pitchHow to

WhatFocus

Who

Pitch originatorstartup pitchcompetition

anypre-profitstartup inanyindustrysector

mustbeledbyaMonashstudent,faculty,staff

Key dates18 Aug applicationdeadline

5Sept RapidFireRound

29 sept ELEVATORAWARDS

How to Pitch

Just because someone tells you to jump off a cliff doesn’t always mean you should do it.

This presentation will inform you about improving your pitch message, style and delivery.

However – listen to your gut and what you think is important. No one knows your story better than you do.

What is an Elevator Pitch?Ashort,simpledescription ofyourbusinessideathatanyonecouldunderstandbythetimeyouride

upthreefloorsinatypicalelevator.

You have to be more interesting than angry

birds

MAKE AIfyouraudiencedoesn’tunderstandwhatyou’reoffering,you’vefailed.Everywordyouspeakshouldworktoexplainandclarifythat

purpose— that’swhyyouraudienceisthereinthefirstplace.

LESSIS MORE

[More or Less]

“thoseguyswerekillingit– rocketshiptrajectorygrowth”

“theyhadareallycleversolutiontoavexingproblem”

“Idon’trememberwhattheydid,buttheteamwasbankable– A-playersalltheway”

Question:Whatmakesyouexceptional?

What’s Your ‘One Thing’?

Problem/Solution

Pitch TypesClassic

Tractionstory(pitchingthenumbers– growthrate)

XforY(applyingprovenmodeltoanewmarketorapplication;canbecombinedwithproblem/solution)

Alternatives

PersonalStory

Pivot/Off-shoot

EvolutionNext- Crystalball/convergingtrends

PaintingtheFuture

ServiceatScale

AlternativesPitch Types

Wouldn’titbecoolif…

Insaneand/orbreakthroughtechnology

Dreamteam

Consumerification ofenterprise

Newbusinessmodel

HookAquestionorastatementthatreallyenticestheaudiencetostaywithyouforthefullpitch

The Opportunity•Whatproblemoropportunityhaveyouidentified?•Whatisyoursolutiontothisproblemorhowdoyouplantocapturetheopportunity?•Whichcustomerpainwillyoualleviate?•Whatisyourvisionofthebusinessandwhydoyoucare?

Core Structure

1

The Market•Whichgroupofcustomerswillyoutarget?•Howbigisthepotentialmarketandhowfastisitgrowing?•Whoisyourcompetitionandwhywillyourstart-upprevail?

Core Structure

2

The Business Model (How will you make money?• Howmuchwillyouchargecustomersforyourproductandwhywilltheypaytheprice?•Whatarethevariableandfixedcostsofyourstart-upandhowmuchprofitwillitgenerate?• Howmanycustomerscanyouwinovertimeandwhydoyouthinktheywillcomeonboard?

Core Structure

3

3 key talking points•Whatisitthatyou’redoing&whydoesitmatter?•Howisitbetter?•Whyareyoudoingwhatyou’redoing?

What people should be thinking

I didn’t know that

I’m glad I do now

I’d like to know more

Don’t be salesyHow to Say It

“No word was ever as effective

as a rightly timed pause”

Mark Twain

Interestingstorywithacompellingcalltoaction

Strong,succinctproblem-solutionstatement

Cleardescriptionofhowyoursolutionisinnovative

Tips for your Pitch

Don’tcraminbuzzwords– focusonwhatmatters

Knowyourmarketandhowyou’lltapintoit

Whyisyoursolutionurgent?Whatimpactwillithave?

Knowyourcustomers&yourusers

Whoareyourcompetitors?Whatisyourcompetitivedifferentiationandhowwillyougetmarketshare?Don’tbashyourcompetition.

Whattractiondoyoualreadyhave(trials,users)?

LetyourpassionshinethroughRememberthe“A-Ha”moment

Whattechnicalstepsneedtobeachieved?

Howmuchmoneydoyouneedtomakethiswork?Whatwillyoudowiththismoney?

Managementteamand/oradvisorswithrelevantexperience?

IP&otherformsofdefensibility foryourbusiness(patents,licenses,exclusiverelationships,etc.)

