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8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 1/58
TheArtful ien e of Pitching™
TheArtful
ien e
of Pitching™
Frank Erschen
Some contents are © 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 2/58
TheArtful ien e of Pitching™
Topics
Artful Science Perspective
Art vs. Science
Pitch Strategy
Pitch Ingredients & Short/Long Pitches
Hints & Tips
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
25-year corporate career (IBM, BMO)
Start-up space since 2006
Multiple Founder, CxO, Board, Advisor roles
Member, Investment Committee,
Laurier Start-Up Investment Fund
Angel InvestorGolden Triangle Angel Network
2011 Angel of the Year
2014 Community Builder of the Year
Member, GTAN Selection Committee
Director, Network of Angel Organizations – Ontario
Speaker / Pitch Competition Chair, National NACO Summits
(National Angel Capital Organization)
Pitch Coach / EIR based on …….….. Raising funds – asking, negotiating, closingUnderstanding how Angels & VCs select & decide
Understanding what Founders want & need
Deeply appreciating operational & funding challenges
Been There, Done That, Always Learning
About Me
TheArtful ien e
of Pitching™
TheArtful ien e
of Pricing™
(B2B, enterprise) (B2B2C) (small/med)
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 4
Innovation & Entrepreneur MBA
(India)
Communitech Rev
COMMON GROUND
OMAFRA – University
of Guelph Partnership
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Today is about …
Sharing the basics of good pitching
Introducing a proven framework
Preparing you for the “competition”
Sept 2015 5
TheArtful ien e of Pitching™
Image: iStockphoto/RyanKing999
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Objective of Your Pitch
Sept 2015 6
TheArtful ien e of Pitching™
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Objective of Your Investor Pitch
Sept 2015
Attracting, negotiating and closing investmentis a process … requires pitch strategy
7
TheArtful ien e of Pitching™
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Objective of Your Pitch Competition Pitch
Sept 2015
Winning a pitch competitionrequires pitch strategy
8
TheArtful ien e of Pitching™
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 9
PitchStrategy
Story
Criteria
Audience& Venue
Format
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 10/58
TheArtful ien e of Pitching™ Sept 2015 10
PitchStrategy
Story
Criteria
Audience
Format
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 11/58
TheArtful ien e of Pitching™ Sept 2015
Art
vs
ien e
11
TheArtful ien e of Pitching™
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 12/58
TheArtful ien e of Pitching™
how & what you pitch
(with imperfect information)
Sept 2015 12
TheArtful ien e of Pitching™
Art
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015
“ ien e”
How investors evaluate.
13
TheArtful ien e of Pitching™
(sometimes formally,
sometimes informally)
vs
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 14
PitchStrategy
Story
Criteria
Audience
Format
Timing
How many minutes to pitch?
Uninterrupted or interactive?
How long is Q&A?
Agenda
Who else pitching?
When vs. others?
Who’s before/after me?
Venue
Stage/ podium?Microphone or lav mic?
Preview monitor?
Investors
Investment
strategy/criteria?
Current portfolio?
Due diligence process?
Competition
Scorecard?
Weighting?
Decision process?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 15/58
TheArtful ien e of Pitching™ Sept 2015 15
PitchStrategy
Story
Criteria
Audience
Format
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 16/58
TheArtful ien e of Pitching™
The
story(content& logic)
Whateach
audienceneeds to
know
Whatyou
know
Logic
Flow
Content Right
Depth
Context
Sept 2015 16© 2012-2015 Frank Erschen, Inc.The
Artful ien e of Pitching™
Pitch
Audiences
Pitch
Ingredients
Your Delivery
Friends &
Family
Strategic
PartnersTalent VCsAngels Institutions
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 17
PitchStrategy
Story
Criteria
Audience
Format
BeClear
Compelling
Complete
Captivating
Short or
Long Pitch?Interactive or
Uninterrupted?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 18/58
TheArtful ien e of Pitching™
Short or
Long Pitch?Interactive or
Uninterrupted?
