michelle e. messina, ceo explora international llc [email protected] tel: +1...
TRANSCRIPT
Michelle E. Messina, CEOExplora International [email protected]: +1 408.981.4801
Creating and Growing Innovative Companies: Secrets from Silicon Valley’s Sustained Success
May 2012
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Silicon Valley State of Mind
Silicon Valley’s Top 20 Companies
Apple
Cisco Systems
Intel
Hewlett-Packard
Oracle
Yahoo
eBay
Gilead Sciences
Adobe Systems
Intuit
Netflix
Electronic Arts
Tesla Motors
Zynga
SunPower
Kleiner Perkins
Entrepreneur = Super Hero + Risk Taker
Where Did the Idea Come From?
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Identify Market Need
• First hand experience with the “pain point” in the market is best
Communicate Clear Value
• Understanding the market, means you understand:– Your customer– Your competition– Your opportunity
Value Proposition: What is it?
An implicit promise your company makes to deliver upon a combination of values such as price, performance, quality, convenience, expected outcome and more.
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Value is Very Relevant
• Creates a strong differentiation• Foundation of your sales strategy• Better quantity and quality of sales leads• Can help gain more market share• Delivers a clear message to the market• Can improve your operational efficiency
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In other words….
• How does your solution positively impact the customer’s business?
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Positive Impact on theCustomer’s Business
• Increased revenue ↑
• Reducing expenses ↓
• Acquire more customers ↑
• Increased shareholder value ↑
• Improved efficiency ↑
• Decreased employee turnover ↓
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Real Results -- What Buyers Care About
• “Our customers experience 30-40% shorter project lead times.”
• “Our tracking system has reduced their materials loss by $6000 per month or more than $70,000 annually.”
• “Today, the company now experiences a 100% on-time export shipping record.”
• We provide competitive pricing and guaranteed cost-savings of 25% or more.”
• “New product sales for the second quarter increased 93% to $1.57 million due to these improvements.”
Listen & Interpret Market Indicators
• Sales objections from prospects = opportunity to talk more
• Customer advisory boards mean new opportunities for feedback
• Change in competitors’ behavior (pricing, sales strategy, etc.) could signal opportunities
Be Global. From Day 1.
Team DNA is Critical
• Smart people with relevant market experience. And passion.
• Diversity: gender, cultural, language, work experience
• Perspective: Cultivate mentors & build advisory board
• Every employee is a sales person
What Investors Look For
• Complementary skills + proven chemistry + past working relationships = high potential co-founding team
Diversity is Healthy. And Imperative.
Diversify Your Team.With Women.
Surround Yourself with Supporters
Socialize The Ideas
Socialize the Idea
• Will your idea work?• Build support• Connects you to enthusiasts, users and
customers• Socialize preto-type prototype
ready for market test & validate
do it again; and again.
Ideas Are Cheap. Execution is Priceless.
Go Big or Go Home
80% is Usually Sufficient
Fail Fast. Fail Frequently.
Become an Awesome Presenter
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The Elevator Pitch
The point of an “elevator pitch” is to quickly create enough interest in your company to interest an investor, customer, or partner, in learning more.
You are not trying to convince them to invest in, buy from, or work with you; you are trying to get them to listen.
It’s a conversation starter.
A Good Elevator Pitch
• It’s concise (a few sentences, <2 minutes)
• Grabs attention
• Explains the problem you solve
• Describes the benefits of your solution
• Is easy to understand
• Demonstrates your passion
Elevator Pitch Structure
5 seconds: “The Grabber”
5 – 30 seconds:
“The Brief”
30 – 50 seconds:
“The Proof”
50 – 60 seconds:
“The Wrap”
Elevator Pitches in your 2nd language: What to watch for
• Speech patterns, accents, and enunciation
• Difficult sounds
• Pronunciation and word stress
• Idioms, verbiage, terminology, acronyms, expressions, sayings, pronunciation….
Handling the Q&A
• It isn’t over until it’s over• Set the agenda
• Take control
• Is it really a great question?• Buying time to think• Repeat the question – and reframe it
• Answer the question you wish they had asked• Keep it brief, don’t fake it• End strong
Elevator Pitches Only WorkWhen your Grandmother Understands It
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Build your Personal Network
• It’s who you know
• Use LinkedIn, Facebook, Skype, Twitter
• Your personal brand matters
• Make connections, learn about the market,
Toughness is Not ObsoleteNor is Diplomacy
Pain is Inevitable.Suffering is Optional.
30-60-90 Day Work Plans
• Track the team’s progress
• Build credibility with the market, with investors and with customers
• The market changes and so can your Work Plan
Gravity is in Full Effect
Helping One Another is Core Value
Do Something.Do Something That Matters.
