How to pitch a startup project ? What to do and not to do ? How to be short ? Those are the questions any candidate entrepreneur will ask ... I propose you a crash course to answer those questions ... Based on my experience coaching startup, being in jury of BP competition, financing startups and teaching MBA students ... Please, don't hesitate to comment or share your experience ... TY Bruno Wattenbergh

1. How
to
pitch
a
new
venture
project
?
Because
the
way
you
present
yourself
and
your
business
will
greatly
affect
who
will
invest
in
your
venture
Pr.
Bruno
M.
WATTENBERGH
-­‐
2015
1

2. I
have
only
made
this
le0er
rather
long
because
I
have
not
had
6me
to
make
it
shorter.
Blaise
Pascal
French
mathemaAcian,
physicist,
inventor,
writer
and
philosopher
2

3. Expected
outcome
of
this
session
?
– To give you an understanding of the purpose of an elevator
pitch.
– To provide a technical framework for how to give an elevator
pitch.
– To provide a context and intangible approach for a successful
elevator pitch.
– To clearly highlight what not to do !
3

4. My
sources
?
– Entrepreneurship Development Program MIT Sloan (the top
school to learn how to pitch … and top programs for
entrepreneurs as EDP ) …
– Own experience :
• As a pitcher … As a finance executive … As a customer …
• As member / Chairman of BP competition’s jury …
– Teaching
pitches
for
many
years
including
for
the
“European
startup
of
the
year
@
Google
venture
compeAAon”
4

5. Let’s
debate
about
your
experience
of
the
business
pitch
?
• When
have
you
started
to
pitch
?
• Was
it
useful
?
• How
difficult
was
it
?
• Why
?
5

6. Defini<on
of
the
“Business
Pitch”
?
Telling a story … to convince somebody to do
something … ?
6

7. Where
does
this
word
comes
from
?
• Marketing & Communication world …
• Presentation to sell something, to tease, to attract the
attention …
• To tell a story to sell something … (product, you, your
venture, …)
• Entrepreneurship, theatre, movie, …
• Why in the entrepreneurship world ?
7

8. Why
is
it
a
compulsory
competence
for
entrepreneurs
?
• As an entrepreneur, or potential startup, you pitch all the
time …
– Potential Customer, Bank, Strategic Partners, investor, ...
Busy people offering you some time …
use it wisely !
Sometimes, … the pitch … it’s you J
8

9. Pitch
“to
aCract
finance”
or
“to
sell”
?
• Both … !
• Almost the same structure … !
• Not exactly the same composition / objective ...
• The same introduction à hook
• The conclusion à appointment !
• Q&A
part
might
differs
…
9

10. Can
a
good
pitch
make
the
difference
?
à
YES
!
(The Impact of Entrepreneurs’ Investor Forum Pitch Presentation Skills on Business
Angels’ Initial Screening Investment Decisions by Colin Clark - Marketing
Department, Burgundy School of Business - École Supérieure de Commerce de
Dijon-Bourgogne, BP 50608 – 21006 Dijon cedex France)
The business angels’ post-presentation level of investor interest was significantly related to their
evaluations of the quality and content of the entrepreneurs’ presentations: The higher an
entrepreneur’s overall presentation score, the greater the likelihood that the business angels would
be interested in pursuing that entrepreneur’s investment opportunity. Presentational factors also
tended to have the highest level of influence on both the overall score an entrepreneur received as
well as on business angels’ level of investor interest. However, the business angels appeared to be
unaware of or were reluctant to acknowledge the influence presentational factors had on their
investment-related decisions: The reasons they cited for their post-presentation intentions were
focused firmly on non-presentational criteria.
More generally, however, comments about the entrepreneurs‘presentations centered on
presentational issues relating to clarity/understandability and structure, the level of information that
was provided, the personal characteristics of the entrepreneur, and the entrepreneurs’ ability to sell
themselves and their investment opportunity.
10

11. Facts
or
stories
strategy
?
•
Consider 2 descriptions of the same event :
– "The Queen died. The King died.”
– "The Queen died. And the King died of a broken
heart.
• Do
you
see
the
difference
between
those
2
sentences
?
11

12. Facts
or
stories
strategy
?
"The Queen died. The King died.”
"This first line is a fact”.
"The Queen died. And the King died of a broken heart.
But the second line is the beginning of a story :
– It placed the facts in context …
– It added emotion …
– It made us connect to it by making it memorable …
12

13. Fact
vs
Stories
strategy
• Industrial age was all about
facts and information à Left
brained activities like analysis
and logic were of premium.
• Over time, however, facts are
plentiful thanks to the internet.
• Logic too is easily performed
thanks to programmable
computers.
13

14. Fact
vs
Stories
strategy
• Stories, on the other hand,
encapsulate information,
knowledge, context and
emotion into one compact
package.
• This is a right brain activity.
14

15. Fact
vs
Stories
strategy
Modern day leaders need to
communicate not plain facts …
but rather convert facts into
emotions …
and execution through riveting
stories to create impact.
15

