SpaceLab Detroit Urban LaunchPaddavidtarver.com/wp-content/uploads/2018/04/Urban-LaunchPad-Session-4a.pdf · Session 4a: Power of Persuasion 1. Urban LaunchPad sessions –update

SpaceLab Detroit Urban LaunchPad

Session 4a: Power of Persuasion

1

Urban LaunchPad sessions – update

session date topic(s)

1 3/22 Discovering yourself, finding an “important” problem, talking to humans.

2 3/29 Solving the problem. Technology, the new “secret sauce.”

3 4/12 Designing your business.

4 4/19 Pitching and presentation, marketing, competitive strategy.

5 4/26 Revenues and costs, business plan, market entry.

6 5/3 Presentation dry run.

DD! 5/10 Demo Day!!! Graduation!!!

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Products of this Urban LaunchPad Series

• Validated problem statement

• Validated solution & BMC

• Mission & vision statements

• “Bar” pitch

• Elevator pitch

• Pitch deck

• Competitive analysis and strategy

• Finance strategy

• Market entry strategy

• Business plan exec summary

• Organization

• Resources and contacts

• Team resumes

Copyright (c) 2018, eBuktu Media LLC 3

Announcements!!!

• Speed-pitching and slow drinking: 4/26/2018

• Team pictures TODAY

• Team video interviews soon!


Answer to Eric Harrington question…


Pitching – The Art of Gaining Agreement


Guy Kawasaki’s 10-20-30 rule


Why do we pitch?

To seek investment

To recruit team members and employees

To acquire partners

To sell a product

To convey information on what we do


Three key types of pitches

• One-liner

• Elevator pitch

• Investor Pitch


One-line pitch

• Concise

• Compelling

Your one liner should be a delicious morsel that makes the listener hungry for an entire meal, or at least an appetizer!

It’s the answer to the question: “So Chanel, what do you do?”

Key One-liner elements

What you doWho you do it

for

The benefit or advantage of what you do

Examples

“I run workshops that help entrepreneurs create game-changing urban-focused businesses.”

“I run AccelerateKid, a company that gives kids age 6-12 the knowledge and confidence they need to start a business later in life.”

“I run a company that makes a hospital restroom monitoring system that prevents the spread of deadly bacteria that can happen when people don’t wash their hands.”


Referenced pitch

• X for Y:

• Kumon for Entrepreneurship

• Yelp for Medical Marijuana

• Airbnb for car rental

See web article.http://www.visionmobile.com/blog/2013/06/the-art-of-one-line-pitching-a-study-of-angelist/

Combo pitch“My company helps people make extra money by renting their personal automobile. It’s like Airbnb for cars.”

One liner: do it!

Elevator pitch

• 20 to 90 seconds

• Captures the attention of the audience

• Contains the key aspects of business proposal in summary form

• Objective: a follow-up meeting


Elevator Pitch Elements

Your name (and/or your

company name)

Problem you are solving

Customer you’re solving the problem for

Your solution (product or

service)

Your unique selling

proposition

Elevator Pitch Example:

Johnny Reaves Bottle

Collection Service

“Hi, I’m Johnny Reaves. Empty soda bottles take up space and attract bugs. This is a problem in every house where soda is consumed. My service returns those empty bottles to the store and saves the homeowner time and trouble, and gets rid of clutter – and we pay them for the bottles! We use a neighborhood kid to collect the bottles, not some stranger. We tell our customers: when you finish drinking those sodas, don’t mess around - when the liquid leaves, call Johnny Reaves!”

What makes an effective pitch?

• Clear product description

• Solid, exciting concept

• If it doesn’t excite you, it won’t excite anyone else

• Viable – not “pie in the sky”

• Big idea/market – seems like a money-maker

• Unique selling proposition – “why you?”

• Clear, confident presentation

• Sounds natural, not forced or formal


Putting the pitch into practice

Identify your goal (what are you trying to accomplish?)

Explain what you do

Communicate your USP (why YOU?)

Engage your subject with a question (not yes/no)

Put it all together

Practice!!!

Leave your subject with a business card or brochure.

Eliminate unnecessary information.


Business Opportunity Presentation

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Intro

• Company name & tagline*

• Team members

• Presentation date

Make it artistic and entertaining!


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Describe the Problem

• Who does it affect?

• What’s the impact?

• What happens if the problem is not solved?

What makes this an IMPORTANT problem?


Describe the Solution

• Briefly describe your product or service

• How does it address the problem?

• Value proposition(s)

• Pains relieved/gains created/key features & functions

• Primary customer segment(s)

• Jobs/persona/demographics/psychographics

• Needs/desires/”pains” felt

Innovation and Scalability

• What new technology or innovation make this solution possible?

• What makes the solution scalable and/or disruptive?


Industry, Market

What industry will you operate in?

• Industry characteristics?

What is the market type?

• Existing, new, segmented, niche, clone?

How large is target market?

• # of customers

• $$$

How will you enter the market?

How will you get/keep/grow a customer base?


I digress…


Business Model

How will the business make money?

What are the key activities?

What are the key business resources?

What are the key revenue drivers?

What are the key cost drivers?

What partnerships does the business depend upon or leverage for success?

Do NOT use Business Model Canvas to illustrate this – it’s too arcane for general consumption!


Competitive Strategy

• Who are the actual and likely competitors?

• Direct

• Indirect

• What are the competitors’ value propositions?

• How will you position your product or service against the competitors?

• Express in terms of your business model

Team

Current team members

• Role, key skills of each

Additional team members/roles needed to complete customer validation

• Skills needed

How will you acquire needed team members?


Lessons Learned

Summarize your customer discovery journey

Starting point, current status

• Why?

• Support with interview evidence, customer stories

Pivots taken


Summary and Next Steps

• Project timeline

• How long to MVP?

• How long to break even?

• What do you need to finish proving product/solution fit? (finish customer discovery)?

• $$$?

• How much, for what?

• Other needs?

• What do you need to finish proving product/market fit (finish customer validation)?

• $$$?

• Other needs?

Ground Rules for Presentations

10 minutes MAX!

5 minutes for Q&A

10 slides MAX

Presentations judged on content, delivery, overall effectiveness

In summary…

Be CLEAR

01Be CONCISE

02Be FORCEFUL

03


Let’s Hit It!

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Documents

SpaceLab Detroit Urban LaunchPaddavidtarver.com/wp-content/uploads/2018/04/Urban-LaunchPad-Session-4a.pdf · Session 4a: Power of Persuasion 1. Urban LaunchPad sessions –update