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Business Model Workshop



The Art of the Pitch

        Keith McGreggor
       Director of VentureLab @   ...
the Elevator Pitch

 the Investor Pitch

+ what VCs look for...
but first...
what is the point of a pitch?
it is NOT to get them to
      “write a check”
it is this:
 to be memorable
  for long enough
 so that they want
to meet you again
three important points


 be interesting
    be clear
  be relevant
the Elevator Pitch
   the Investor Pitch
“so, what do you do?”
Start with a strong opening sentence.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
Sounds easy enough?
exercise: “so, what do you do?”
My company, _______________,
              company name
is developing ______________
                 something     be specific
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something     avoid jargon
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________ no adjectives
                 something
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone          identify them
   _____________________
      solve some problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________ be very specific
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone        clarify the buyer
   _____________________
      solve some problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone
   _____________________
      solve some problem     clarify problem
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone
   _____________________
      solve some problem     hint at revenue
        with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.     why different
the Canvas
    infrastructure              offer            customers



                 activities              relationships

partners                       value
                                                         segments
                               prop.

                resources                 channels



                              financial

           cost structure                  revenue streams
infrastructure          offer            customers


                             activities              relationship

                partners                   value
                                                                    segments
                                           prop.

                            resources                 channel


                                          financial

                       cost structure                 revenue streams




My company, _______________,
              company name
is developing ______________
                something
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
infrastructure          offer            customers


                             activities              relationship

                partners                   value
                                                                    segments
                                           prop.

                            resources                 channel


                                          financial

                       cost structure                 revenue streams




My company, _______________,
              company name
is developing ______________
                 something
             someone
  to help ________________
   _____________________
     solve some problem
        with secret sauce
  _____________________.
infrastructure          offer            customers


                             activities              relationship

                partners                   value
                                                                    segments
                                           prop.

                            resources                 channel


                                          financial

                       cost structure                 revenue streams




My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone
   _____________________
      solve some problem
      with secret sauce
  _____________________.
My company, _______________,
              company name
is developing ______________
                 something
  to help ________________
              someone
   _____________________
      solve some problem
        with secret sauce
  _____________________.
the Elevator Pitch


the Investor Pitch
raising money
 your point of view




     x 40
raising money
             VC point of view




    1000
                          100
business plans
                                        20 due
                       presentations               2 funded
                                       diligence
the money timeline


                                                              $$$
 3-6 months     2-4 months               1-2 months


                                due         term
homework        pitching                              legal
                             diligence      sheet
about that homework...
why a VC WOULD invest


  the quality of the team

  the size of the market

  the amount of traction
why a VC WOULD invest

the quality of the team

the size of the market
                          infrastructure          offer            customers

the amount of traction              activities              relationship

                     partners                     value
                                                                           segments
                                                  prop.

                                   resources                 channel


                                                 financial

                              cost structure                 revenue streams
why a VC WOULD invest

the quality of the team

the size of the market
                          infrastructure          offer            customers

the amount of traction              activities              relationship

                     partners                     value
                                                                           segments
                                                  prop.

                                   resources                 channel


                                                 financial

                              cost structure                 revenue streams
why a VC WOULD invest

the quality of the team

the size of the market
                          infrastructure          offer            customers

the amount of traction              activities              relationship

                     partners                     value
                                                                           segments
                                                  prop.

                                   resources                 channel


                                                 financial

                              cost structure                 revenue streams
why a VC WOULD NOT invest


    the quality of the team

    the size of the market

    the amount of traction
why a VC WOULD NOT invest

                            hair on the deal
the quality of the team
                            no exit in sight
the size of the market
                           focus of the fund
the amount of traction
                            who else is in

                          their own expertise
you control          you cannot control*

                            hair on the deal
the quality of the team
                            no exit in sight
the size of the market
                           focus of the fund
the amount of traction
                            who else is in

                          their own expertise
some principles
FEW words,
     BIG fonts,
  LESS complexity,
and LOTS of pictures.
30+ point fonts
This text is 12 point


            This text is 14 point

           This text is 16 point

          This text is 18 point

         This text is 20 point

        This text is 22 point

        This text is 24 point

      This text is 28 point
      This text is 30 point
     This text is 34 point
    This text is 38 point
   This text is 42 point
  This text is 48 point
 This text is 54 point
This text is 60 point
Reading is BAD
Critically important slide

•   Even though this slide is using a 30 point font, the challenge with
    this glorious slide is that it is too wordy.

