PITCH101-PEI
February 1st, 2013
Don and Marion McDougall Hall, Theatre 242
Charlottetown, University of Prince Edward Island
THE AGENDA
Fireside Chat: 1:00–2:00pm Moderated by Alan Duncan, Dean, School of Business, University of Prince Edward Island and special guests including:
- Jevon MacDonald, Co-Founder, GoInstant
- Duncan Shaw, Co-Founder, Cogsdale
- Patrick Keefe, Manager, Regional Venture Capital Fund
- Ruth Grady, Co-Founder, Northern Abrasives
- Michael Ives, Co-Founder, NetLegal
Network Break: 2:00–2:30pm
Pitch101 Session: 2:30–4:00pm with Investor/Judges including:
- Patrick Keefe, Manager, Regional Venture Capital Fund
- Brian Lowe, Co-Founder/Director, First Angel Network
- Robert Bechard, Consultant LifeSciences (former Biotech Venture Capitalist)
Reception: 4:00–5:00pm
THE PITCH RULES
• Each presenter will be given a maximum of 60 seconds to present its pitch to the audience and judges.
• Index cards or other notes will not be permitted for the Pitch Competition, as you would not expect to have the benefit of these notes in a real life situation.
• Your pitch will be given by one team member. The 60 second pitch
will be uninterrupted.
• Immediately following your pitch there will be a 3 minute Q&A session with the judges.
• The audience will score each contestant at the end of the pitching session.
YOUR PITCH
You will be pitching your investment opportunity to a panel of investor/judges. Their comments are simply that and they are not committing any funds to any of the pitches during the event. The judges will be assessing the strength of your idea and how well you deliver it. The judges will be looking for you to convince them that your idea or project is worthy of investment. So, your pitch should explain the opportunity. Ideally, the pitch needs to intrigue the judges to want to hear more, at a later date. Think of your pitch as a short overview of your idea, product or service, and is typically used in business settings such as face-to-face networking. Commonly known as an elevator pitch, it can be one of the simplest yet most powerful tools for an entrepreneur. A step-by-step example of how to build a pitch is at the end of this document, see Sample Pitch.
Jeff Amerine is the founder of Gone In 60 Seconds in Arkansas and helped us design the Pitch101 series. He has complied some great pitching tips for us and a number of 60 second pitches on YouTube so you can see what others are doing.
SUGGESTED GUIDELINES
To help you focus on your Pitch, remember to highlight the following key topics – remember you’re just providing a “teaser” to the judges and audience with the purpose of having them ask "tell me more about your company":
• Product and service offering (e.g., the problem and your solution)
-Brief description of offering
• What problem or need does it solve? What are the benefits of your product?
• Unique Differentiators
-Why is this unique or different from competition?
-Is this difference sustainable (e.g., patents, intellectual property, etc.)?
• Market Opportunity & Target Customers
-Who are the targeted customers?
-What is the size of the market?
-Is there evidence they will buy the product?
• Current Development Stage
-What is the current status of technology/venture?
-What are key next steps?
• Business Model – how will the company generate profitable revenue?
• Milestones and Success Metrics
-What are the success metrics?
-What is the exit strategy?
• Capital Needs
-How much funding is needed to move forward?
-How will the money be used?
-Why is your business an attractive investment?
Common Elevator Pitch Mistakes
-No energy and passion in the presentation
-Too much technical language; focusing on the technology rather than the customer need
-Failure to explain what customer problem you are trying to solve
-Too much discussion about the idea and product and not enough explanation about the market,
business opportunity, and revenue models
-Listing too many names of clients or partners. Indicate how many clients and name a few big
names to spark interest
THE JUDGES
Your judges are Patrick Keefe, Manager, Regional Venture Capital Fund, Brian Lowe, Cofounder/Director, First Angel Network, and Robert Bechard, Investment Consultant, Consultant LifeSciences (former Biotech Venture Capitalist), Québec.
They will each have three cards and will hold one card up after your pitch and Q&A session to represent their assessment of your pitch. The green card means you have given a good pitch for a good idea. A yellow card means it has possibilities but needs work. A red card means they don't like what they see.
ADUIENCE EVALUATION
• The audience will evaluate each pitch based on how convincingly they present their business concept, such that an investor would want to learn more about the company as a potential investment. The best pitches are those that an investor would want to schedule a follow-up meeting for further discussion because they believe this company represents a strong investment opportunity.
• The best pitches should communicate the following:
-Clear explanation of their product/service and the problem it solves
-How their company is unique and differentiated
-Sizable market opportunity and ability to penetrate that market
-Current Development Stage
-Viable business model
-Clear measures of success and potential exit opportunities
-Understanding of how much money is needed and how it will be used
PITCHCAMP
Around 11 AM on Friday, February 1st at UPEI we will meet with all pitchers. Pitchers are welcome to demo their pitch to us at that time followed by a one minute feedback. So, it's important that prior to the event you practice your pitch several times. By this point your pitch should be in good shape and no longer than 60 seconds. You’ll have the opportunity to see each other's pitches prior to the pitch session.
