Download - NSF IUCRC Innovation Communications Workshop€¦ · · 2017-07-27business from the competitors in the minds of your customers Credit: innoxiuss 10 NSF – INVESTOR COMMUNICATIONS

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

1


Notetaking vs. Download These Slides and Forms Now or Later

neilsheridan.com/i.zip

2


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

3

7/26/2017



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)

4


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

5


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

6

7/26/2017



Value Proposition

Elevator Pitch

Agreement to Discuss

Further

Focus of Our Communications Work Today

7


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…

8


Value Propositions

9

7/26/2017



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

10


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

11


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.

12

7/26/2017



Who Do We Proposition?Customers

By segment

By need / By emergent need

Talent

Investors / Lenders / Licensees / Franchisees

Partners / Referrers / Influencers / Public

13


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

14


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”

15

7/26/2017



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)

16


How to Spend Your Time?

Credit: Fellows (auctioneers)

17

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

18

7/26/2017



Types of Competition for

Direct Indirect

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

19


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

20


Addressing the Finances Confidently and Concretely

21

7/26/2017



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…)

}22


23

“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.

24

7/26/2017



Making a Warm, Positive and Specific “Ask”

Credit: innoxiuss

25


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).

26


27

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

7/26/2017



Value Proposition

Elevator Pitch

Agreement to Discuss

Further

You’re Done!

28


Writing and Checking Your Pitch

PiN, NABCF, “The Ask”

29


Using the Scoring Sheet as an Outline and Proofing Tool

30

7/26/2017



What Happens at the Competition?

31


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

32


Download These Slides and Forms


33

7/26/2017



Thank You!

[email protected]

or LinkedIn:

Google Neil Sheridan

34


35
