02/22/2014
SECRETS of Pitch Day at Citizen Space SFO Startup50plus.com blogging LIVE
by Joyce Schwarz, co-founder Startup50plus.com and bestselling author blogging live at Citizen Space SFO Pitch Day.
Thrilled to be on location at Citizen Space for Angel Launch's PITCH DAY at Citizen Space in SFO --
STEVE HOFFMAN -- Founder, FOUNDER SPACE is on deck revealing secrets of the pitch based on his vast background of experience (see more about Steve at: http//foundersspace/contributors/hoffman
His first tip: GET YOUR A TEAM ORGANIZED -- great point that if you can get a 7 figure exec to leave his job to join your startup -- that will IMPRESS investors. Get at least a couple ready to commit full time -- if they are from a mediocre company don't put them on. If they are from say GOOGLE -- and they are ready to go full time about funding -- put them in the deck.
Who is your A-Team for your startup-- STARTUP50plus.com blogging live from PITCH DAY in SFO --can you get a 7 figure exec to leave his/her job to join you upon funding? Are they from Google -- that's even better according to Steve Hoffman, Founder, FounderSpace who is on deck speaking.
START THE PITCH DECK with "THE OPPORTUNITY"
Move on to THE TEAM slide
Then to: THE PROBLEM:
a) The Pain points are: __________ ____________ _________
BLOGGER NOTE by Joyce Schwarz -- lightbulb moment! Totally surprised that I know Steve Hoffman from the early days of multimedia when he was a partner in an amazing firm called SPIDERDANCE...and then went on to INFOSPACE etc (see his bio at above link).
Next THE SOLUTION (one slide and four bullet points -- that's it -- Hoffman says -- YOU CAN DO IT!
_____________________
_____________________
_____________________
_______________________
"Practice your pitch over and over"...great example INSTAGRAM -- one small piece - sharing of pictures was what people wanted -- so they had to strip it down to that major feature.
Next: OUR CUSTOMERS
"Who are your customers -- give your investors the meat -- ie
_______millions kids joined organized sports
_______million family members participated
______leagues in the United States
All of them need this solution
Annual $ ___ spend per kid
(above example Hoffman is showing for a sample sports startup)
Next Slide:
MARKET SIZE Hoffman showed a graph for this
Next slide:
BUSINESS MODEL: his sample says: "The business model is baked into our app:
Cmmerce______
Sponsorship _______
Advertising_________
Next slide -- hockey stick -- REVENUE PROJECTIONS
Hoffman suggest just use the hockey stick revenue projections -- not a detailed balance sheet etc-- make an educated guess -- talk to your customers -- extrapolate on this based on demand -- this is the end result of your operating plan. The simple map comes out of your EXCEL spreadsheets -- and they will ask you to send the operating plan to them -- but they don't read through it -- but they will spotcheck it. BUT, the investor will have their own hypothesis to the market demand.
Yes, go through the model --explain inflection point. Hoffman is much more concerned about the Customers, Market etc -- he asks if the investor wants to see operating plan -- tries to put a stop to the question on spread sheets -- move beyond PROJECTION slide fast!
Next slide:
Milestones & Metrics Investors want to see what you are going to do with their money -- do you have any metrics that will back up ie how many mintues spent on the site on Facebook section etc -- what makes your business really tick.
Do not have to be financial milestones-- could be Launch new product, get 100 customers -- versus metrics -- time on the site -- what do we convert
GO TO MARKET STRATEGY next slide '
How we'll acquire customers __________ ____________ ___________
Example - how are you plugged into the sports communty -- explain clever things as to how hooked up with the sports market etc.
Don't put I'm going to use Social Media - instead explain -- you are involved in the National Soccer League will make app availabel to 50,000 soccer fans -- think of your relationshp to people -- yes...what are you going to do that is so different...yes...unfair advantage
COMPETITIVE LANDSCAPE Hoffman likes to have slide that shows you are in separate quadrant from your competitors...talk about way competitors are different from you -- and you better havc a VERY DIFFERENT solution.
(show logos) - different market segments) and explain differentiator. Question is it better that you are the only one or can you have another - take advantage of competitive slide to show how diferent you are - this plays to your advantage.