16. Fact
vs
Stories
strategy
• “Why
storytelling?”
“Simple:
nothing
else
works.”
hap://www.forbes.com/sites/stevedenning/2012/03/09/the-­‐science-­‐of-­‐storytelling/
• “While
storytelling
is
not
the
only
way
to
engage
people
with
your
ideas,
it’s
certainly
a
criAcal
part
of
the
recipe.”
hap://www.forbes.com/sites/rodgerdeanduncan/2014/01/04/tap-­‐the-­‐power-­‐of-­‐
storytelling/
16

17. The pitch in a few words ?
• Bare Essentials : Effectively conveys the essence of your
company in XX seconds – minutes (from ‘55 to 10 minutes).
• Pitch not Presentation : Not the complete story !
• Creates Action : Convinces the target to have a follow-up
meeting … à binary result YES or NO !
17

18. A
good
presenta9on
should
be
like
a
miniskirt
…
As
short
as
possible
to
catch
everyone’s
a>en9on.
And
just
long
enough
to
cover
what
you
need
to
cover
!
Winston
Churchill
18

19. Outcome of a successful pitch ?
– Prepare the next stage à appointment à On – Off (good
control !)
– Create in the mind of the interlocutor a positive mindset
for future actions / success !
– Avoid useless appointments à are you in the range ($),
scope (sector, stage, …) of the investor … or for a sale
pitch à do we have some potential interest to make
business together ?
19

20. What’s an Elevator Pitch
then ?
– « Elevator » as your message is
supposed to be delivered in the
time span of an elevator ride, that
is from ground floor to exec level …
– … between 30’ to 55’ seconds,
less than 220 words.
haps://hbr.org/2012/01/why-­‐you-­‐need-­‐a-­‐beaer-­‐
elevator/
20

21. Dura<on
of
the
pitch
?
• 2 minutes ? 4 minutes ? 10
minutes ?
• Q&A ?
• Depends on the stage of the
relationship … ?
• Depends on the country … ?
• Depends on the location … ?
21

22. When
should
I
start
to
pitch
?
– As
soon
as
possible
!
à
useful
&
quickly
mandatory
– In
the
morning
in
your
bath
room
!
– Great
test
of
consistence
for
your
project
– Help
to
idenAfy
though
trade-­‐offs
– Indicate
what
to
test
– Make
it
useful
!
22

23. 10
key
steps
to
be
successful
with
your
(elevator)
pitch
?
10
key
sentences
!
23

24. 1st
SLIDE
:
The
Introduc<on
(Depends
of
the
circumstances)
• Name
of
the
company
…
• Tag
Line
…
à
Your
mission
on
earth
!
• Website
…
• Image
of
the
soluAon
…
• How
to
contact
the
team
…
24

25. 2nd
SLIDE
:
A
good
“HOOK”
ü Get
physically and mentally connected
-­‐
Aaract
aaenAon
à
Personalized
quesAon
based
on
who
is
your
audience
(if
possible)
ü Highlight
the
problem,
pain,
need
that
your
enterprise
wants
to
solve
or
meet
à
make
it
clear,
obvious
&
juicy
(bold).
ü State
your
objecAve
:
state
a
bold
measurable
customer
pain
you
want
to
address
à
BHAG
!
ü Your
interlocutor
will
project
himself
in
the
problem
and
be
ready
to
understand
the
value
of
your
proposiAon
25
How
to
?
• Ask
a
closed
quesAon
• Known
answer
!
• Clear
BIG
customer
pain
!
• Some
facts
(amazing)

26. Great
introduc<ons
have
the
following
characteris<cs
:
ü They’re
crisp
:
we’re
talking
10
seconds
maximum.
ü They’re
per9nent
:
they
hit
the
key
point,
without
using
jargon.
ü They’re
energe9c
:
your
understated
enthusiasm
should
shine
through.
ü They’re
a
start
point
:
they
begin
the
conversaAon
in
an
engaging
way.
Unfortunately,
most
lead-­‐ins
suck,
because
they’re
too
long,
too
detailed
or
too
abstract.
(Barry
Rhein)
26

27. CraZ
a
Killer
Elevator
Pitch
in
6
Easy
Steps
(Geoffrey
James)
Original
:
“Our
clients
are
able
to
reduce
the
complexity,
costs
and
9me
involved
in
delivering
informa9on,
communica9ons
and
training
into
their
retail
stores.”
• Why
it’s
Ineffec6ve
:
Redundant
because
“complexity,
costs
and
Ame”
are
all
varieAes
of
the
same
thing
as
are
“informaAon,
communicaAons
and
training”
There
are
no
specific
financial
benefits
and
the
enAre
thing
is
in
the
passive,
making
it
unclear
how
you
firm
is
involved.
Also
the
term
“plaoorm”
is
just
biz-­‐
blab.
Improved
:
“Retail
firms
use
our
soNware
and
services
to
help
train
their
employees,
resul9ng
in
an
average
10
percent
increase
in
sales,
compared
to
the
performance
of
other
stores.”
27