1. A Minute is Too LongIntherealworld,youbasicallyhave20secondstogetsomeoneengagedoryoumightaswellgohome

2. Don’t Linger on the ObviousRehashingfactsseasonedinvestorshaveseenhundredsoftimesiswastedoxygen

3. Create a Story Around Your InnovationEvenfriendlyaudiencesneedtobewonoverDon’texpecteveryonetogetit

3. Templates are BoringStartingpoint– butmodifybecauseitwon’tbeperfectlysuited

(Boring but Useful)Template

HookBriefproduct/servicedescriptionBrieftargetmarketdescriptionCompetitivelandscapeHowyouwillmakemoneyResourcesneeded(e.g.$,expertise)Returns/paybacktoinvestorsMemorabletagline/pitchclosing

Do Not Get Bogged DownPresenta(nagging)problem&(massivepotentialforsuccess)solution

Keepitclean&simple,makesuretheyunderstandthevalueproposition

Highlightcustomerbenefits,nottechnicalbenefits

The KISS of Death

INEFFECTIVEOurmedicaltechnologyisthefirstautomaticanesthetic gasscavengingsystemthatwillscanpatientsusingananesthetic vaporizerthusprovidinganalytical,diagnosticandtherapeutictechniquessimilartothoseusedbyNationalLaboratoriesin2007,butthatwereupdatedin2011toincludethenewimmunologyreports

EFFECTIVEWeprovidethemostaccuratemedicaldiagnosticequipmentavailableonthemarket.

too much detail

Geek Speak

INEFFECTIVEWeprovidenon-penetrabledebridementmedicalequipmenttechnologiesforlymphnodeexcisionbyintegratingwithour485I-bitencryptionalgorithmthatisintegratedwiththenewest245-bitDorlandoperators.

EFFECTIVEWeallowmedicalprofessionalstooperateoncancerpatientsusingtheleastinvasiveequipmentonthemarket.

listeners tune out what they don’t understand

Youneedtogetintothenitty grittyforkeythingslike• businessmodel• howyourproductworksandwhy

itisunique• competitivelandscape• themakeupofyourmanagement

team• keymetrics

Dive In

Identifyproblemsolvedorneedaddressedin1-2sentences

Weallowx-rayfreereal-timeimagingforsurgicalguidance

Ifpossible,mentionacustomerwhousesyourproductorthathasexpressedinterest

AustralianImmigrationhasdeterminedthatwearetheonlysystemthatcanquicklyscreenpeopleatsecuritycheckpointsforhighlycommunicablediseases

Target Market Descriptionrelate to a need

Acknowledge Competition

Don’tcompetitorbashIdentifylandscape&whereyoufit

& neutralize it

Whendiscussingyourbusinessmodel,themostimportantthingtogetacrosstoyouraudienceishowyou’regoingtomakemoney

Ifyouhavearevolutionarybusinessmodel,makesureitdoesn’tsoundscary

Revenue Model

Be ConcreteDon’tbevague– haveconcretedetails(butdon’tmakethemup

Showyouhavethoughtaboutthedetailsofyouropportunityandyouunderstandwhatyouareaskingfor

Establish Credibility

Yourteam

Yourtraction

Namedrop

The less you have to sell yourself, the better.

Reputation establishes credibility without wasting too much time in your pitch telling your life story.

3 biggest relevant accomplishments that will earn audience’s respect?

Toomanyentrepreneurscrossoverthelinebetweenpassionateenthusiasm&fraudulentmisrepresentation

Commonlies:• “Ourprojectionsareconservative”• “Boeingwillsignourcontractnextweek”• “Keyemployeeswilljoinusassoonaswegetfunded”• “Gartnersaysourmarketwillbe$50Bby2020”• “Nooneelseisdoingwhatwedo”• “Severalfirmsaredoingduediligence”• “Patentsmakeourbusinessdefensible”• “Allwehavetodoisget1%ofthemarket”

Don’t Lie (You would think this goes without saying)

Tailor the messageKnowingyouraudienceismorethanreadingtheirbios.

Learnasmuchasyoucanabouthowtheythinkandwhattheyfindinterestingordon’t.Dotheysharewheretheygoorwhattheydothroughsocialmedia?Havetheywrittenbooksordotheysharethoughtsonablogorinarticles?

Themoreyouknow,themoreyoucaneffectivelytailoryourmessageandpitchtobeinterestingforthem.

