentation: Stage Fright • Anxiety influences body reactions - Tension - Search for safe space - Avoiding eye contact - Blushing - Dry throat
- 62. During Presentation: Body Language • Once you feel comfortable, your body will ease up. • Try having a conversation with your audience before presentation. • Instead of a long gaze, look around the audience. • Have a bottle of water, if available. • If you feel like you are speeding up, pause for 2-3 second for the audience to catch up.
- 63. Attitude & Tone • Preparation - Don’t memorize! - Internalize your content - Prepare your material beforehand - Arrive early
- 64. Attitude & Tone • Attention - Understand your audience - Use familiar terminology - Storytelling, visuals, metaphors
- 65. Attitude & Tone • Friendly & Confident - Use physical space well - Keep your confidence but don’t get aggressive - Stay true to your character
- 66. Observe • Are they following you? - Nodding - Smiling - Comprehensive mimics - Taking notes
- 67. Observe • Are they lost? - Empty gaze - Sigh - Long stare - Fidgeting with the phone
- 68. Observe • Regain attention - Raise your voice - Regroup your topic - Ask the audience rhetorical questions
- 69. Time Management - Content • Elevator pitch is to meet • 3 minutes for raising interest • 5 minutes to persuade • More than 5 minutes to lay an action plan
- 70. Time Management- Pacing • Control the pace and tempo • Slow down on difficult section • Speed up on straightforward sections
- 71. Managing Questions • Do not interrupt the question • Understand & Classify • Do NOT repeat the question • Stay loyal to your frame • Be kind
- 72. Steps to Persuasion • Logical Credibility - Argument logical, consistent and meaningful • Referential Credibility - Sources that support argument are credible • Application Credibility - Real actions taken that support argument
- 73. Opening & Closure Opening • Dramatic Opening • Arouse interest and emotion • Strong Visuals Closure • Context and your place • Personal Closure • Values and Vision
- 75. Case 4 • sRNAlytics - https://www.youtube.com/watch?v=THvmDQQkaRE
- 77. Pipeline Commercial Prototype 1 Prototype 2 Papers Tests Patents Product Research Absorptive Capacity Absorptive Capacity Absorptive Capacity Upstream Alliance Downstream Alliance Opportunity Conditions Appropriatability Risk Degree of Cumulativeness Knowledge Property Lack Of Revenue Lack Of Capacity Risk Mitigation Costs Market Entry
- 78. Metrics That Matter • Total Addressable Market • Peak Market Penetration (Percentage %5) • Expected Revenue per Unit • Revenue • Contributed Capital (Covering up to 1-2 years) • Cash from Operations • R&D Intensity (Percentage of R&D spending)
- 79. Cost Estimations • Fixed costs - Preclinical Costs - Trial Costs - Approval Costs - Patent Fees • Variable costs - Marketing Sales Cost (%25) - Manufacturing Costs (%25)
- 80. Investment Phases • Seed - Validation • Venture - Commercialization • Series A - Optimization • Series B - Competition • Series C - Growth • Acquisition - Exit • IPO - Exit
- 81. Case 5 • Dahlia Biosciences - https://www.youtube.com/watch?v=mJmgm7funAk
- 83. Prepare, LISTEN, DON’T leave unanswered!
- 84. Handling Q&A • Questions are the only way to engage with the audience • Q&A adjusts audience view on your business. • It can be lifting or downgrading
- 85. Frames for Questions Team Core Technology Business Model Customer Commercial Plan Future Pipeline and Roadmap
- 86. Questions During the Presentation • Excited audience members may intervene with your presentation • Do not cut your pace during presentation. Politely lead the audience to Q&A section
- 87. Preparing for Questions Before Presentation • Classify the type of question you expect to receive • Have spare slides for expected questions
- 88. Question Format • Most questions arrive underprepared. Listen careful to understand intention • If you do not listen to the question and bypass next audience might repeat the question • Don’t avoid strong questions
- 89. Loaded Questions • Loaded questions have an expected answer. In some cases audience will assert their view and followed by “What is your opinion on that ?” Do not focus on the question but respond with your counter argument • Some audience members line up questions. Pick the most relevant question • Some audience members will continue the argument with follow up questions to attract and keep attention. Do not purse if you feel the argument is leading nowhere. Ask politely to continue after the presentation. • Don’t feed the troll!
- 90. Typical Business Model Questions • How did you discover this problem? - Problem definition weak • What is the industry view on this solution? - Problem definition weak • How do you plan to differentiate from competitors? - Weak solutions • How do you plan to commercialize your product - Business Model Weak
- 91. On Core Technology and Unique Value Proposition • Do you have supporting research evidence for your technology? • Have you moved beyond prototype stage? • Is this technology scalable? • Are you confident that you can get consistent results?
- 92. Sales / Marketing / Competitor • How do you plan to commercialize this in Turkey / US ? - Sales and Marketing Weak • How do you intend to capture market from your competitors? - Competitor analysis weak. - Sectoral information insufficient
- 93. Team • What is your team capability and credibility? • What is your international exposure? • What is your place in the research community?
- 94. Pipeline Commercial Prototype 1 Prototype 2 Papers Tests Patents Product Research Absorptive Capacity Absorptive Capacity Absorptive Capacity Upstream Alliance Downstream Alliance Opportunity Conditions Appropriatability Risk Degree of Cumulativeness Knowledge Property Lack Of Revenue Lack Of Capacity Chief Scientist Project Management Business Development
- 95. Pipeline, Future Plans, Roadmap • How long do you expect your prototype to reach the market? • How do you plan to finance your pipeline? • What do you expect to have in your service and product portfolio in the future?
- 96. Call to Action • What is your expectation? • Does your company need any support?
- 97. Pipeline Commercial Prototype 1 Prototype 2 Papers Tests Patents Product Research Absorptive Capacity Absorptive Capacity Absorptive Capacity Upstream Alliance Downstream Alliance Opportunity Conditions Appropriatability Risk Degree of Cumulativeness Knowledge Property Lack Of Revenue Lack Of Capacity Risk Mitigation Costs Market Entry Seed Funding Venture Capital / Series A Series B Series C SCALE Market Penetration Exit A Corporate Acquisation Exit B IPO
- 98. Don’t Shy Away from Your Expectations • Be clear about your needs • Lead them to action!
- 99. Case 6 • Lingrove - https://www.youtube.com/watch?v=SU0PwoQIy9c
- 100. Scalability • Scalability = Cost/Volume • Volume size dependent on the required investment • Market segmentation is dependent on the scale of biomaterial
- 101. Frames for Questions Team Core Technology Business Model Customer Commercial Plan Future Pipeline and Roadmap
- 102. Short , Simple, Strong
- 103. Thanks and Good Luck