PROCEDURE & TIMING
Before the Pitch session starts, please make sure that you are sitting at the front of the room so one presenter can follow the next promptly to the podium. Though the pitches will be addressing the judges you’ll be speaking before a broad group of people from several different disciplines. The pitches should avoid jargon, or getting to detailed. Ideally, you want every member of the audience to leave with a brief understanding of your idea.
Each Pitcher will have a maximum 60 seconds to present his/her investment opportunity. The moderator will cut your pitch off at 60 seconds. The judges will then have three minutes to ask questions and vote with their cards.
Example of timing:
2:40 pm: 1st Pitch
2:41 pm: Q&A with judges
2:44 pm: Judges vote by showing yellow, green or red cards
VOTING
The judges will give their assessments to each of the pitchers as stated above and winners will be chosen by the audience. The audience will be asked to vote at the very end of the pitching session and the votes will be counted and results announced during the reception.
PUBLICITY
Journalists maybe in the audience. We will ask that if they plan to cover your pitch that they run all details by the pitchers before publishing them.
SAMPLE PITCH
An elevator pitch is meant to be short, and as the name implies, delivered in the time it takes to complete your average elevator ride. The length can vary, but you typically want to be able to present your elevator pitch comfortably without rushing it, ideally in under one minute. Your word goal length should be 170-250 words. Here is one of many step-by-step examples to help you build your pitch, good luck!
Step 1: Define who you are. Write one sentence about who you are.
Example:
"I am a small business owner who consults other small business owners."
Step 2: Describe what you do. Use your mission statement and product/service listing as a guide, and write 1-2 sentences about what you do every day in your business.
Example:
"I consult time-challenged business owners on how to build teams, delegate effectively and ultimately become more productive and profitable."
Step 3: Identify your ideal clients/customers. Use your target audience description as a guide, and write 1-2 sentences about who your ideal clients or customers are.
Example:
"My ideal clients are busy and driven small business owners who struggle to accomplish everything they want to accomplish. My clients understand the value of a team and are ready to learn how to delegate, but find it challenging to let go of their quest for perfection, find quality team members and commit to creating a team that can thrive, even without them being hands-on."
Step 4: Explain what's unique and different about you and your business. Use your unique selling proposition (USP) as a guide, and write 1-2 sentences about what sets you apart from every other business owner who does what you do.
Example:
"I'm in a unique position to help my clients because I've faced the same struggle of not having enough time and feeling held back from true success. I have figured out a formula that can help just about any entrepreneur build a team and delegate effectively, giving them the time they need to grow their businesses, explore new endeavors and take time off, knowing their businesses will continue to prosper in their absence."
Step 5: State what you want to happen next. Write 1-2 sentences that identifies what you want from a potential investor.
Example:
"I'd love to schedule a time to talk more about some of your delegation and team challenges, and explore how we may be able to work together."
Step 6: Create an attention-getting hook. Write 1-2 sentences that pulls in your audience and gets them engaged in what you're about to say.
Example:
"Have you ever felt held back by lack of time and wished you could clone yourself so you could get everything done, when you want to get it done, the way you want it done?
Step 7: Put it all together. Combine the statements you drafted in the previous steps, putting Step 6 first. Then, add transitions and edit it until it flows conversationally and captures the most important information.
Example:
"Have you ever felt held back by lack of time and wished you could clone yourself so you could get everything done, when you want to get it done, the way you want it done?
"Well, I work with busy and driven small business owners who struggle to accomplish everything they want to accomplish. The clients I work with generally understand the value of a team and are ready to learn how to delegate, but find it challenging to let go of their quest for perfection, find quality team members and commit to creating a team that can thrive, even without them being hands-on.
"I consult these time-challenged business owners on how to build teams, delegate effectively and ultimately become more productive and profitable. I'm in a unique position to help my clients because I've faced the same struggle of not having enough time and feeling held back from true success. I have figured out a formula that can help just about any entrepreneur build a team and delegate effectively, giving them the time they need to grow their businesses, explore new endeavors and take time off, knowing their businesses will continue to prosper in their absence.
"This formula needs to be beta tested and packaged for online sales and I require an investment of approximately $55,000 to do it and am prepared to discuss offering the right partner or investor between 20 and 35 percent of the business.”
Remember, an effective pitch can help you introduce yourself and break the ice in networking situations. You can also use your elevator pitch to clarify your target audience and business goals for your own use, and become more confident and self-assured in business settings.
We hope this has been helpful in building your pitch and we look forward to meeting you at PITCH101.
All The Best,
Bob Williamson, Alberte LeBlanc and Sarah Pellerine
Your Pitch101 Team
Tel: 902-454-4329 or email info@jamesongroup.ca