Sept 2015 18
INTERACTIVE UNINTERRUPTED
LONG
(usually with deck)
SHORT
(usually no deck)
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 19/58
TheArtful ien e of Pitching™
Must: get key
points out very
quickly
Need to quickly capture
interest to invite Q&A
Must: get key
points out quickly
Need to capture & hold
interest throughout
unpredictable Q&A
Must: deliver a
cogent pitch &
compelling close
Impress the audience vs
other pitches heard
Sept 2015 19
Must: tell a holistic
investor story
Need to cover all key
points expected by
audience
INTERACTIVE UNINTERRUPTED
Most Angel
& Some VC
Mtgs
1:1
Meetings
Most Angel& Some VC
Mtgs
Some Angel& Most VC
Mtgs
All Quadrants:
Competitions
LONG
(usually with deck)
SHORT
(usually no deck)
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 20/58
TheArtful ien e of Pitching™
Must: get key
points out quickly
Need to capture & hold
interest throughout
unpredictable Q&A
Must: tell a holistic
investor story
Need to cover all key
points expected by
audience
Most Angel& Some VC
Mtgs
Some Angel& Most VC
Mtgs
Must: get key
points out very
quickly
Need to quickly capture
interest to invite Q&A
Must: deliver a
cogent pitch &
compelling close
Impress the audience vs
other pitches heard
Sept 2015 20
INTERACTIVE UNINTERRUPTED
Most Angel
& Some VC
Mtgs
1:1
Meetings
All Quadrants:
Competitions
LONG
(usually with deck)
SHORT
(usually no deck)
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 21/58
TheArtful ien e of Pitching™ Sept 2015 21
Elevator Pitch
ManagementTeam
Problem, Solution,Competitive Advantage
Revenue Model &Go To Market Strategy
Financing to Date,Ask, Use of Funds
Avoid
Causing Confusion
Creating Complexity
Cascading Concern
BeClear
Compelling
Complete
Captivating
Address
Criteria(Completely)
Typical Short Pitch Content
Strive for a Story with No Intersecting Lines
CONTEXT
CREDIBILITY
SUITABILITYVIABILITY
BELIEVABILITY
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 22
Elevator Pitch
BeClear
Compelling
Complete
Captivating
Address
Criteria
(Completely)
• 15 second overview of your space – to catch interest
• Not a preview of the rest of your pitch – be creative, but not obtuse
Capture Attention
What space are
they in?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 23
Management Team
Be
Clear
Compelling
Complete
Captivating
Address
Criteria
(Completely)
• Subject matter expertise with deep knowledge of market
• Functional competence and technical skills to deliver
• Passion and commitment about the problem and solution
• Plan for building team, filling key roles at the right stage
• If a competition: Check for specific criteria
Capture Attention, Est. Credibility
Is s/he coachable,
aware?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 24
Problem / Solution /Competitive Advantage
Be
Clear
Compelling
Complete
Captivating
Address
Criteria
(Completely)
• Tightly articulated problem and clear solution & value proposition
• Significant and unique value proposition (that buyers are willing to pay for)
• Low barriers to adoption or integration, and/or low cost of switching
• High barriers to entry for competitors, difficult to replicate
• Well differentiated from competitors, substitutes or alternatives
• If a competition: Check for specific criteria
Capture Attention, Est. Credibility,Capture Interest
Are they focused?
Can this win?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 25
Revenue Model &Go To Market Strategy
Be
Clear
Compelling
Complete
Captivating
Address
Criteria
(Completely)
• How we make money
• Validate, Enter, Grow
• When – When did/will you Validate, Enter, Grow?
• Who – Customer segment?
• Where – Geography?
• How – Direct or via channel partner?• Scale – what do you need to do to be able to scale?
• If a competition: Check for specific criteria
VEGaS™
When, who, where, how
Validate solution
Enter market
Grow tractionand
Scale the business
Capture Attention, Est. Credibility,Capture Interest, Create Excitement
Stage-dependent
Can I see a Profitable
Product-Market Fit?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 26/58
TheArtful ien e of Pitching™ Sept 2015 26
Financing to Date,Ask, Use of Funds
Be
Clear
Compelling
Complete
Captivating
Address
Criteria
(Completely)
• How have you survived to date? (savings & bootstrapping, friends & family, …)
• What are you looking for today to support your Go To Market plans?
• Where else are you looking?
• What will you achieve with today’s ask? When is next raise?
• Overview of use of funds (e.g., piechart reflecting Go To Market plans)
• If a competition: Check for specific criteria
Capture Attention, Est. Credibility,Capture Interest, Create Excitement,
Confirm Interest
Investment vs.
Exit & Return?