•   People who create slides tend to put every word that they are
    going to say on their slides. Although this does eliminate the need
    for you to memorize your talk, ultimately this makes your slides
    look crowded, wordy, and boring.

•   Remember, people can read far faster than you can talk, a typical
    ratio of at least 10 to 1. So, by the time you’ve bothered saying this
    out loud, your audience has finished reading it and has gone from
    paying rapt attention to you to checking their email, browsing
    Reddit, and updating their Facebook with a status about the most
    ridiculous meeting they’ve ever been trapped in and how they need
    a bingo call from somebody - anybody - to help them escape from
    what’s sure to be a continual onslaught of poorly conceived slides
    such as this.
keep it SHORT
20 minutes
think of what you are
SAYING + DOING
people listen to
                   7% of what
                    you SAY

people watch to
                   52% of what
                    you DO
the Baker’s Dozen
Title     Team           Overview

Problem       Solution     Value    Secrets

Advantage       Strategy     Model

Projections     Requirements Closer
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

  Problem        Solution         Value       Secrets

  Advantage            Strategy       Model

  Projections          Requirements         Closer


                                              infrastructure          offer            customers


                                                        activities              relationship

                                          partners                    value
                                                                                               segments
                                                                      prop.

                                                        resources                channel

  CAC << LTV
COST < REVENUE                                    cost structure
                                                                     financial

                                                                                 revenue streams
Title         Team          Overview

Problem        Solution         Value       Secrets

Advantage            Strategy       Model

Projections          Requirements         Closer


                                            infrastructure          offer            customers


                                                      activities              relationship

                                        partners                    value
                                                                                             segments
                                                                    prop.

                                                      resources                channel


                                                                   financial

                                                cost structure                 revenue streams
Title         Team          Overview

  Problem        Solution         Value       Secrets

   Advantage           Strategy       Model

  Projections          Requirements         Closer


                                              infrastructure          offer            customers


                                                        activities              relationship

My company, _______________,
               company name               partners                    value
                                                                                               segments
                 something
is developing ______________                                          prop.
  to help ________________
               someone                                  resources                channel
      solve some problem
   _____________________
  _____________________.
        with secret sauce
                                                                     financial

                                                  cost structure                 revenue streams
Title     Team           Overview

Problem       Solution     Value    Secrets

Advantage       Strategy     Model

Projections     Requirements Closer
for further reference ...
Q &A
75 Fifth St NW, Suite 202, Atlanta GA 30308

venturelab.gatech.edu

@venturelab / @keithmcgreggor

keith@venturelab.gatech.edu

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Business Model Workshop: the Art of the Pitch

