Startups Start With the Pitch
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Startups Start With the Pitch How to *not* suck at pitchin g by Mike Figliuolo That’s not Mike. That’s Chewbacca. Yes, there’s a resemblance.
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If you have an idea for a startup, everything starts with the pitch. If you don't get the pitch right, nothing else matters. Here are five keys to a successful pitch.
Transcript of Startups Start With the Pitch
Startups Start With the Pitch
How to *not* suck at pitching
byMike Figliuolo
That’s not Mike. That’s Chewbacca.
Yes, there’s a resemblance.
Who is this guy and why should I listen to him?
When you pitch, you need to cover five things.
A problem is NOT:• “The problem is consumers
don’t have my app yet.”
• “People want to know what kind of beer is on tap.”
• “The web needs more widgets.”
You’d better have a REAL problem or you have a BIG problem.
Your solution had better be compelling and truly meet a consumer need.
• Your solution must make sense - IN ENGLISH.
• It must be simple enough for your buyer/investor to understand in 30 seconds or less – they get bored easily.
You MUST know how you make money. LOTS of money.
Crappy revenue models:• “We’ll make money on
banner ads and AdWords.”
• “Consumers will pay us $9.99 per month for our app as a subscription fee.” Umm no. They won’t.
Your business must be defensible. If it’s not, you will lose.
• Everyone has competitors. They will take your crap.
• If you can’t explain how you keep competitors at bay, no one will invest in you.
• Think of scale, patents, and exclusive market position.
Investors want money back. A *lot* more than they put in.
• IPO’s are pretty much dead.
• If you’re not thinking about the exit from day one, you’re not thinking hard enough.
• Investors calculate the odds they’ll have a lucrative exit in a reasonable time period.
Don’t you DARE say any of these stupid things.
• “At this point we’re considering either an IPO or just running a lifestyle business.”
• “I want to make sure I maintain control of the business.”
• “We have plenty of cash and don’t need to raise money.”
• “If we just get 0.5% of the market, we’ll be trillionaires.”
• “We don’t have any competitors.”
References and Resources
www.onepieceofpaper.comwww.facebook.com/onepieceofpaperwww.twitter.com/1pieceofpaper
www.thoughtleadersllc.comwww.facebook.com/thoughtleadersllcwww.twitter.com/thoughtleaders
www.freakjet.comwww.facebook.com/freakjetwww.twitter.com/freakjet
www.tixitbox.comwww.facebook.com/tixitboxwww.twitter.com/tixitbox
www.simplemile.com
www.webuildstartups.com
www.ohiotechangels.com
