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Presenting yourventure
Nuts and Bolts of New Ventures
January, 2020Bob Jones
Different audiences, different goals
What do people invest in?This includes customers, employees, & investors
A good idea isn’t the same as a good product
A good product isn’t the same as a goodbusiness
People want to work with promising businessesGreat team
Skilled at execution
Understand their business
Idea Product Business
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Can you describe it clearlyand persuasively?
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Agenda:
What’s a presentation? What do you want it to do?
Sidebar: fundamentals of selling – technical founder
Let’s give some presentations Customers, prospective hires, other target audiences
Prospective investors
Distillation: are there guidelines we can extract?
More presentations, using what we’ve learned
Your turn – Questions? Conclusion
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My background
CEO – Scientific Nutrition Products, Inc.
Principal at Scientia Advisors – managementconsulting
CEO of Vitasoy USA (turn-around)
Founder & CEO: three medicalcompanies
Executive positions at Baxter, Abbott,other companies
Princeton, MIT Sloan (MSM)4 Bob Jones
Potential audiences:your presentation
Customers
Potential employees and team members
Current employees and team members
Channel partners/retailers/etc.
Family members
Investors
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Two requirements:successful presentation
The idea is appealing to the audience
Examples: good fit
Examples: square peg, round hole
They believe you
“Your description is true”
“You can do what you say you can do”
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Volunteer Di: sample pitchRecruiting team members
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Volunteer Emre: sample pitchRecruiting team members
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Understanding your audienceThis takes thought and research
Which do they care more about? You?
Themselves?
Should your goal be to persuade them that: You’re really smart?
Your technology is really awesome?
Your vision is really compelling?
Answer: Yes, but only if it is a Reason to Believe
Benefits first, then Reason to Believe
Remember: their 1st priority is, “How will this help me?”
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A few guidelinesPresenting to your audience
Invest the time to understand whatthey want: ask & listen carefully
I know it’s corny, but it helps if youactually care about their needs
A sequence that is often effective is: Introduction
Ask them what they’re looking for in a (job, service…), orconfirm that you know what they’re looking for
Tell them why this will be great for them: BENEFITS
Support: Reasons To Believe
Ask for feedback. If it’s encouraging, ask for the order
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A few more guidelinesPresenting to your audience
What helps you be believable?
Conviction/enthusiasm/passion (but notlunacy)
Supporting evidence
Brevity
Be clear
Be brief
Stop talking
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How much information is right?Should you tell them everything?
What do you want them to remember?
Turn your computer off
Ask yourself what you want them to say whenthey describe your pitch to someone else
Three points is all that most people retain
Probably the three that have the mostrelevance to them personally
Be ruthless in your editing…
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Is this like “Sales?” (Eeek…)
When you think, “Sales person,”do you think of this?
When you think, “MIT”…
My view:
Neither is quite accurate…
“Selling” is an essential skillBob Jones-Nuts & Bolts-New Ventures 13
My views: learning to sell
“Learning to sell” is like “learning to swim”
It’s not natural or innate
It’s terrifying
It’s learnable: it just takes techniques and practice
Balancing act:
Analyzing “where to sell” vs. “learning how to sell”
That can be like “analyzing where to swim” vs.“learning how to swim”
Both are necessary. Is one more important?
Fundamentals you must know
Are you talking to the right person?
What does that other person care about?
“Benefits” first, then “reason to believe”
The role of “trust”
Ask for the order
The role of “follow up”
Qualifying and WIIFM
Qualifying:
More people can say, “No” than “Yes”
Which one should be your priority?
What’s In It For Me?
People put this first, even if they don’t say it
Addressing this may require some finesse
Can you give a relevant example?
Sell benefits, build trust
Benefits, followed by Reason To Believe
If they don’t want the benefits, stop right there
Examples?
Why are people suspicious of overly technicalexplanations?
Trust
More is required for more important decisions
What builds trust and credibility?
Ask for the order; follow up
People rarely volunteer you’d better ask
Classic sequence:
How do you feel about this? (probe for objections)
That makes sense (I hear you). If we addressedthose concerns, how would you feel? (trial close)
Address them, then ask for the order (I did what youasked me to do…)
Follow up: probably 80% of selling
Builds your credibility, shows your interest
Keeps you “top of mind”
Using a microphoneAn often-overlooked detail
Some mics are “omnidirectional.” Theyamplify sounds from all sides.
Most of the mics you’ll use are moreunidirectional. They amplify what youpoint at them and ignore backgroundsounds
Therefore: speak down the barrel of themic, not over the top, and within 2-4inches of the microphone
Speak more slowly than usual; enunciate clearly. Thisgives your audience time to process your golden words.
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Let’s pitch potential executivesYou need her, so do others with more $$…
Guidelines for presenters:
Set the stage – tell us: What’s your business? Whatposition are you trying to fill?
Two minutes for the interview pitch
Guidelines for you in the audience
Listen attentively
Offer guidance that will help the presenter improve
Incorporate the feedback into your own presentation
Volunteers?
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Let’s pitch prospective customersInfluencers, clients or customers
Guidelines for presenters:
Set the stage: Who are you? Who are we? (briefly…)
Two minutes What are you selling? Why should we care?
Address our potential concerns
Guidelines for the audience – same as before
Volunteers?
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So what have we learned so far?
Different audiences may requiredifferent pitches
Examples?
Why?
But in every case, what matters is:
That your topic matters to them
They believe you
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The 8-letter word everyone hates
PRACTICE Sometimes you have to work very
hard to make it look easy
You’re retraining yourself: these are new habits
Give your talk to an empty room
Use a timer
For the brave: record it (Oh God…)
See the first bullet on this page…
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VentureCapitalist
Getting to see a venture capitalist
Intro byVC friend
Find theVC friend
Ask forintroduction
Cold call(200/wk)
Is it agood fit?
Make melook bad?
No Yes
2/wk
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Preparing for an investor pitchSome of the questions they’ll have
What kind of capital are you looking for?
How much?
How far will that take you?
How will our firm make money from ourinvestment in your business?
How much? How long will that take?
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Basic questions about your businessEasy to ask, not so easy to answer…
What’s broke that your company will fix?
How many people/companies have this problem?
How are they addressing this problem now?
Why/how is your solution better?
Who will be your first customers?
How will you find them and let them know about yoursolution?
How will you make money?
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Let’s pitch prospective investorsVolunteers?
Guidelines for presenters:
Set the stage: Who are you? Who are we? (briefly…)
Two minutes
Tell us about your investment? Why should we care?
Address our potential concerns
Guidelines for you in the audience
Listen attentively
Offer guidance that will help the presenter improve
Incorporate the feedback into your own presentation
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A few words about pitch decksShort, clear, accessible, intriguing
Many entrepreneurs overload their decks: toolong, too technical, too much jargon
The best decks describe the problem and theopportunity in the first slide or two:
Focus on the unmet need and how they are meeting it
Show proof or support for their value
https://piktochart.com/blog/startup-pitch-decks-what-you-can-learn/
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Your turn
Any last questions?
Summary You will need to make many presentations to many
audiences: customers, employees, partners, investors and
more
Presentations are not “one size fits all.” Find the places
where you and your audience are in harmony
Who is your audience? What are their greatest fears & interests?
If they do what you want them to do, why will THEY be better off?
Two of the most important components are:
They want what you’re presenting
They believe you
With luck, your presentation will
capture lightning in a bottle
Good luck!
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