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Deliver
Confident Answers
in Q&A
Sept 2015 27
Be
Clear
Compelling
Complete
Captivating
Address
Criteria
Capture Attention, Establish Credibility,
Capture Interest, Convey VEGaS™,
Create Excitement, Confirm Interest
Avoid
Causing Confusion
Creating Complexity
Cascading Concern
Elevator Pitch
Management Team
Financing to Date,Ask, Use of Funds
Revenue Model &Go To Market Strategy
Problem, Solution,Competitive Advantage
Pitch
Strategy
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 28/58
TheArtful ien e of Pitching™
Hints & Tips1. Artful Science and Business Model Canvas / Lean Canvas
2. The Big Question(s)
3. Story Sensitivity: What S-Zone™ are you in?
4. Alignment: Vertical, Diagonal, Horizontal
5. Q&A Tips
6. Set up for successful Due Diligence
Sept 2015 28© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 29
Value
Proposition3 Problem Solved or
Opportunity Created
7 Go To Market
Cost Structure9 Revenue Model
10 Projections
* Key Partners7 Go To Market
† Problem3 Problem Solved or
Opportunity Created
4 Market Size
* Key
Activities7 Go To Market
† Solution3 Solution / Product Customer
Segments4 Market Size
7 Go To Market * Key Resources11 Team
12 Financing to Date, Ask, Use of Proceeds
† Key Metrics7 Go To Market
10 Projections
Revenue Streams9 Revenue Model
10 Projections
* Customer
Relationships7 Go To Market
† Unfair
Advantage11 Competition /
Differentiation
Channels7 Go To Market
*Green is Business Model Canvas †Orange is Lean Canvas Black is BothSmall text is where Canvas element is used in The Artful Science of Pitching framework
Artful Science of Pitching and Business Model Canvas / Lean Canvas
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 © 2012-2015 Frank Erschen, Inc.
You MUST answer the big questions in your pitch
Your Business Your Big Question
All Is the business viable? Does the story hang together?
2-sided market Chicken and egg question
Social platforms How and how fast to get a large user base?
Manufacturing Where? BOM? Quality plan? IP protection? IP licensing?
Physical Product Sourcing / manufacturing strategy? Distribution strategy? IP protection & licensing?
Pharma, medical devices Do you need regulatory approval? Why/why not? Who’s helping you?
SaaS How well do you understand SaaS? Cash flow needs? Conversion metrics?
B2B, Enterprise Sales cycle? Procurement hurdles? Funnel strategy?
B2B, SME Sales cycle? Channel strategy? Funnel strategy?
Social impact Is your message clear? (will it attract enough of the right investors?
B2C Mass marketing strategy (traditional, SEO, etc.)
Services-based business Can you scale this business?
30
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TheArtful ien e of Pitching™ Sept 2015 31
The Sensitivity-Zones™
© 2012-2015 Frank Erschen, Inc.
Your zone and trajectory will guide the tone and core message/theme of your pitch.
Strategy
S1
What’s our focus?
Lean Canvas
Deep mentoring
Sleepless
S2
Getting going
Raising money
Recruiting talent
Swing
S3
A-B testing
Pivots
Traction?
Scale
S4
Sink
S6
Salvage
S5
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 32
Mapping VEGaS™ to the S-Zones™
ValidateMVP GrowEnter
Scale
and
© 2012-2015 Frank Erschen, Inc.
Strategy
S1
What’s our focus?
Lean Canvas
Deep mentoring
Sleepless
S2
Getting going
Raising money
Recruiting talent
Swing
S3
A-B testing
Pivots
Traction?
Scale
S4
Sink
S6
Salvage
S5
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Q&A TipsEvery pitch has 2 pitches
(delivery pitch and your Q&A)
Script & rehearse answers, especially for the tough Qs
(don’t over-answer; try yes/no with a few crisp supporting statements)
If you use backup slides, know location cold
(consider using hyperlinks for navigation, example: )
Sept 2015 33© 2012-2015 Frank Erschen, Inc.
Tips
Menu
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Pitch Alignment
34
VERTICAL
DIAGONAL
HORIZONTAL
Sept 2015 © 2012-2015 Frank Erschen, Inc.
