Countdown to Launch day 3:
Lee Sharma: Simply DO Ideas; Founder & CEO
- Ideas are easy. Doing is difficult
- Ideas are fragile
- No idea is perfect
Start off by explaining the problem
Problem-Idea-Customers,Competitors-Knowledge —->>> Pocket(Finances)
P- Get a personal response, make them feel! Start with stats ,
I- My solution is this… Link it to the why. I do this and this is how I solve the problem
C- Logic kicks in here. Isn’t there something like this already? Customers – explain all about this, and competitors, there are competitors, but here’s how I’m going to better than that, give them what they want to hear .
K- Story.. There’s stuff like that, how I’m gonna be different? What do I know that’s better?
2 Minutes =maximum
Introduction, name.. Start with something start
- Problem or Issue – What is the problem/need identified? Strong primary/ secondary research, statistics. Tell the story
- Idea or Concept – Product or Service? What does it do? Who is it aimed at? Features and benefirs, how addressing the problem or need
- Customers and competitors : Who are they? How do you engage with customers? Why wre you better than your competitors? : Customer market size, marketing strategy, know your competition, traction. So you have evidence of demand (Very powerful!!! Someone’s already paid you!) ? Paying customers?
- Kowledge or compatibility; Why are you the ‘team’ to do this? : Passion, history, experience, network
- Pocket or cash: Will the business make money? What are you aasking for and why? : Cashflow forecast – money in, money out, start-up finance
INVESTORS HAVE VERY SHORT ATTENTION SPANS
Thanks and invite questions!!!!!!
Exercise, exercise, exercise!
Get into their minds!! Understand how they’re thinking!
Successful communication = successful business: Pitcher-Message-Panel-Feedback-Pitcher-Message-Panel-Feedback – it’s a constant cycle
- Research. Why? How? Who? Where? When? *think about the time of the day, are they tired? give them chocolate, before lunch/after lunch – different environment..
- Use appropriate resources (e.g. Simply Do, PowerPoint, cue cards, prototype) Content is key… Notes to help you if you need them? Make sure you get everyhing in – they’re assessing you on a list of stuff, so don’t forget about customers for example… Bring in physical prototypes, or testimonials, something that shows you’ve actually done something.. or food! haha
- First impression, body language : Clothing? Go on the side of smart, or corporate, if you’re pitching to bank people, rather than dressing according to the requirements of your business.. Body language: be aware of it, ask your friends. Be expressive with your hands but not too much!
- Eye contact, voice (speed and tone) Practice, slow it down, better reduce the content and be focused, than too much and rush it.
- Be honest! Don’t make stuff up!
it’s scary and it’s normal to be nervous. Embrace it!
Be yourself, be your best on that day, if that doesn’t work, then it wasn’t meant to be!
Pitch: Testing the mystery item!
Getting investment ready
Trajectory (is it going to fly, or is it going to be an organic growth, what’s your scale?) – Traction (Customer demand, they want to see evidence of demand)- Team (Do I trust you, do I want to give it to you, do I believe in you? Do you recognise your weaknesses? They need to like you!!) – Tenacity ( You will get slapped in the face a lot of times, AirBnB have rejected a number of time, you’re not everybody’s cup of tea! That hurts a little bit but it doesn’t matter. ) – Truth (Be honest, have integrity) – Timing ( is key, make them feel like if they don’t invest in you now, then the market will shut down )- go to the beginning and over again
Problem or opportunity?