28. 3nd
SLIDE
:
“the
SOLUTION”
ü The
unique
manner
your
team
will
solve
the
customer
pain
highlighted
in
the
previous
slide
à
Value
proposiAon
(tangible
–
intangible)
ü Highlight
the
value
created
for
the
chosen
customer
ü Clear
VP
opAon
:
increase
value,
speed,
producAvity,
decrease
risk,
cost,
or
job
done,
…
28
How
to
?
• No
technical
details
• Measurable
soluAon
if
possible
(quanAfied
VP)
• Tested
(if
possible)

29. 4th
SLIDE
:
“Chosen
Customer”
ü Who
will
be
our
customers
?
ü State
your
market
verAcal
chosen
…
and
explain
why
(linked
to
the
customer
pain
and
the
soluAon
chosen)
ü It
must
be
obvious
that
there
is
a
business
opportunity
if
solving
this
customer
pain
in
this
specific
market
(intensity
of
the
pain,
cost
of
the
pain,
size,
growth,
…)
29
How
to
?
• Give
some
elements
demonstraAng
you
know
this
market
• Describe
test
…
(POB)
• Leaer
of
intent
?

30. Those
3
slides
:
HOOK
–
SOLUTION
-­‐
MARKET
VERTICAL
CHOSEN
…
consAtutes
the
“back-­‐bone”
of
your
pitch
…
– For
an
investor
or
a
customer
…
– Some
example
of
“do”
and
“don’t”
…
à
30

31. CraZ
a
Killer
Elevator
Pitch
in
6
Easy
Steps
(Geoffrey
James)
Original
:
“Our
clients
are
able
to
reduce
the
complexity,
costs
and
9me
involved
in
delivering
informa9on,
communica9ons
and
training
into
their
retail
stores.”
• Why
it’s
Ineffec6ve
:
Redundant
because
“complexity,
costs
and
Ame”
are
all
varieAes
of
the
same
thing
as
are
“informaAon,
communicaAons
and
training”
There
are
no
specific
financial
benefits
and
the
enAre
thing
is
in
the
passive,
making
it
unclear
how
you
firm
is
involved.
Also
the
term
“plaoorm”
is
just
biz-­‐
blab.
Improved
:
“Retail
firms
use
our
soNware
and
services
to
help
train
their
employees,
resul9ng
in
an
average
10
percent
increase
in
sales,
compared
to
the
performance
of
other
stores.”
31

32. CraZ
a
Killer
Elevator
Pitch
in
6
Easy
Steps
(Geoffrey
James)
Original
:
“Our
customers
get
enterprise
quality
talent
management
soNware
at
a
frac9on
of
the
cost
to
automate
employee
accountability
to
achieve
results,
keep
track
of
employee
data
and
write
performance
reviews
in
half
the
9me.”
• Why
it’s
Ineffec6ve
:
Full
of
terminology
that’s
either
vague
(e.g.
“enterprise
quality”,
“fac9on
of
the
cost”)
or
undefined
(e.g.”talent
management
soNware”,
“automate
employee
accountability”).
There’s
no
the
specific,
concrete
financial
benefit.
Improved
:
“Our
customers
achieve
a
10
to
1
ROI
within
one
year
by
using
our
consul9ng
services
and
soNware
to
more
precisely
focus
and
track
employee
behavior.”
32

33. CraZ
a
Killer
Elevator
Pitch
in
6
Easy
Steps
(Geoffrey
James)
Original
:
“I’m
an
Corporate
Account
Manager
and
I
work
with
companies
to
see
if
it
is
possible
to
help
them
lower
their
cost
of
IT
procurement
through
a
business
rela9onship
with
___.
We
have
a
working
rela9onship
with
IBM/Lenovo/HP/Apple/Cisco/Adobe
and
MicrosoN
to
name
a
few.”
• Why
it’s
Ineffec6ve
:
Too
wordy,
and
doesn’t
have
a
quan9fiable
benefit.
Improved
:
“We
help
companies
lower
IT
procurement
costs
—
typically
by
20
percent
or
more
—
by
nego9a9ng
directly
with
major
IT
vendors.”
See
other
examples
in
:
hap://www.cbsnews.com/news/cras-­‐a-­‐killer-­‐elevator-­‐pitch-­‐in-­‐6-­‐easy-­‐steps/
33

34. 5th
SLIDE
:
“Where
is
the
money”
ü Simply
describe
the
business
model
chosen
:
How
will
you
make
money
?
ü How
will
you
capture
part
of
the
value
delivered
to
the
customer
?
ü CLI
/
CLO
?
Recurrent
revenue
channel
?
LT
contract
?
Why
is
the
BM
aaracAve
?
ü DistribuAon,
Sales,
Test-­‐case,
…
?
34
How
to
?
• The
BM
must
be
obvious
!
• Be
simple
…
use
words
well
know
:
freemium,
fee
business,
plaoorm,
…
• Use
analogy
if
possible
:
like
…
!
• Have
you
tested
the
BM
?
POB
?

