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.
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
HEADLINE The survey definitively shows that product innovation leads to more growth, while “grow your own workforce” strategies will be needed to fill the major labor shortages hampering small manufacturer growth. Emerging technologies like the Internet of Things (IoT), 3D printing, and digital manufacturing are beginning to enhance innovation and productivity, but still have significant room for adoption amongst Ohio’s small manufacturing businesses. ABOUT THE SURVEY Under the direction of the Ohio Manufacturing Extension Partnership (Ohio MEP), MAGNET: The Manufacturing Advocacy and Growth Network conducted a thorough survey of Ohio’s manufacturing base. Contributing approximately 20% of Ohio’s jobs (and driving in some regions up to 50% of Ohio’s economy), and generating a disproportionate amount of export revenues and Gross Regional Product, manufacturing is critical to Ohio. Greater than 95% of Ohio’s manufacturers are small (under 500 employees), and these manufacturers need to remain competitive both nationally and internationally to ensure our economy’s health. Ohio’s Development Services Agency and the National Institute of Standards and Technology, which runs the MEP, recognizes the importance of this sector and fuels MAGNET and the Ohio MEP program to directly serve and support innovation, efficiency, and growth in small and medium manufacturers. What manufacturers need
How Virtual Reality and Augmented Reality Can Help Keep Our Engineers Safe and Our Manufacturing Strong Recall how difficult it was to put together complex LEGO creations when you were a child or helping a child. Now, picture assembling a fighter plane from a room full of parts. Even highly trained engineers can benefit from technology to help improve consistency and quality. Virtual reality (VR) and augmented reality (AR) are making near-perfect assembly a possibility in the manufacturing space. By wearing AR glasses that use cameras, depth sensors and motion sensors to overlay images onto the real working environment, engineers and factory workers can visualize the exact bolts, parts, part numbers and instructions on how to assemble a particular component correctly. Lockheed Martin began using AR goggles and improved F-35 assembly time by 30 percent, in addition to increasing accuracy to 96 percent. In order to remain competitive, businesses should consider the ways VR and AR can improve efficiency and supply chain productivity. According to a recent BofA Merrill Lynch Global Research report, AR platforms can provide companies up to 25 percent in cost savings on installation of equipment. Here are four ways VR/AR is disrupting the mid-market manufacturing space: