Pitch training for Life Sciences Startups: Devtech Life Sciences 2017
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- The document outlines an elevator pitch training session for life sciences entrepreneurs. - It discusses what an elevator pitch is and is not, providing examples. Attendees learn a 1 sentence model and are advised to create multiple pitch versions tailored for different audiences. - The document also covers storytelling techniques for 5-15 minute pitches, including naming an enemy, explaining why now is the time to act, teasing a promised land vision, identifying obstacles, and providing evidence. - Exercises are included for attendees to develop their own pitches, focusing on these various storytelling elements.
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Pitch training for Life Sciences Startups: Devtech Life Sciences 2017
- 1. Pitch Training: Devtech Life Sciences 2017 Sovita Chander VP Strategy lesaint.ca/healthcare October 5, 2017 Le Camp Québec Quebec City, Canada Photo by Stefan Steinbauer on Unsplash
- 2. Why should you listen to me? •Entrepreneur. Started when I was 26. •Been in the big company and startup trenches. •I’m not from around here. So I’ve never been able to afford to make market assumptions. Go-to-market strategy for healthcare firms expanding into new markets
- 3. Agenda •What is an elevator pitch? •1 minute elevator pitch •5-15 minute elevator pitch and storytelling •Lunch •Visuals •Putting it all together
- 4. What is an elevator pitch? Photo by Tomasz Rynkiewicz on Unsplash
- 5. An elevator pitch is… Audience-specific: investor pitch =/ customer pitch An ice-breaker Not a closer, but an opener Next-step focused: call to action Not time for the kitchen sink (be succinct) Not about the tech, but the audience
- 6. Today’s elevator pitch training… Hands-on Specific to life sciences You’ll learn to: Hold your audience’s attention Increase their level of trust and interest Help them take action
- 7. 1 sentence model When to use: Networking events Intros Source: Founder Institute, https://fi.co/madlibs
- 8. How many versions do you need? Photo by Maarten Deckers on Unsplash
- 9. Start with 2: Industry Insider & KISS Photo by Maarten Deckers on Unsplash
- 10. Terms: biotech and life sciences Examples… be specific but not too technical. Defined offering Software Drug delivery system Device Therapy Defined audience HF patients Oncologists Dairy companies Regulatory agencies Solve a problem Provide a biomarker Increase production yield Track storage conditions Detect atrial fibrillation Secret sauce Via a routine blood test A simple stick- on device So we transform knee rehab Using plants to grow vaccines
- 11. Exercise: craft your pitch Brainstorming technique: create multiple versions 10 minutes Aim for at least 5 Don’t worry about Industry Insider vs KISS. We will help you refine via feedback
- 12. What if you have 5-15 minutes? https://unsplash.com/@chuttersnap
- 13. Take a storytelling approach
- 14. 5 points to cover (h/t the awesome Andy Raskin) 1. Name the enemy 2. Tell them Why Now 3. Tease the Promised Land 4. Identify obstacles (which your tech will overcome) 5. Present evidence (feasibility and $$$ opportunity) Also: Make the ask Source: https://medium.com/firm-narrative/want-a-better-pitch-watch-this- 328b95c2fd0b
- 15. Storytelling: watch these videos https://medium.com/firm-narrative/want-a-better-pitch-watch- this-328b95c2fd0b https://medium.com/firm-narrative/this-is-how-a-ceo-tells-a- great-story-5d158620cec9
- 16. Bonus: What to cover in a 30-minute life sciences investor meeting 20 MINUTES •The stakes/problem •The market opportunity •The solution (your product) •Business model and reimbursement strategy (for US market) •Regulatory and IP milestones •Why you and your team are THE dream team •Exit strategy •Financials and how you will use the round to create value 10 MINUTES Q&A
- 17. Exercise: Name the enemy Examples: •The disease that kills or disables NNN people per year •Wasting billions of dollars •Global warming 5 minutes to brainstorm Get specific How can you paint a picture? How can you use specific numbers (quantify the problem)? Is there a well-known analogy you can develop (heart disease, for instance)?
- 18. Exercise: Why Now? What’s changing now? What is the tipping point? Why do we need to act now? What are the social, economic, global consequences if we don’t act now? 5 minutes Brainstorm!
- 19. Exercise Intro: The Promised Land What’s The Promised Land? Your vision for a better future. It’s about outcomes, not the technology. It’s about benefits that lead to a transformation. It’s about showing the enemy’s defeat. 5 minutes. Have fun!
- 20. Promised Land for startup serving the Cinderella market
- 21. Exercise: Find Your Promised Land Time + - Stakeholder
- 22. Exercise: Overcoming Obstacles What is standing in the way of the Promised Land? Every story (journey) has its obstacles. What are yours? The Big, Bad things you must push aside No obstacles? No credibility.
- 23. Exercise: Obstacles NAME YOUR OBSTACLES These can be: •Technical •lack of data •lack of evidence •revenue •experience NAME YOUR SOLUTIONS These should be specific to: •your IP and technology •your market knowledge (and data) •your business model •your team’s track record Brainstorm. 5 minutes. List as many as you can.
- 24. Exercise: Evidence What proof points do you have? Studies? Results from early subjects? Letters of interest? Star support?
- 25. Exercise: Your CTA and Ask What do you want your audience to do? What do you want them to give you? Can you invite their support?
- 26. More from Andy Raskin https://medium.com/firm-narrative
- 27. Investor Pitch Advice 101 Approaching VCs outside Canada? Do your research, so you don’t knock on the wrong doors: •Which VCs do seed and Series A? •Which ones work in your domain (drugs, devices, diagnostics, diseases – which diseases)? Network your way to a warm intro (they don’t take cold calls)
- 29. Putting It All Together Open PowerPoint, Keynote, or pull out some paper Start with your Post-Its from the exercises One message per slide Use Notes section for your speech Place most important key words or image on slide Leverage Proklam advice
- 30. Practice Sessions Practice by yourself Practice in front of an audience at home and at work Practice multiple times Film or record yourself with your phone at least twice when you practice Listen and pick one or two things (max) to improve: um’s and ah’s, walking too much or too little, too stiff, no eye contact, too fast… (not all – just one or two!) Do you project confidence and approachability? Are you connecting with your audience?
Editor's Notes
- Instructions: 5 minutes to craft.