35. 6th
SLIDE
:
“Who
are
you”
ü Why
this
team
can
/
will
make
this
venture
successful
?
ü P o r o o l i o
o f
r e l e v a n t
competences
and
skills
(we
have
done
it
already
à
Track
records)
ü Entrepreneurs
…
not
only
managers,
no
inventor,
no
lonely
wolfs
…
35
How
to
?
• What
have
you
done
already
?
• Why
can
you
solve
the
problem
:
tech
/
business
?
• State
achievements
• Compensate
weaknesses
(BoA)

36. 7th
SLIDE
:
“What
is
you
UCA”
ü You
know
where
is
your
«
compeAAve
advantage
»
on
compeAtors
and
subsAtude
…
(offer
&/or
BM
&/or
capability)
ü If
it
is
the
value
proposiAon
:
ü You
are
able
to
measure
the
value
created
for
a
the
very
specific
type
of
customer
chosen
ü You
know
the
compeAtors
and
the
subsAtute
used
by
this
type
of
customer
ü You
are
able
to
measure
and
compare
the
value
you
create
for
him
with
the
main
compeAtors
and
subsAtute
…
and
to
explain
it
with
simple
words
!
ü If
it
is
the
BM
or
the
capability
...
ü Don’t
forget
to
explain
why
it
is
not
easy
to
copy
36
How
to
?
• Use
simple
words
&
metrics
• Use
graphs
• Demonstrate
that
what
you
state
has
been
verified
on
the
field

37. 7th
SLIDE
:
“What
is
you
UCA”
–
differen<ator
(2)
This
“differenAator”
consists
of
one
or
two
facts
àmost
people
can
only
hold
—
at
most
—
three
thoughts
in
their
short-­‐term
memory
at
one
Ame
and
you
already
said
a
lot
of
things
...
J
ü List
out
as
many
things
as
you
can
that
describe
how
your
firm
is
beaer
(or
different)
than
your
compeAtors.
ü Go
through
that
list
and
select
the
two
differences
that
are
most
likely
to
be
important
to
a
prospect.
ü Write
a
succinct
summary
of
those
two
difference
in
one
sentence.
Make
certain
that
your
summary
is
free
of
biz-­‐blab
and
has
a
quanAfiable
benefit.
37

38. 7th
SLIDE
:
“What
is
you
UCA”
–
differen<ator
(3)
38
You
...
• “We
help
our
clients
with
hiring,
compensaAon,
compliance,
and
training,
typically
saving
$****
per
employee
—
a
savings
that
goes
straight
to
the
boaom
line.”
(lead-­‐in)
• “We
have
a
unique
methodology
and
supporAng
sosware
based
upon
some
proprietary
scienAfic
research
that
we
funded
through
MIT”
(differenAator.)
The
Prospect
…
“How
do
you
do
that?”
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

39. 7th
SLIDE
:
“What
is
you
UCA”
–
differen<ator
(3)
39
You
...
• “We
help
companies
lower
IT
procurement
costs
—
typically
by
20
%
or
more
—
by
negoAaAng
directly
with
major
IT
vendors.”
(lead-­‐in)
• “It
is!
We’ve
got
extensive
contacts
that
let
us
know
the
biggest
discounts
that
that
the
IT
vendors
have
offered
in
the
past
and
then
use
them
as
the
basis
for
negoAaAng
your
price!”
(differenAator)
The
Prospect
…
“That
sounds
interesAng.”
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

40. 7th
SLIDE
:
“What
is
you
UCA”
–
differen<ator
(3)
40
You
...
• “We
help
companies
lower
IT
procurement
costs
—
typically
by
20
%
or
more
—
by
negoAaAng
directly
with
major
IT
vendors.”
(lead-­‐in)
• “It
is!
We’ve
got
extensive
contacts
that
let
us
know
the
biggest
discounts
that
the
IT
vendors
have
offered
in
the
past
and
then
use
them
as
the
basis
for
negoAaAng
your
price!”
(differenAator)
The
Prospect
…
“That
sounds
interesAng.”
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

41. 7th
SLIDE
:
“What
is
you
UCA”
–
differen<ator
(3)
41
You
...
• “Our
customers
achieve
a
10
to
1
ROI
within
one
year
by
using
our
consulAng
services
and
sosware
to
more
precisely
focus
and
track
employee
behavior.”
(lead-­‐in)
• “Way!
In
fact,
some
of
our
customer
have
achieved
that
ROI
in
less
than
six
months;
and
we’ve
got
the
metrics
to
prove
it.”
(differenAator)
The
Prospect
…
“10
to
1?
No
way!”
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

42. 8th
SLIDE
:
“The
Compe<<on
…
&
the
subs<tutes”
ü CompeAAon
is
a
good
thing.
It
means
there
is
a
market
J
!
ü Who
are
your
main
compeAtors
and
subsAtutes
(very
figuraAve
for
the
investor)
?
Why
?
What
is
their
market
share
?
Do
they
have
chosen
the
same
customers
?
ü QuanAfy
their
VP
and
yours
ü Use
the
word
of
your
customer
to
explain
the
reasons
to
opt
for
your
soluAons
+
explain
the
tests
you
have
made
to
validate
those
reasons.
42
How
to
?
• Use
simple
words
&
metrics
• Use
comparaAve
graphs
• Confirm
you
assumpAons
by
descripAon
of
tests
(POB/POC)

43. 43
Most
startup
invariably
puts
up
a
compeAAve
analysis
slide
that
plots
performance
on
a
X/
Y
graph
with
their
company
in
the
top
right
J
Steve
Blank
Example
of
graph
to
explain
the
compe<<on
&
subs<tutes
?

