nsf iucrc innovation communications workshop€¦ · · 2017-07-27business from the competitors...
TRANSCRIPT
7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 1
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
NSF IUCRCInnovation Communications WorkshopNSF IUCRC BIENNIAL CONFERENCE
JULY 2017
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Notetaking vs. Download These Slides and Forms Now or Later
neilsheridan.com/i.zip
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
ObjectivesHaving the skill, confidence and knowledge to communicate the importance of your innovation to others is crucial for team leaders and key members • Learn how to attract strong initial interest to your center team /
company
• Do a quick self-assessment of your innovation against the competition
• Produce basic financial details and answer financial questions
• Learn how to make a specific “Ask” of your listener, setting the stage for a positive next discussion
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Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 2
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
What Can You Pitch about?• Your center
• Your research project at the center
• Your own idea for a tech-focused company (do not reveal unprotected intellectual property)
•A hypothetical project or startup company (we’ll discuss how to create novel ideas)
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Competition Schedule• Now: Download handouts packet from
www.neilsheridan.com/i.zip
• Tonight: Practice pitching your poster contents to visitors
• By midnight: Pix of outline & application [email protected]
• Tomorrow 11AM: Semi-finals (no notes, you won’t need them…)
• 2PM: Finalists announced at “Ask NSF” plenary
• 4:30 PM: Finals at the plenary
• 5:30 – 7PM: Winners announced during reception
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
About Neil Sheridan• Taught / coached thousands of entrepreneurs and executives
• MS IT (GMI) / MBA Finance (NYU)
• Researcher, Innovation Leadership and Strategy
• Chair, Entrepreneurship Task Force, Small Business Association of Michigan
• US National Science Foundation innovation reviewer
• US Department of Commerce export program volunteer
• Consulting: Strategy, Marketing, Organizational Development, M&A, Financial Management, Innovation Entrepreneurship
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Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 3
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Value Proposition
Elevator Pitch
Agreement to Discuss
Further
Focus of Our Communications Work Today
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Benefits of Learning to Pitch Well• Getting customer, sponsor or stakeholder buy-in to
your ideas and merit
• Additional use cases: For resources, funds, space and time at a university or corporate research setting
• Or even, an effective marriage proposal…
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Value Propositions
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 4
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
What is a Value Proposition?“Primary reason”
A “positioning” statement
An identifier that separates your business from the competitors in the minds of your customers
Credit: innoxiuss
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
What is a Value Proposition?Solves a need by a customer ready to buy
using a rational, effective approach (unique?)
imparts clearly definable and recognizably delivered benefits
superior to the competition
at a price willing to pay
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Three Sentences…[Your Team Name] addresses [important need] with a [your solution in 4 words] that [approach in 5 words].
Improving [name 2 good outcomes] and reducing [2 bad things], this [positive adjective here] [your solution in 2 new words] will be available [now/next year/after what].
Representing significant value over existing alternatives, our [your solution in 1 word], will be priced at [how much?],meaning both cost and profitability will be highly attractive to our initial customers and early investors.
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 5
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Who Do We Proposition?Customers
By segment
By need / By emergent need
Talent
Investors / Lenders / Licensees / Franchisees
Partners / Referrers / Influencers / Public
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Strong opening (a Punch in the Nose, or PIN), then:
NeedApproachBenefits at the given costCompetition (and why yours is superior)Financials (relevant to listener)Close with “The Ask”
Our Pitch Elements
Credit: Microsoft
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Group Exercise: Posture
1. Hair → Spinal alignment
2. Loosen shoulders
3. Purposeful gestures
4. Make 20 seconds of eye contact
5. “Dress to impress” or “Jobs t-shirt”
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 6
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Pay Attention to Time
1. Practice with a timer2. Be able to skip content;
finish with a strong “Ask”3. Be aware of “e.g.o.”4. Only 3 minutes to pitch;
use as much as possible. 5. Up to 3 minutes for Q&A
Credit: Fellows (auctioneers)
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
How to Spend Your Time?