TheArtful ien e of Pitching™
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Set Up for Successful Due DiligenceDon’t oversell
Don’t be hyperbolic
Don’t lie
Don’t hide your gaps
Don’t be unprepared
Don’t over-answer
Sept 2015 35© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 36/58
TheArtful ien e of Pitching™
TheArtful
ien e of Pitching™
Frank Erschen
Artful Science Perspective
Art vs. Science
Pitch Strategy
Pitch Ingredients & Short/Long Pitches
Hints & Tips
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 37/58
TheArtful ien e of Pitching™
TheArtful
ien e
of Pitching™
The Long Story
Some contents are © 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 38/58
TheArtful ien e of Pitching™
Must: get key
points out quickly
Need to capture & hold
interest throughout
unpredictable Q&A
Must: tell a holistic
investor story
Need to cover all key
points expected by
audience
Most Angel& Some VC
Mtgs
Some Angel& Most VC
Mtgs
Must: get key
points out very
quickly
Need to quickly capture
interest to invite Q&A
Must: deliver a
cogent pitch &
compelling close
Impress the audience vs
other pitches heard
Sept 2015 38
INTERACTIVE UNINTERRUPTED
Most Angel
& Some VC
Mtgs
1:1
Meetings
All Quadrants:
Competitions
LONG
(usually with deck)
SHORT
(usually no deck)
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 39/58
TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
Close
or Lose
the “Sale”
The “Sell”
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 40
Elevator Pitch – Example We have developed an optimally-sized,
open, and standards compliant
operating system for the class A-compatibleand class B micro-processor units
found in low-end intelligent-enabled
appliances.
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 41
Elevator Pitch – Example
I’m Andy Preneur, founder of SmartCPU. We’ve developed a
best-in-class operating system for smart devices like your
toaster. We cost less and leave more roomfor the apps that make your toaster smart.
We’re proven and I need investment to commercialize.
We have developed an optimally-sized, open, and standards compliant operating
system for the class A-compatible and class B micro-processor units found in low-endintelligent-enabled appliances.
© 2012-2015 Frank Erschen, Inc.
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
http://slidepdf.com/reader/full/tofi-sept-14-2015-pitchbootcamp-erschen 43/58
TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
InterestDefining Market Size
It’s less about large numbers,
more about logic and reasonableness
Link it to the problem you solve
Top down analysis:
US census, StatsCan, US Bureau of Labor stats, ...
Bottom up analysis:
market intelligence research, original research, …
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
Product value proposition
Context: Your product is one FEATURE of
your business!
IP*
How product solves the problem
* Here or in Competition & Differentiation section
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
At this point, the audience knows enough
to be interested and intrigued
(or not)
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
The “Sell”
The “Sell” is core of your pitch
This section converts interest in your pitch to
interest in a follow-up meeting
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
The “Sell”
• Validate, Enter, Grow
• When – When did/will you Validate, Enter, Grow?
• Who – Customer segment?
• Where – Geography?
• How – Direct or via channel partner?
• Scale – what do you need to do to be able to scale?
VEGaS™
When, who, where, how
Validate solution
Enter marketGrow tractionand
Scale the business
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Common VEGaS™ Framework
Sept 2015 48
Validation
• Point1
• Point2
• Point3
Entry
• Point1
• Point2
• Point3
Grow
• Point1• Point2
• Point3
Scale
• Point1
• Point2
• Point3
Graphically explains your
Go To Market strategy & plan
If appropriate dedicate a page
to a stage
© 2012-2015 Frank Erschen, Inc.
time
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
Close
or Lose
the “Sale”
The “Sell”
In “Close or Lose” you convert interest in a
follow-up meeting to confirmation
A compelling context and sell
can easily be lost here
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
8. COMPETITION & DIFFERENTIATION – who you will battle & why win
9. REVENUE MODEL – how you will make money (pricing, margin)
10. PROJECTIONS – revenue, costs, cash flow
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
Close
or Lose
the “Sale”
The “Sell”
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
8. COMPETITION & DIFFERENTIATION – who you will battle & why win
9. REVENUE MODEL – how you will make money (pricing, margin)
10. PROJECTIONS – revenue, costs, cash flow
© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
Close
or Lose
the “Sale”
The “Sell”
t
0
t
1
1
0
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
8. COMPETITION & DIFFERENTIATION – who you will battle & why win
9. REVENUE MODEL – how you will make money (pricing, margin)
10. PROJECTIONS – revenue, costs, cash flow
11. TEAM – credibility, strengths, gaps12. ASK – financing to date, today’s ask, use of proceeds
13. SUMMARY – top 3 to 5 key points from your pitch© 2012-2015 Frank Erschen, Inc.
SetContext
and
Create
Interest
Close
or Lose
the “Sale”
The “Sell”
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1 INTRO - incomplete introduction
2 ELEVATOR PITCH - not crisp
3 PROBLEM DEFINITION - not focused enough
4 MARKET SIZE - irrelevant, size over substance
5 PRODUCT - selling product vs selling investment
6 WHY NOW? - not convincing
7 GO TO MARKET - incomplete thinking, not defensible
8 COMPETITION - not convincing, not researched
9 REVENUE MODEL - not clear
10 PROJECTIONS - unrealistic, unsupported
11 TEAM - incomplete
12 ASK - incomplete info, inadequate/too much $
13 SUMMARY - missed opportunity!
© 2012-2015 Frank Erschen, Inc.