  • 1. Business Model Workshop The Art of the Pitch Keith McGreggor Director of VentureLab @ ...
  • 2.
  • 3.
  • 4. the Elevator Pitch the Investor Pitch + what VCs look for...
  • 6. what is the point of a pitch?
  • 7. it is NOT to get them to “write a check”
  • 8. it is this: to be memorable for long enough so that they want to meet you again
  • 9. three important points be interesting be clear be relevant
  • 10. the Elevator Pitch the Investor Pitch
  • 11.
  • 12.
  • 13. “so, what do you do?”
  • 14. Start with a strong opening sentence.
  • 15. My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 17. exercise: “so, what do you do?”
  • 18. My company, _______________, company name is developing ______________ something be specific to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 19. My company, _______________, company name is developing ______________ something avoid jargon to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 20. My company, _______________, company name is developing ______________ no adjectives something to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 21. My company, _______________, company name is developing ______________ something to help ________________ someone identify them _____________________ solve some problem with secret sauce _____________________.
  • 22. My company, _______________, company name is developing ______________ something to help ________________ be very specific someone _____________________ solve some problem with secret sauce _____________________.
  • 23. My company, _______________, company name is developing ______________ something to help ________________ someone clarify the buyer _____________________ solve some problem with secret sauce _____________________.
  • 24. My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem clarify problem with secret sauce _____________________.
  • 25. My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem hint at revenue with secret sauce _____________________.
  • 26. My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem with secret sauce _____________________. why different
  • 27. the Canvas infrastructure offer customers activities relationships partners value segments prop. resources channels financial cost structure revenue streams
  • 28. infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 29. infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams My company, _______________, company name is developing ______________ something someone to help ________________ _____________________ solve some problem with secret sauce _____________________.
  • 30. infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 31. My company, _______________, company name is developing ______________ something to help ________________ someone _____________________ solve some problem with secret sauce _____________________.
  • 32. the Elevator Pitch the Investor Pitch
  • 33. raising money your point of view x 40
  • 34. raising money VC point of view 1000 100 business plans 20 due presentations 2 funded diligence
  • 35. the money timeline $$$ 3-6 months 2-4 months 1-2 months due term homework pitching legal diligence sheet
  • 37. why a VC WOULD invest the quality of the team the size of the market the amount of traction
  • 38. why a VC WOULD invest the quality of the team the size of the market infrastructure offer customers the amount of traction activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 39. why a VC WOULD invest the quality of the team the size of the market infrastructure offer customers the amount of traction activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 40. why a VC WOULD invest the quality of the team the size of the market infrastructure offer customers the amount of traction activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 41. why a VC WOULD NOT invest the quality of the team the size of the market the amount of traction
  • 42. why a VC WOULD NOT invest hair on the deal the quality of the team no exit in sight the size of the market focus of the fund the amount of traction who else is in their own expertise
  • 43. you control you cannot control* hair on the deal the quality of the team no exit in sight the size of the market focus of the fund the amount of traction who else is in their own expertise
  • 45. FEW words, BIG fonts, LESS complexity, and LOTS of pictures.
  • 46.
  • 47.
  • 48.
  • 50. This text is 12 point This text is 14 point This text is 16 point This text is 18 point This text is 20 point This text is 22 point This text is 24 point This text is 28 point This text is 30 point This text is 34 point This text is 38 point This text is 42 point This text is 48 point This text is 54 point This text is 60 point
  • 52.
  • 53. Critically important slide • Even though this slide is using a 30 point font, the challenge with this glorious slide is that it is too wordy. • People who create slides tend to put every word that they are going to say on their slides. Although this does eliminate the need for you to memorize your talk, ultimately this makes your slides look crowded, wordy, and boring. • Remember, people can read far faster than you can talk, a typical ratio of at least 10 to 1. So, by the time you’ve bothered saying this out loud, your audience has finished reading it and has gone from paying rapt attention to you to checking their email, browsing Reddit, and updating their Facebook with a status about the most ridiculous meeting they’ve ever been trapped in and how they need a bingo call from somebody - anybody - to help them escape from what’s sure to be a continual onslaught of poorly conceived slides such as this.
  • 56. think of what you are SAYING + DOING
  • 57. people listen to 7% of what you SAY people watch to 52% of what you DO
  • 58.
  • 60. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
  • 61. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 62. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 63. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 64. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 65. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 66. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 67. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 68. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 69. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel CAC << LTV COST < REVENUE cost structure financial revenue streams
  • 70. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship partners value segments prop. resources channel financial cost structure revenue streams
  • 71. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer infrastructure offer customers activities relationship My company, _______________, company name partners value segments something is developing ______________ prop. to help ________________ someone resources channel solve some problem _____________________ _____________________. with secret sauce financial cost structure revenue streams
  • 72. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
  • 74.
  • 75.
  • 76.
  • 77. Q &A
  • 78. 75 Fifth St NW, Suite 202, Atlanta GA 30308 venturelab.gatech.edu @venturelab / @keithmcgreggor keith@venturelab.gatech.edu