Know Your ContentNervesarenormal,butitisdifficulttoconveypassionwhenreadingfromcheatcards(cheatcardsarearecipefordisaster)

Thisisn’tarecital– don’tregurgitatememorizedlinesbecauseifnervesgetthebestofyouandyouloseyourplace,you’reasittingduck

Ifyouknowyourcontentsowellthatyoucanhaveano-stresscasualconversationoff-stageaboutitalldaylong,you'llbemuchmorecomfortableonstage

Tell a StoryStoriesconnectwithanaudienceonamuchdeeperlevelthanfacts

Evenifyou'representingonsomethingtechnical,trytoweavepersonalstoriesintoyourentirespeechtorelatebacktotheaudienceandkeepthemengaged

Let thestoryshowyourpassion

Don’t Get Sidetracked

Don’tconfusetheaudiencewithsuperfluouscomments

End with a Memory Cue

Youareupagainstlotsofcompetitorsinashorttimeframe

Itcanbealmostimpossibleforjudgestorememberthedetailsabouteveryonewhopitched

Offersometypeofmemorycuetomakeyourpresentationstandout

pitchtopeopleoutsideofyourteamandgetafreshpairofearso RealityCheckstationo RapidFireRoundo Otherteams

Practice, Practice, Practice

ways to prep for your pitchPreviewoftheawesome venue

ReaduponproductdevelopmentmentorsPracticeonfriends&familyAspainfulasitis,videoyourself

& WATCH!

4

123

Phoenetic pronunciationofallteammembers’names

InterestingandSHORTbio

Interesting,relevantandinformativeprojecttitle

Stand OutButbesuretoincludethebasicslike:• Currentjob,business,experience• Degreeachievedorworkingon• Relevant,currentprofessionalmemberships• Awards,honours&certifications

o Writtenin3rd person

o Keepasshortaspossible(aimfor3sentences)

o Makeitunique– includesomethingmemorable,sillyor

interestingfromyourearlyyears

o Wegetitthatyourjobswerex,y,andz– focusinsteadonwhat

thatexperiencebroughtforyou(teamwork,introducedtoa

globalnetwork)

Bio Tips

o Whatdoyoudooutsideofwork?Whatareyouknownfor?What

doyoulove?

o Readitandnotehowitmakesyoufeel– we’reallhumanand

wanttoconnect

Bio Tips

LauraFaulconerisanAmericanbybirth(you’llnoticeshepronounceseverythingwiththree“r’s”),andAussiebychoice.Whetheritisbuildingnewentrepreneurshipsupportprogramsorrenovatingahouse,sheisnevershyofjumpingboundariesintonewindustriesandapplicationstotackleanotherexcitingchallenge.Afteramasochisticdecadeofhighereducation(PhDinBiomedicalEngineeringandBSinForensicScienceasproof),sheremainsadedicatedlearner,buildingoutadiverseskillsetinemergingtechnologycommercialisation,openinnovation,andbusinessintelligence.

Bio Examples

Bio ExamplesIdeagirl,artistandfounderofSilverSquare,RaquelRichardsonisanurbanwannabe,loverofwineandmotheroftwocupcake-eatingboys.

ShecanbefoundgracingthepagesoftheWomanMagazine(March2015),enjoyingyetanothercommunityprojectwithhervolunteerworkorwithherSquarecrewthinkingupsomethingfabulouswithhercolleaguesandclients.

Theserolesintroducedhertonewpeople,bigideasandglobalconceptsthathelpedshapethepersonsheistoday.

Raquel’snotreallylimitedtothemarketingbusiness;shewasaCoca-ColaJuniorChampionshipBowleratage10.

• Itshouldbeeasytoseeinsmallsizes(100-200px)• Itshouldlooklikeyou• Itshouldstandout

Professional Headshot

NO! Yes!

Wasted Spacej

Resizing means you’ll have a pinhead, or you might look like this:

Closer is Better

vs

Wardrobe Issues

You'reaskingforrealmoneyforyourideaoversomeoneelse’sidea

Showthejudgesyou'reuptothetaskofrunningacompanythatwillbehugeoneday

Whilemanyfounderscangetawaywithwearingjeans,youshouldstilllookput-together

Thatmeansyoushoulddressprofessionally,andwhateveryoudo,don'tchewgumonstage

One Last Word of AdviceLook the part

How it worksSubmityourExecutiveSummarybytheapplicationdeadlineatmonash.edu/entrepreneurship1

Top20teamsinvitedtoRapidFireRound:60secondpitch,noprops,noslides– 10teamswillbepairedwithmentorsandadvancetothefinals

3

Cometotheteam-formingnetworkingevent2

Comealongtokeytrainingworkshopstogetpreparedforthefinalpitch410semifinalists pitchatgala:3minutes,noprops,noslides– 5teamswillwin($5,000plusupto$15,000milestone-basedin3tranchesthrough6-weekACCELERATORprogram)

52workshops/weekfor6weekstopackagestartups forseedinvestment,corporatepartnership,launch,and/orcrowdfunding

6InvestorBoardroomPitch– topteamgetsanadditional$10,0007

monash.edu/entrepreneurshipentrepreneurship@monash.edu