Typical
Topic
Traps
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™ Sept 2015 15
1 INTRO - incomplete introduction
2 ELEVATOR PITCH - not crisp
3 PROBLEM DEFINITION - not focused enough
4 MARKET SIZE - irrelevant, size over substance
5 PRODUCT - selling product vs selling investment
6 WHY NOW? - not convincing
7 GO TO MARKET - incomplete thinking, not defensible
8 COMPETITION - not convincing, not researched
9 REVENUE MODEL - not clear
10 PROJECTIONS - unrealistic, unsupported
11 TEAM - incomplete
12 ASK - incomplete info, inadequate/too much $
13 SUMMARY - missed opportunity!
© 2012-2015 Frank Erschen, Inc.
Typical
Logic
TrapsNot
aligned
Not
aligned
Not
logical
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
Must: get key
points out quickly
Need to capture & hold
interest throughout
unpredictable Q&A
Must: tell a holistic
investor story
Need to cover all key
points expected by
audience
Most Angel& Some VC
Mtgs
Some Angel& Most VC
Mtgs
Must: get keypoints out very
quickly
Need to quickly capture
interest to invite Q&A
Must: deliver acogent pitch &
compelling close
Impress the audience vs
other pitches heard
Sept 2015 55
INTERACTIVE UNINTERRUPTED
Most Angel
& Some VC
Mtgs
1:1
Meetings
All Quadrants:
Competitions
LONG
(usually with deck)
SHORT
(usually no deck)
© 2012-2015 Frank Erschen, Inc.
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TheArtful ien e of Pitching™ Sept 2015 15
1. INTRO – company, you, role, purpose of pitch
2. ELEVATOR PITCH – 15 second EP to set context, initiate interest
3. PROBLEM DEFINITION – tight description of pain you solve
4. MARKET SIZE – size of problem in the world
5. PRODUCT – your solution to the problem
6. WHY NOW? –original or 3rd party research
7. GO TO MARKET – how you will turn a great idea into aninvestible, promising/successful business
8. COMPETITION & DIFFERENTIATION – who you will battle & why win
9. REVENUE MODEL – how you will make money (pricing, margin)
10. PROJECTIONS – revenue, costs, cash flow
11. TEAM – credibility, strengths, gaps12. ASK – financing to date, today’s ask, use of proceeds
13. SUMMARY – top 3 to 5 key points from your pitch© 2012-2015 Frank Erschen, Inc.
A. Build your
“Long
Uninterrupted”
Pitch
Steps
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TheArtful ien e of Pitching™ Sept 2015 15
Revised Order to Get Points Up Front
1. 1,2. INTRO & ELEVATOR PITCH – intro + 15 second EP
2. 11. TEAM – credibility, strengths, gaps
3. 3,5. PROBLEM & SOLUTION (PRODUCT)
4. 7,9. GO TO MARKET & REVENUE MODEL – how you will turn a great
idea into an investible, promising/successful business … and how
it makes money5. 12. ASK – financing to date, today’s ask, use of proceeds
6. 4. MARKET SIZE – size of problem in the world
7. 6. WHY NOW? –original or 3rd party research
8. 8. COMPETITION & DIFFERENTIATION – who you will battle & why win
9. 10. PROJECTIONS – revenue, costs, cash flow10. 13. SUMMARY – top 3 to 5 key points from your pitch
© 2012-2015 Frank Erschen, Inc.
A. Build your
“Long
Uninterrupted”
Pitch
B. Consolidate and
Condense to get key
points up front
C. Deliver up to * in as
few minutes aspractical
Steps
*
8/20/2019 TOFI Sept. 14, 2015 PitchBootcamp: Erschen
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TheArtful ien e of Pitching™
TheArtful
ien e of Pitching™
Frank Erschen
Artful Science Perspective
Art vs. Science
Pitch Strategy
Pitch Ingredients & Short/Long Pitches
Hints & Tips