44. Alterna<ve
graph
to
explain
the
compe<<on
&
subs<tutes
?
(Blue
Ocean
Strategy)
44

45. Other
alterna<ve
from
Steve
Blank
?
45
hap://steveblank.com/2013/11/08/a-­‐new-­‐way-­‐to-­‐look-­‐at-­‐compeAtors/
Zana
is
the
project
of
a
lifelong
learning
network
for
entrepreneurs

46. 9th
SLIDE
:
“Where
are
we
up
to
?”
ü At
which
state
(milestone)
are
you
?
What
has
been
done
?`
ü What
have
you
demonstrated
so
far
?
Tests
?
POC
/
POB
…
?
ü Which
are
the
next
great
steps
?
Are
they
risky
?
ü Vision
for
the
next
months
?
ü Why
are
you
asking
for
money
?
To
do
what
precisely
?
46
How
to
?
• Use
simple
words
&
metrics
• Use
comparaAve
graphs
• Confirm
you
assumpAons
by
descripAon
of
tests
(POB/POC)

47. 10th
SLIDE
:
“closing
:
Call
to
ac<on”
ü Based
on
who
is
you
interlocutor,
what
he
is
expecAng,
what
you
have
explained
in
your
pitch
…
formulate
a
clear
acceptable
realisAc
demand
ü Ask
the
clear
and
logisAc
next
step
for
you,
your
team
and
your
project
ü Insert
this
demand
in
a
Ame
line
…
where
we
are
where
we
go
…
ü You
demand
must
generate
a
binary
reacAon
On
/
Off
you
must
have
the
result
of
your
demand
immediately
47
How
to
?
• Use
simple
words
&
metrics
• Ask
something
precise
and
with
a
reasonable
deadline
• Give
the
word
…
and
wait
!
• Watch
the
culture
!!!

48. 11th
SLIDE
:
“Q&A”
ü Propose
to
exchange
through
a
Q&A
session
…
ü You
know
it
is
not
over
…
you
expect
legiAm
quesAons
…
48
How
to
?
• Give
them
the
floor
…
• Show
your
availability
…
• Be
open
…
• Confident
but
asserAve

49. What
if
I’m
pitching
a
customer
?
• Not
a
lot
of
differences
except
about
the
closing
…
• Close
with
an
engagement
quesAon
that
opens
a
brief
give-­‐
and-­‐take
conversaAon
that
allows
you
to
assess
whether
this
is
actually
a
valid
prospect.
• Engagement
quesAons
are
ALWAYS
open-­‐ended.
They
need
they
solicit
more
than
a
yes-­‐or-­‐no
answer
;
collect
strategic
informaAon's
&
build
the
relaAon
to
obtain
a
real
sales
rendez-­‐vous
…
49
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

50. Engagement
ques<ons
when
pitching
a
Customer
?
Engagement
quesAons
are
really
simple.
They
always
start
with
a
conversaAonal
bridge
and
then
a
simple
(and
osen
obvious)
quesAon.
Here
are
some
examples
:
• Just
out
of
curiosity,
what
priori9es
might
you
have
in
these
areas
?
• Gee,
you
seem
intrigued.
Of
what
I
just
said,
what
might
be
of
interest
?
• Hey,
enough
about
my
firm.
How
does
your
firm
handle
that
problem
?
50
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

51. Call
to
Ac<on
when
pitching
a
customer
?
The
way
you
do
this
varies
according
to
your
assessment
of
the
prospect’s
interest
level:
• Scenario
#1:
Prospect
seems
skep9cal
-­‐
Your
approach:
“If
we
really
could
do
(something
of
value
to
the
customer
here),
what
would
your
thoughts
be
on
having
an
iniAal
conversaAon
with
us
to
hear
more?”
• Scenario
#2:
Prospect
seems
neutral
-­‐
Your
approach:
“What
would
your
thoughts
be
on
having
an
iniAal
conversaAon
with
us
about
(something
of
value
to
the
customer
here)?
What
is
your
availability
over
the
next
few
weeks?”
• Scenario
#3:
Prospect
seems
obliging
-­‐
Your
approach:
“I
would
love
to
have
an
iniAal
phone
conversaAon
with
you
about
(something
of
value
to
the
customer
here).
What
is
the
best
way
to
get
on
your
calendar?”
• Scenario
#4:
Prospect
is
clearly
interested
-­‐
Your
approach:
“How
do
I
get
on
your
calendar,
please?”
51
Source
:
CraN
a
Killer
Elevator
Pitch
in
6
Easy
Steps
by
Geoffrey
James

52. The
Check-­‐List
principle
of
the
Pitch
?
ü The
pitch
is
a
check-­‐list
for
the
investor
/
customer
to
know
if
they
want
to
go
any
further
with
you
…
ü Don’t
tell
too
much
…
enough
to
obtain
the
“check”
…
ü You
must
confirm
your
interlocutor
that
you
have
made
your
entrepreneur’s
job
(homework)
…
that
you
are
ripe
enough
to
start
a
business
relaAon
…
ü Use
the
allocated
Ame
wisely
to
obtain
your
“check”
!
52

