One of the ways Bob and I came up with to help as many people as possible was an overview presentation on how to present to the Innovation Fund. The presentation was titled slightly tongue in cheek as “Getting that second date… Navigating the regional pitch process by NOT embarrassing yourself on the first date.”
I’ll save Bob the embarrassment and admit that the dating metaphor was my idea, and one that I use often when coaching entrepreneurs on pitching the various early stage investment programs around the region. Approaching an investor presentation from this mindset, underscores two important points:
Good first impression – the best way to get a second date is to not screw up the first one.
Get that second date – in your initial presentation, you’re not looking to get married, just get asked back.
So with your first date (presentation) in mind, let’s look at some what you can do to raise your chances of getting that “second date”.
The Four P’s
The foundation of any good presentation is fundamentals, and the Four P’s are a great place to start:
Planning — Who are you talking to? Why are you talking to them? How much time do you have? What message must you display?
Preparation — Outline your talk first, then prepare slides. Prepare some keyworded notes. Proofread carefully and have someone double-check you. Make sure your slides are easy to read.
Practice — Get feedback. Try to be relaxed. Eliminate unnecessary information. Practice constantly.
Presentation — Speak loud and clear. Maintain eye contact. Don’t look at or read from the screen. Be understandable. Have a clear summary and ending.
Tell Them What They Want To Hear
While the Four P’s set a strong foundation for your presentation, the content you present is just as important. I can’t think of an investment opportunity in the region where the governing body doesn’t provide an proposed, or sometimes required, outline for your presentation. So for content, your first, most important guideline is to make sure you cover all the points in the provided outline.
Providing the requested content is a great start; add in a little analysis and you’ll do even better. For all the content requested, ask yourself why you think it’s important. Most funding programs ask for backgrounds on the entrepreneur and their management team. At the surface this may sound like a simple request; one satisfied with names, degrees and associations. The question behind the question though is rooted in execution risk and what you are really being asked to provide is proof that you and your management team have what it takes to make this start-up a success.
So when it comes to content, always tell them what they want to hear, but make sure you understand the question behind the question.
Don’t Shoot Yourself In the Foot
Finally, even with preparation and practice along with answers to all their questions, you’re still not guaranteed that elusive second date. Have you ever been on a date (or met a potential vendor for the first time, or interviewed a prospective employee, etc.) that presented well and came prepared with everything you asked for, but had a really annoying habit? Maybe they smacked their lips together every few seconds, or finished your sentences for you.
In the coaching I give, especially for entrepreneurs pitching for the first time, is to remember that you are selling yourself just as much as you are selling your company. Those annoying little habits add up. String too many of them together and pretty soon you’re dragging your company down with them.
When making a pitch, any pitch, but especially one for funding:
Don’t use excessive jargon, keep things simple to understand
Don’t say you are the “only one in the world”; almost always you’re not
Make sure to follow the guidelines
Mac users – keep in mind you’ll probably be presenting on a Windows machine
Don’t play with the laser pointer, only cats enjoy that
If you bring your presentation on a USB device, make it the only file on that device
Don’t overlook the effectiveness of a well-crafted cover slide
Those might be the annoying little habits, but the following are the real deal killers:
No overwhelming market advantage
No explanation of your technology/product, or an overly-complicated explanation
No mention of competition
No discussion of how you make money
Deciding to wing it
Online demos or embedded videos that don’t work
There are no guarantees in the funding world, but following the real world tips I’ve presented above are a great start to success. You may not end up married, but you’ll be well on your way to a second date.
Do you have a great story about how you got that “second date” with an investor? I’d love to hear it! Comment below, or e-mail me at firstname.lastname@example.org.
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Why does it take a NASCAR pit crew only 15 seconds to change four car tires when it takes people like you and me minutes? The answer is simple SMED. Single Minute Exchange of Dies, or SMED, is a process for reducing the time it takes to do equipment changeovers. Using the principles of SMED you should be able to perform any changeover in your facility in under 10 minutes! The SMED process is simple – convert as many changeover steps as possible to “external”, meaning they are done while your equipment is still RUNNING, while simplifying and streamlining the remaining steps. SMED is broken down into the following 3 Steps: Separate Convert Streamline We found this article to be very helping in explaining the SMED process in more detail: LEAN PRODUCTION - SMED A good first step to achieve this level of SMED efficiency would be to run a kaizen event at your facility to standardize (5S) your tools and supplies. Doing this alone will help you achieve 40% to 50% greater efficiency. Once the “low hanging fruit” is gone, you can still reduce setup times another 20% by practicing more advanced SMED principles.
The secret to closing any sale is to reduce uncertainty in the buyer and replace it with confidence in YOU, your PRODUCT/SERVICE, and your COMPANY. Step 1 – Confidence in YOU Someone buying from you wants to be able to fundamentally connect with you on a human level and feel confident that you’re an expert in what you’re selling If you’re selling paperclips, be an expert in paperclips If you’re selling design and engineering related services, be an expert in design and engineering related services Focus on addressing the problem, not the solution….MEANING you already know you have the solution, connect with the buyer by being an expert with the problem he/she is facing. Prove that you know the problem and all aspects of the problem like the back of your hand. Step 2- Confidence in the PRODUCT/SERVICE you are selling Someone buying from you needs to trust the product/service you are selling will solve their problem. It’s your responsibility to deliver a solution and the benefits associated with it. Basically you need to “Hit a Homerun” communicating this message. Tip – Use Success Stories: Share with the potential buyer examples of your product/service solving problems and delivering value for