Credit: Fellows (auctioneers)
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30 secs PIN and Need30 Approach45 Benefits and Competition (why superior)30 Financials (relevant to listener)15 Close with “The Ask”15 Reserve
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
“Who is our Competition?”Doing a Basic Competitive Self-Assessment
Credit: innoxiuss
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 7
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Types of Competition for
Direct Indirect
And 3 years in the future?Logos are Registered Trademarks of their Respective Owners
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Who is the Competition?1. Make an rank-ordered list of
your innovation’s competition at launch and 3 years later?
a) Direct = Very much like your offering
b) Indirect = Substitutes, “do nothing”
2. Size?
3. US and international
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Addressing the Finances Confidently and Concretely
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 8
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Three Key Numbers You Must Include(There are many more to know, eventually.)
1. Revenues – price(s), how much will you make in sales, in what ways (product, disposables, accessories, warranties, training…)
2. Costs – how and what will it cost to produce, sell, administer, refine…)
3. Investment Sought – how much are you asking for in this phase and how will you use it? Ask for $300k or more.
When do estimate that you will be profitable?Revenues exceeding costs.It’s OK if that’s in intermediate future if you can explain why (costs of scaling up, further R&D, expansion to new markets…)
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“Next year, we will begin commercial sales in the Northeast, California and Texas with total five year revenue estimates of $15 million and costs of $50 million forecast using a $30,000 unit price. Our principal cost drivers are for scaling up production, adding to our salesforce and for marketing campaigns.
“We have raised $5 million in angel and grant funds. Now, we are seeking $10 million over the next 2 years to fund our go-to-market product development and initial marketing.”
Read-a-Long Example
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Answering Financial Questions• Memorize and understand numbers and key assumptions.
• Paraphrase back if needed to comprehend or for time.
• Use professional language: Estimate, predict, calculate.
• NOT: About, like, approximately, more or less, or “how much do you have?” Do not joke at all about these questions.
• If you absolutely do not know: “May I please review this with my colleagues and contact you tomorrow?”
• No B.S. Make sure the numbers are realistic, neither too optimistic or overly conservative, and match the pitch.
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 9
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Making a Warm, Positive and Specific “Ask”
Credit: innoxiuss
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
How to Make an Ask that Leads to a Further Discussion1. Confident, friendly, humble but positive
2. Suggest a specific date, have a backup. Can you both pull out your calendars and set it now?
3. Get their contact info (direct email)
4. Express that you will have something additional: Your team, the prototype, financial pro formas, your investor presentation (you’ll have one in the future).
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
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My team and I have a working technical prototype and fuller details on our financial projections. Could we please schedule a [visit / conference call / Skype] for Wednesday? We would be delighted to share our [prototype / projections / market research findings] to further address your questions.
Yes? Great, could I send you a meeting invitation now? What’s your email, please?
Thank you very much for your interest and insights into our work. (Shake hands and walk away.)
Read-a-Long Example
7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 10
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Value Proposition
Elevator Pitch
Agreement to Discuss
Further
You’re Done!
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Writing and Checking Your Pitch
PiN, NABCF, “The Ask”
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Using the Scoring Sheet as an Outline and Proofing Tool
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 11
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
What Happens at the Competition?
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Enjoy It• It is a learning experience, one you will
have many years to refine
• No notes: Use the acronyms PiN, NABC, F and “The Ask” – speak from your heart and head, no need for notes.
• 3 minute each hard stop for pitches and then the judges Q&A
• Awards ceremony Thursday 5:30 – 7ish
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NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Download These Slides and Forms
neilsheridan.com/i.zip
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7/26/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 12
NSF – INVESTOR COMMUNICATIONS I WORKSHOPCopyright 2017 by Neil Sheridan / SVPI LLC
Thank You!
or LinkedIn:
Google Neil Sheridan
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neilsheridan.com/i.zip