53. How
is
this
possible
in
55’
!
• It
is
!
• Good
structure
!
• PreparaAon
…
!
• RepeaAng
…
!
• Whatever
the
Ame
given
you
should
be
able
to
deliver
a
great
pitch
53

54. What
can
you
add
beyond
the
content
?
– Passion
– Real
concern
about
value
creaAon
– Consistency
– A•tude
– Asser9veness
– Respect
54

55. What
is
absolutely
fundamental
?
• The
pitch
is
not
about
you,
not
about
what
you
have
done,
not
about
your
product,
not
about
your
technology,
…
!
• The
pith
is
about
the
person
you
are
talking
to
:
– Investor
or
customer
• You
must
understand
“their
drive”
…
what
they
are
looking
for
as
a
soluAon,
as
an
investment
?
– As
an
investor
they
search
for
a
profitable
investment
– As
a
customer
they
search
for
a
credible
soluAon
for
a
problem
55

56. What
is
absolutely
mandatory
?
Know
the
audience
:
who
are
they
/
what
do
they
know
?
– Google
– LinkedIn
à
talk
to
common
contact
Know
exactly
who
they
are
and
what
they
are
looking
for
?
– Stage
of
investment
(seed
or
not,
BM
or
not,
…)
?
– Sector
?
– Level
of
investment
?
– Smart
money
or
controversial
investors
?
56

57. Value
?
ü Investors will be attracted by the existing value and the potential value :
ü Potential Value : the UCA, the model, …?
ü Existing Value : what has been done so far (POB/POC) ?
ü Be CLEAR : Investors must understand the value created, delivered,
captured by your business model
ü They also must understand what will be done with their money :
commercial campaign, development, tests, … ?
57

58. …
and
don’t
forget
…
“The
clear
demand”
!
ü No interest to pitch if it doesn't’t open the door and create the
context for the next step
ü Next phase is :
ü a meeting,
ü with a clear agenda,
ü with the right people, …
ü … with the objective to raise $$$$
58

59. A
pitch
is
NOT
…
– A technical description of your product or technology …
– A childish attempt to persuade …
– A process of seduction …
– An abstract thing …
– Is rather convincing than persuasive à respect
– …
59

60. When
should
you
start
pitching
?
– As
soon
as
possible
!
• In
your
bath
room
in
the
morning
!!!
• Once
a
week
in
front
of
an
experimented
audience
!!!
– The
essence
of
your
project
is
captured
by
the
pitch
!
• Clear
Business
Model
• Consistent
and
focused
strategy
– The
pitch
reveals
the
weak
point
of
the
Business
Plan
!
60

61. The
pitch
will
quickly
reveal
the
non-­‐consistent
and
not
clear
elements
of
the
BP
?
1. Clear quantifiable Customer Pain
2. Clear quantified Value proposition
3. Clear market vertical & Reachable Decision making unit (DMU)
4. Clear Business Model
5. Relevant test : POB / POC
6. Finance
61

62. 62

63. You
will
head
of
a
crash
if
…
1. Talk
too
much
about
technology
2. Talk
too
much
about
yourself
3. Lack
empathy
4. Do
not
prepare
enough
5. Don’t
know
the
interlocutor
6. Waste
the
Ame
of
the
interlocutor
à
disrespecoul
7. Lack
of
confidence
8. Fishing
expediAon
63

64. Fault
1
-­‐
Talk
too
much
about
technology
☹ Technology is not a the means to an end !
☹ Technology is a way to create value
☹ We are talking about a venture or a solution, not a
research project
à Mention technology once but be ready to answer question or
to offer a demo
64

65. Fault
2
-­‐
Talk
too
much
about
yourself
☹ Investors like invest in “A team” but don’t talk about yourself all
the time … talk about your achievement and let them judge who
you are !
☹ Pitch must be focused on them, their customer pain, their
research of a solution or a profitable investment, …
☹ Dialogue must be focused on their interest for the venture
à You = Team + stock of competencies and skills, stock of
experience and achievements, …
65

66. Fault
3
–
Lack
of
empathy
☹ Don’t be self-centered it is about them … not about you !
☹ Investors & clients do business with people they have a relation
with … People think they have such a relation when they feel
they are understood (need, situation, pro / private / CP)
☹ Listen and keep your concentration on their questions ?
☹ Risk of lack of empathy if too much preparation on the form
(2muchtraining) ?
à Train, train but never forget that this is a human interaction and not
a theatre performance
66

67. Fault
4
–
Lack
of
prepara<on
☹ If you don’t have prepared enough :
☹ You will be vague … have no logic … no red line
☹ You will lack knowledge about the solution, … or the customer pain
☹ You won’t know enough about the market vertical problems and drive
☹ You won’t be able to explain the Business Model
☹ Or you will have nothing to ask
☹ It will be understood immediately by the interlocutor à lack of respect
à Prepare your pitch as soon as possible and use it as a mirror for your BP
and BM iteration
67

