NSF IUCRC Innovation Communications Workshop€¦ · · 2017-07-27business from the competitors...

7/26/2017

Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 1

NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC

NSF IUCRCInnovation Communications WorkshopNSF IUCRC BIENNIAL CONFERENCE

JULY 2017

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Notetaking vs. Download These Slides and Forms Now or Later

neilsheridan.com/i.zip

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ObjectivesHaving the skill, confidence and knowledge to communicate the importance of your innovation to others is crucial for team leaders and key members • Learn how to attract strong initial interest to your center team /

company

• Do a quick self-assessment of your innovation against the competition

• Produce basic financial details and answer financial questions

• Learn how to make a specific “Ask” of your listener, setting the stage for a positive next discussion

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What Can You Pitch about?• Your center

• Your research project at the center

• Your own idea for a tech-focused company (do not reveal unprotected intellectual property)

•A hypothetical project or startup company (we’ll discuss how to create novel ideas)

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Competition Schedule• Now: Download handouts packet from

www.neilsheridan.com/i.zip

• Tonight: Practice pitching your poster contents to visitors

• By midnight: Pix of outline & application [email protected]

• Tomorrow 11AM: Semi-finals (no notes, you won’t need them…)

• 2PM: Finalists announced at “Ask NSF” plenary

• 4:30 PM: Finals at the plenary

• 5:30 – 7PM: Winners announced during reception

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About Neil Sheridan• Taught / coached thousands of entrepreneurs and executives

• MS IT (GMI) / MBA Finance (NYU)

• Researcher, Innovation Leadership and Strategy

• Chair, Entrepreneurship Task Force, Small Business Association of Michigan

• US National Science Foundation innovation reviewer

• US Department of Commerce export program volunteer

• Consulting: Strategy, Marketing, Organizational Development, M&A, Financial Management, Innovation Entrepreneurship

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Value Proposition

Elevator Pitch

Agreement to Discuss

Further

Focus of Our Communications Work Today

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Benefits of Learning to Pitch Well• Getting customer, sponsor or stakeholder buy-in to

your ideas and merit

• Additional use cases: For resources, funds, space and time at a university or corporate research setting

• Or even, an effective marriage proposal…

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Value Propositions

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What is a Value Proposition?“Primary reason”

A “positioning” statement

An identifier that separates your business from the competitors in the minds of your customers

Credit: innoxiuss

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What is a Value Proposition?Solves a need by a customer ready to buy

using a rational, effective approach (unique?)

imparts clearly definable and recognizably delivered benefits

superior to the competition

at a price willing to pay

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Three Sentences…[Your Team Name] addresses [important need] with a [your solution in 4 words] that [approach in 5 words].

Improving [name 2 good outcomes] and reducing [2 bad things], this [positive adjective here] [your solution in 2 new words] will be available [now/next year/after what].

Representing significant value over existing alternatives, our [your solution in 1 word], will be priced at [how much?],meaning both cost and profitability will be highly attractive to our initial customers and early investors.

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Who Do We Proposition?Customers

By segment

By need / By emergent need

Talent

Investors / Lenders / Licensees / Franchisees

Partners / Referrers / Influencers / Public

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Strong opening (a Punch in the Nose, or PIN), then:

NeedApproachBenefits at the given costCompetition (and why yours is superior)Financials (relevant to listener)Close with “The Ask”

Our Pitch Elements

Credit: Microsoft

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Group Exercise: Posture

1. Hair → Spinal alignment

2. Loosen shoulders

3. Purposeful gestures

4. Make 20 seconds of eye contact

5. “Dress to impress” or “Jobs t-shirt”

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Pay Attention to Time

1. Practice with a timer2. Be able to skip content;

finish with a strong “Ask”3. Be aware of “e.g.o.”4. Only 3 minutes to pitch;

use as much as possible. 5. Up to 3 minutes for Q&A

Credit: Fellows (auctioneers)

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How to Spend Your Time?

Credit: Fellows (auctioneers)

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30 secs PIN and Need30 Approach45 Benefits and Competition (why superior)30 Financials (relevant to listener)15 Close with “The Ask”15 Reserve


“Who is our Competition?”Doing a Basic Competitive Self-Assessment

Credit: innoxiuss

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Types of Competition for

Direct Indirect

And 3 years in the future?Logos are Registered Trademarks of their Respective Owners

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Who is the Competition?1. Make an rank-ordered list of

your innovation’s competition at launch and 3 years later?

a) Direct = Very much like your offering

b) Indirect = Substitutes, “do nothing”

2. Size?

3. US and international

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Addressing the Finances Confidently and Concretely

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Three Key Numbers You Must Include(There are many more to know, eventually.)

1. Revenues – price(s), how much will you make in sales, in what ways (product, disposables, accessories, warranties, training…)

2. Costs – how and what will it cost to produce, sell, administer, refine…)

3. Investment Sought – how much are you asking for in this phase and how will you use it? Ask for $300k or more.

When do estimate that you will be profitable?Revenues exceeding costs.It’s OK if that’s in intermediate future if you can explain why (costs of scaling up, further R&D, expansion to new markets…)

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“Next year, we will begin commercial sales in the Northeast, California and Texas with total five year revenue estimates of $15 million and costs of $50 million forecast using a $30,000 unit price. Our principal cost drivers are for scaling up production, adding to our salesforce and for marketing campaigns.

“We have raised $5 million in angel and grant funds. Now, we are seeking $10 million over the next 2 years to fund our go-to-market product development and initial marketing.”

Read-a-Long Example


Answering Financial Questions• Memorize and understand numbers and key assumptions.

• Paraphrase back if needed to comprehend or for time.

• Use professional language: Estimate, predict, calculate.

• NOT: About, like, approximately, more or less, or “how much do you have?” Do not joke at all about these questions.

• If you absolutely do not know: “May I please review this with my colleagues and contact you tomorrow?”

• No B.S. Make sure the numbers are realistic, neither too optimistic or overly conservative, and match the pitch.

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Making a Warm, Positive and Specific “Ask”

Credit: innoxiuss

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How to Make an Ask that Leads to a Further Discussion1. Confident, friendly, humble but positive

2. Suggest a specific date, have a backup. Can you both pull out your calendars and set it now?

3. Get their contact info (direct email)

4. Express that you will have something additional: Your team, the prototype, financial pro formas, your investor presentation (you’ll have one in the future).

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My team and I have a working technical prototype and fuller details on our financial projections. Could we please schedule a [visit / conference call / Skype] for Wednesday? We would be delighted to share our [prototype / projections / market research findings] to further address your questions.

Yes? Great, could I send you a meeting invitation now? What’s your email, please?

Thank you very much for your interest and insights into our work. (Shake hands and walk away.)

Read-a-Long Example

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Value Proposition

Elevator Pitch

Agreement to Discuss

Further

You’re Done!

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Writing and Checking Your Pitch

PiN, NABCF, “The Ask”

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Using the Scoring Sheet as an Outline and Proofing Tool

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What Happens at the Competition?

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Enjoy It• It is a learning experience, one you will

have many years to refine

• No notes: Use the acronyms PiN, NABC, F and “The Ask” – speak from your heart and head, no need for notes.

• 3 minute each hard stop for pitches and then the judges Q&A

• Awards ceremony Thursday 5:30 – 7ish

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Download These Slides and Forms


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Thank You!

[email protected]

or LinkedIn:

Google Neil Sheridan

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NSF IUCRC Innovation Communications Workshop€¦ · · 2017-07-27business from the competitors...

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