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| Two-minute Overview of the Two-minute Pitch |
| Ok the two-minute pitch...here are some things you'll want to communicate: [1] What your product / service is [2] What need is it meeting (in fancier term, its "value proposition") [3] How big your market is / could be [4] Your qualifications, why you're the right team [5] What you need from whomever you're delivering it to These are not all-inclusive, but should get you off to a good start. I'd say the value prop part will be the hardest, b/c it's the hardest to convey concisely--well, at least as I've seen it. People like to go on and on about how they were magically struck with the idea, etc. I don't think that history and drama is necessary, compelling, or appropriate in an elevator pitch=> be sure to get to the point. As far as questions, consider the following (overly-?) simple framework to analyze a deal: [A] what is the opportunity [B] what are the risks [C] what are the resources, both currently present and required [D] what is the deal going to look like (i.e. how much money are you requesting, what you're going to do with it, how much equity are you willing to give away, what other non-monetary resources are you looking for, timing, possible exits) ** Questions following an elevator pitch are likely to be around "why you" and how you're going to capture the market share you claim. For that, think about the assumptions around your marketing, sales, distribution channels, margins, etc. Think about these issues both from a cost and benefit side. The most compelling things that VCs like to see beyond a good idea, which is a given, are: [1] does this team demonstrate foresight and realism with its assumptions? It goes to the fact that even if you haven't thought of everything that you've at least been thoughtful about what you've produced; and [2] are they coach-able? Investors want comfort that if things go awry that you're not going to just burn through their money. |
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posted by Bill Kenworthy on 11/9/2007 11:10:21 AM |
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