68. Fault
5
–
You
don’t
know
the
target
(interlocutor)
☹ You don’t know what he knows about the sector, the market, the
technology you are pitching !
☹ You have more difficulties to craft the “hook”
☹ You don’t know exactly what to ask
☹ It is a lack of preparation or a lack of respect or both
☹ Il will be seen by the interlocutor
à Use WWW to know your audience, source information, adapt the
pitch …
68

69. Fault
6
–
You
are
too
long
☹ You demonstrate that you are not mature, or that you don’t play
with the rules …or that you don’t understand them à people
don’t want to make business with those kind of people …
☹ If you blow the time, you lack respect, you lack empathy, you
appear self-centered …
☹ It can be considered as a lack of preparation or the incapcity to
make trade-offs …
à Prepare to have a strong structure, then practice to know how to
translate your BP/BM in words and then adapt to the time given
69

70. Fault
7
–
Lack
of
confidence
☹ Because there is a lack of preparation ?
☹ Because there is a lack of knowledge of the market ?
☹ Because you haven't found a BM yet ?
☹ Because your BP is theoretical ? You have never tested
anything ?
☹ Because you don’t know what you want … what to ask ?
à Do you homework … and if some are not done … tell it ! They
will discover it soon !
70

71. Fault
8
–
“Fishing
expedi<on”
☹ Your home works are not done … ?
☹ You are not ready for an investor … ?
☹ You don’t want an investor … ?
☹ You don’t know (yet) what to ask … ?
à Don’t do that to Mr BIG … Be honest … pitch and explain the
stage … put them in the condition for the next pitch … when
you will be ready !
71

72. Be
careful
with
technical
problems
/
issues
!
ü Install
soon
enough
and
test
ü Have
a
back-­‐up
soluAon
ü Carry
all
the
cable
with
you
(Apple
vs
Microsos)
ü Think
about
the
sound
(if
you
have)
ü Think
about
the
color
of
your
presentaAon
(old
beamer)
ü Use
a
remote
à
easier
to
get
connected
with
the
people
ü Have
an
assistant
72

73. What
about
the
“form”
…
(1)
Principle
:
– Slides
are
a
support
to
YOUR
pitch
…
They
must
be
listening
to
you
…
Clearly
separate
the
message
from
your
voice
and
the
message
of
each
of
your
slide
à
complementary
asset
!
– Therefore
use
images,
graphs,
…
instead
of
texts
– Don’t
use
this
format
à
this
is
a
course
!
J
73

74. What
about
the
“form”
…
(2)
Form
&
lay-­‐out
:
10/20/30
–
10
slides
-­‐
20
minutes
presentaAon
-­‐
font
30
points
mini
– Don’t
use
this
“course
form”
L
– Don’t
use
bullet
points
L
– Basic
font,
size
40
à
avoid
text
à
images
&
concepts
74

75. What
about
the
“form”
…
(3)
A•tude
(gesture)
:
– Don’t
read
the
slides
– Get
connected
and
manage
the
connecAon
– Face
&
body
turned
to
your
audience
– Use
your
body
&
gesture
– Vary
your
voice
75

76. What
about
the
“form”
…
(4)
A•tude
(behavior)
:
Be
yourself
…
but
…
– Be
consistent
with
the
project
you
pitch
– Be
consistent
in
your
a•tude,
clothes,
vocabulary
– Be
consistent
with
the
people
you
pitch
– Be
consistent
before
the
pitch,
during
the
pitch
and
aser
the
pitch
!
76

77. What
if
my
model
is
too
complicated
?
– Simplify
the
model
…
Or
…
– Tell
a
story,
the
story
of
the
customer
…
(Ame
!)
– Use
mind
mapping
…
– Show
the
soluAon
in
a
short
movie
…
– But
stay
sober
!
You
will
also
be
judged
on
the
content
!
77

78. What
about
Prezi
?
– PPT
or
PREZI
!
– Up
to
you
…
J
– But
be
sober
…
don’t
drive
people
sick
overusing
PREZI
!
– The
form
chosen
must
serve
the
pitch
…
78

79. Pitching
with
the
Business
Model
Canvas
?
– Why
not
?
– Can
help
in
early
stage
à
Owlet
!
– Can
be
easy
to
tell
the
story
and
convince
about
the
opportunity
– See
the
example
of
CV
TRUST
• A
project
of
startup
aiming
at
selling
validaAng
CV
(academic
and
experience)
to
large
companies
…
79

80. And
don’t
forget
…
J
Guy
Kawasaki
…
“Top
ten
lies
of
entrepreneurs”
(2001
but
s6ll
true)
1. “Our
projec6ons
are
conserva6ve”
:
Nobody
believes
financial
forecasts
–
investors
simply
want
to
see
that
the
entrepreneur
understands
the
industry,
the
logic
involved
in
pu•ng
together
a
reasonable
financial
model
and
how
companies
grow.
2. “Our
market
is
forecast
to
be
$50
billion
by
20XX”
:
When
every
plan
makes
the
same
grandiose
claims
about
market
size,
investors
have
a
hard
Ame
taking
the
projecAons
seriously.
3. “We’re
signing
a
big
deal
next
week”
:
Never
talk
about
a
big
deal
unAl
it’s
a
signed
deal.
4. “Key
employees
are
set
to
join
us
as
soon
as
we
get
funded”
:
If
the
entrepreneur
can’t
get
key
execuAves
to
join
because
of
the
opportunity
then
they
probably
can’t
be
enAces
by
big
salaries
–
one
of
the
key
entrepreneurial
skills
is
to
aaract
talent
without
money.
5. “We
have
no
compe66on”
:
Claiming
that
there
is
no
compeAAon
to
an
investor
who
has
heard
a
similar
pitch
five
Ames
in
the
last
six
months,
will
not
aaract
funding.
80

