Download - Pitch Decks in a Box
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Pitch Decks In a Box
James Smits Partner, Tigerlabs
james@<gerlabs.co
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Wait, who the hell is this guy? • I’m James Smits! (@james_smits) • Currently: Partner at Tigerlabs • Previously: BD @ Banyan Water, Research Monkey @ University of Melbourne and Princeton University
• Some<mes: El Capitan Capital (@ElCapCap)
That’s me! In 3D!
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Tigerlabs!
• Based in Princeton, NJ • Seed fund (Tigerlabs Ventures) • Entrepreneurship center (coworking space +) • Ping pong (we play lots of it) • And… we’re all about suppor<ng YOU! (the entrepreneur)
• Want to know more? james@<gerlabs.co
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And now… on to the good stuff!
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Pitch Decks In a Box
James Smits Partner, Tigerlabs
james@<gerlabs.co
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Defining some terms
• Pitch = en<cing summa<on of your venture • Deck = presenta<on (PowerPoint is so…) • Elevator = ver<cal transport equipment • Pitch deck = presenta<on summary of venture • Elevator pitch = (short) pitch in an elevator
• Therefore: pitch deck ≠ elevator pitch
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So this whole pitch deck thing… • Summary of your business and opportunity • Concise (15 slides – no more slides for you!) • Targeted audience (VCs + angels) • Goal oriented ($$$) • Show – DO NOT tell (woops, breaking my rule) • Differen<ate or fail (business and life lesson)
• It’s like Shark Tank… but not at all!
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Knowing Your Audience • No one said pimpin’ (er, pitching) was easy…
• VCs are a tough crowd 1. In the business of saying “no” 2. Look at thousands of companies every year 3. analysts è associates è principals è partners
• Do your homework on the VC and/or firm – Investment thesis? – SHOW YOU’RE NOT A RANDO – Porkolio companies? – MAKE IT NEW AND FRESH – Prior connec<ons? – MAKE IT PERSONAL
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Structure, structure, structure
1. The pitch 2. The problem
3. YOUR solu<on 4. Market size
5. Business model ($$$)
6. YOUR advantage 7. Compe<<ve analysis 8. Go to market 9. Team! 10. Fundraising and
milestones
teaser image
showcase!
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Teaser Image
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The Pitch • Comparisons are good, but differen<ate • Up front, to the point, concise
• Good: “Your how-‐to guide for pitch decks” • Eh: “It’s like the Pandora for pitch decks” • Bad: “It’s like the pitch deck for pitch decks”
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The Problem (MY Problem)
• MY problem not YOUR solu<on
• To this extent… – What is your problem? – MAKE IT OBVIOUS – Who has this problem? – Make it relatable
• “A painkiller not a vitamin” – McClure
OBVIOUS PROBLEM
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YOUR Solu<on • Your product solves MY problems! • Why is it beuer and different? • Showcase your product – Real (sweet) screenshots – walk me through the look, feel, AND func<onality
– Live demos? Don’t do them
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Market SIZE • “The market is $X, I want to capture Y%”
• BIG NUMBERS or there is no opportunity
• But how do you figure it out? – Top down (someone else reported it) – Bouoms up (“Case In Point”) – Compe<tors can be your best resource – Show what it actually is, not just some number
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Business Model ($$$)
• Outline 1-‐3 sources of revenue – Priori<ze by realism and size/poten<al
• Common revenue models – Direct: e-‐commerce, subscrip<on, digital goods – Indirect: adver<sing, lead gen, affiliate
“straight cash homie”
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Your Advantage
• It’s either your technology or it’s your exper9se
• Your audience LOVES unfair advantages – BIG market lead – Experienced team – “superior” technology
ADVANTAGE
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Compe<<ve Analysis
• Thousands of pitch decks – what’s so special?
• Understanding your compe<tors is essen<al – Iden<fying your unique differen<ator – List ALL of your compe<tors (if you don’t, they will) – Beuer and different
• If not beuer or different? Think again! – “niche to win”
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Beuer and different (up and to the right)*
ping pong
lawn bowling
awesomeness not
awesomeness
(obvi)
*kidding! we love you all!
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Go To Market • How do you get customers and distribu<on?
• Lots of ways, choose a few – PR, contests, BD, direct marke<ng, SEO, referral, affiliate, bloggers, e-‐mail
– Virality is a cruel mistress (don’t rely on it!)
• Get in to the numbers 1. Volume 2. Cost 3. Conversion
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Team! • The idea is a commodity • Are you the team that’s going to #WIN?
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Team! (more) • Describe your team (convincingly)
• Things that can never (ever) hurt… 1. This isn’t your first rodeo! 2. Domain experience 3. Exits? Successes? Big deal? 4. Building, building, building! 5. Nerds, entrepreneurs, hustlers
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Fundraising and Milestones • Raising $X (note? priced? valua<on?) – Use of proceeds: hires, marke<ng and sales, opera<ons and infrastructure
– Focus on product, customers, and scale
• Milestones: past, present, and future!
Total Series B = $X
Raising Raised
$Z $Y WOAH!
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And, a|er all that… $$$!!!
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Recap and Closing Notes
• Pitch deck = (concise) presenta<on summary of a venture (preferably yours)
• “Less is more” – Mies van der Rohe
• Differen<ate or fail
• Financials? What financials?
• PRACTICE, PRACTICE, PRACTICE
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I’m not a genius (that’s what you’re for!)
• Pieces of this lecture were drawn from…
– Dave McClure (500 Startups): “How to Pitch a VC”
– Ryan Spoon (Polaris Ventures): “How to Create an Early Stage Pitch Deck”
– The trial and error of the Tigerlabs porkolio
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That’s all, folks!
Ques<ons? Comments? Bones to pick?james@<gerlabs.co
Oh yeah… follow me!
@james_smits