Last slide: FUNDING --
We are uniquely positioned as the ____
Seed Round ____
Risks and challenges
Exit Strategy____
THANKS TO STEVE HOFFMAN -- for more info http://www.founderspace.com
Thrilled to be on location at Citizen Space for Angel Launch's PITCH DAY at Citizen Space in SFO --
STEVE HOFFMAN -- Founder, FOUNDER SPACE is on deck revealing secrets of the pitch based on his vast background of experience (see more about Steve at: http//foundersspace/contributors/hoffman
His first tip: GET YOUR A TEAM ORGANIZED -- great point that if you can get a 7 figure exec to leave his job to join your startup -- that will IMPRESS investors. Get at least a couple ready to commit full time -- if they are from a mediocre company don't put them on. If they are from say GOOGLE -- and they are ready to go full time about funding -- put them in the deck.
Who is your A-Team for your startup-- STARTUP50plus.com blogging live from PITCH DAY in SFO --can you get a 7 figure exec to leave his/her job to join you upon funding? Are they from Google -- that's even better according to Steve Hoffman, Founder, FounderSpace who is on deck speaking.
START THE PITCH DECK with "THE OPPORTUNITY"
Move on to THE TEAM slide
Then to: THE PROBLEM:
a) The Pain points are: __________ ____________ _________
BLOGGER NOTE by Joyce Schwarz -- lightbulb moment! Totally surprised that I know Steve Hoffman from the early days of multimedia when he was a partner in an amazing firm called SPIDERDANCE...and then went on to INFOSPACE etc (see his bio at above link).
Next THE SOLUTION (one slide and four bullet points -- that's it -- Hoffman says -- YOU CAN DO IT!
_____________________
_____________________
_____________________
_______________________
"Practice your pitch over and over"...great example INSTAGRAM -- one small piece - sharing of pictures was what people wanted -- so they had to strip it down to that major feature.
Next: OUR CUSTOMERS
"Who are your customers -- give your investors the meat -- ie
_______millions kids joined organized sports
_______million family members participated
______leagues in the United States
All of them need this solution
Annual $ ___ spend per kid
(above example Hoffman is showing for a sample sports startup)
Next Slide:
MARKET SIZE Hoffman showed a graph for this
Next slide:
BUSINESS MODEL: his sample says: "The business model is baked into our app:
Cmmerce______
Sponsorship _______
Advertising_________
Next slide -- hockey stick -- REVENUE PROJECTIONS
Hoffman suggest just use the hockey stick revenue projections -- not a detailed balance sheet etc-- make an educated guess -- talk to your customers -- extrapolate on this based on demand -- this is the end result of your operating plan. The simple map comes out of your EXCEL spreadsheets -- and they will ask you to send the operating plan to them -- but they don't read through it -- but they will spotcheck it. BUT, the investor will have their own hypothesis to the market demand.
Yes, go through the model --explain inflection point. Hoffman is much more concerned about the Customers, Market etc -- he asks if the investor wants to see operating plan -- tries to put a stop to the question on spread sheets -- move beyond PROJECTION slide fast!
Next slide:
Milestones & Metrics Investors want to see what you are going to do with their money -- do you have any metrics that will back up ie how many mintues spent on the site on Facebook section etc -- what makes your business really tick.
Do not have to be financial milestones-- could be Launch new product, get 100 customers -- versus metrics -- time on the site -- what do we convert
GO TO MARKET STRATEGY next slide '
How we'll acquire customers __________ ____________ ___________
Example - how are you plugged into the sports communty -- explain clever things as to how hooked up with the sports market etc.
Don't put I'm going to use Social Media - instead explain -- you are involved in the National Soccer League will make app availabel to 50,000 soccer fans -- think of your relationshp to people -- yes...what are you going to do that is so different...yes...unfair advantage
COMPETITIVE LANDSCAPE Hoffman likes to have slide that shows you are in separate quadrant from your competitors...talk about way competitors are different from you -- and you better havc a VERY DIFFERENT solution.
(show logos) - different market segments) and explain differentiator. Question is it better that you are the only one or can you have another - take advantage of competitive slide to show how diferent you are - this plays to your advantage.
Last slide: FUNDING --
We are uniquely positioned as the ____
Seed Round ____
Risks and challenges
Exit Strategy____
THANKS TO STEVE HOFFMAN -- for more info http://www.founderspace.com
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