81. 6. “We need you to sign a non-disclosure agreement” : Investors won’t sign a
non disclosure agreement because they usually see several similar plans. In
reality the ability to implement an idea (the team) and not the ability to keep a
secret is the key to a successful start-up.
7. “The big company is too slow to be a threat” : Big companies didn’t get where
they are by being slow – need to show respect for them whilst demonstrating a
compelling and believable way to compete with them.
8. “We’re glad the bubble has burst” : No one is glad the bubble has burst – it’s
harder to get funded, valuations are lower and due diligence takes longer.
9. “Our patents make our business defensible” : Unless you are a biotech or
medical device company it’s hard to support this claim. Investors believe that
what makes a company defensible is it’s ability to out-implement rivals.
10. “All we have to do is get 1% of the market” : No one wants to invest in a
company that aspires to grab just 1% of a market, shooting for a much higher
market share is much more attractive to the investor.
81

82. Bibliography
…
?
• Elevator
Pitch
EssenAals:
How
to
Get
Your
Point
Across
in
Two
Minutes
or
Less
à
The
9C’s
• The
Art
of
the
Start:
The
Time-­‐Tested,
Baale-­‐
Hardened
Guide
for
A n y o n e
S t a r A n g
Anything
• Made
to
sAck
or
the
Art
o f
m a k i n g
i d e a s
unforgeaable
!
82

83. Useful
ar<cles
?
• haps://hbr.org/2011/08/secrets-­‐of-­‐a-­‐successful-­‐busine/
• haps://hbr.org/2012/01/why-­‐you-­‐need-­‐a-­‐beaer-­‐elevator/
• hap://www.cbsnews.com/news/cras-­‐a-­‐killer-­‐elevator-­‐pitch-­‐in-­‐6-­‐
easy-­‐steps/
• hap://quickbooks.intuit.ca/r/funding/five-­‐Aps-­‐killer-­‐business-­‐pitch
• hap://blog.guykawasaki.com/2005/12/the_102030_rule.html
83

84. Some
great
examples
or
useful
videos
?
The
winning
pitch
at
MIT
Global
Startup
Workshop
-­‐
A
great
example
of
elevator
pitch
and
Q&A
haps://www.youtube.com/watch?v=UBNJh2rOOlI
MIT
100k
Pitch
CompeAAon
Finale
2014
–
Several
pitches
&
Q&
A
–
very
long
video
hap://video.mit.edu/watch/mit-­‐100k-­‐pitch-­‐compeAAon-­‐finale-­‐2014-­‐29171/
Guy
Kawasaki
–
Make
a
great
pitch
hap://ecorner.stanford.edu/authorMaterialInfo.html?mid=1177
The
classic
and
funny
video
explaining
what
an
elevator
pitch
is
haps://www.youtube.com/watch?v=Tq0tan49rmc
David
S.
Rose
entrepreneur
and
investor
:
10
things
to
know
before
you
pitch
a
VC
for
?
haps://www.youtube.com/watch?v=lzDBrMisLm0&playnext=1&list=PL836838DACEB39198
What
is
an
Elevator
Pitch?
haps://www.youtube.com/watch?annotaAon_id=annotaAon_519871&feature=iv&src_vid=q0EWScOXFpA&v=_PUBulGR42o
6
Elevator
Pitches
techniques
for
the
21st
Century
haps://www.youtube.com/watch?v=XvxtC60V6kc
84

85. Annex
:
How
to
tell
a
story
that
people
remember
?
Is there a specific receipt to tell a
story ? To touch the assistance ?
To make sure they will remember my
story … ?
The
answer
is
YES
!
85

86. 6 basic principles to let your pitch « stick » (SUCCES) :
1. S imple
2. U nexpected
3. C oncrete
4. C credible
5. E motional
6. S tories
86

87. One
book
to
read
to
learn
how
to
tell
stories
…
87

88. Thank
you
to
…
– Ken
Morse
&
Bill
Aulet
from
the
MIT
Entrepreneurship
Center
–
Ben
Piquard
for
his
comments
on
this
course
– David
Goldenberg
&
Raphael
Halberthal
– Regis
Lemmens
– Pictures
:
• Mark
Barnes
–
Wikimedia
Commons
88

89. Crea<ng
your
business
in
Brussels
?
•
Think
about
:
– 1819
(phone
number)
or
www.1819.be
– CréaAon
&
Croissance
hap://www.solvayentrepreneurs.be/nos-­‐formaAons/creaAon-­‐croissance/
– The
clusters
of
Impulse.brussels
:
• Lifetech
–
Sosware
in
Brussels
–
Screen
-­‐
Ecobuil
89

90. 90
&