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v1.1,2017‐04‐13
Whatisthepurpose ofastartup?
OneBusiness,ManyPitches• TypesofAudiences• Investors• Partners• Customers• CustomerDiscovery• PotentialEmployees• ServiceProviders/Vendors
• AudienceCustomization
InvestorPitch
PitchOutline• Introductiontoyouandthecompany• Problem• Solution• BusinessModel• UnderlyingMagic• MarketingandSales• Competition• ManagementTeam• FinancialProjectionsandKeyMetrics• CurrentUpdateandProposedDeal
Observations• Whatdidyousee?• Technology– 1slide,“UnderlyingMagic”• Team– 2slides(20%)• Business– 7slides• It’saboutthebusiness,nottheproduct
• MBAClassExample
Problemvs.Solution• Youmustbesolvingaproblem• Thecustomermustunderstand thatthereisaproblem
• Don’tbethatguy…• Solutioninsearchofaproblem• EducationalSale
BusinessModel• ProductvsService
• Monetization‐ Revenuemodel• ProductSale,SubscriptionModel,Freemium
• EconomicallyViable
• Scalability
• StrategicPartners
UnderlyingMagic• Finally,Igettotalktech?!?!?
• No,NOTadeepdiveintothetechnology
• Whatpreventssomeonefromcopyingyou?• IP– patents,trademarks,copyrights,tradesecrets
• Whatisyourunfairadvantage?
Competition• ThereisALWAYS competition
• Thinkbroadly• Whatindustryareyoudisrupting?• Whatproductwillyoudisplace?• Whowillbehurtifyouaresuccessful?
• HowtoPresent?
• Superiority• WindowsXP?
Team• IdealTeam
• Experienced‐ serialentrepreneur(s)• ComplementarySkills• Deepconnectionsinthemarket/industry• Committed
• InvestorsinvestinTeams!
FinancialModels&Projections• TopDownvs.BottomUp
• BusinessPlanreducedtonumbers• Supportedbyproforma financialstatements• ConsistentwiththeBusinessModel
CurrentUpdate&Deal• CurrentUpdate
• DemonstrateTraction• CustomerDiscovery,MVP,Sales,Milestones,Execution
• ProposedDeal• AmountBeingRaised• TypeofSecurity• Pre‐moneyValuation• MinimumInvestment• Pathtocompletetheround
WhatElse?• FinancingStrategy
• FinalRaiseorFirstofMany• CurrentCAPtable
• ExitSlide• Howdoinvestorsseeareturn?• Confirmgoal=Exit• Whowouldwanttobuyyou?Atwhatmilestone?• IndustryStandards• ComparableAcquisitions
• BackupSlides
FinalThoughts
TheNDAIssue• MostpeoplewillNOTsignanNDA
• Strategies• Discussproblem,painpoint,currentsolutions• Whataretheirexpectationsofyou?• Discloseinformationcommensuratewithrelationshipstage• Talkwithoutsayinganything
TheInventor’sDilemma• Entrepreneurship=seeingopportunity,fillingvoid
• ScientificBackground• Excellentpreparationforentrepreneurship• …but,yourstrengthcanbeyourWeakness
• Recommendations• Workon thebusiness,notin thebusiness• Limit yourworkontheproduct• BizDev ReturnonInvestment
PitchSuccess?• YouwillNOT leavewithacheck!
• Goal:GetAnotherMeeting
SuggestedReading
GetInvolved• StartupBreakfast
Wed,7:30a,FirstWatch,SouthBroadway
• 5Across(www.5across.org)• SPARK• VACELunch&Learn(vace.uky.edu)• GlobalEntrepreneurshipWeek– Nov
EricHartman
[email protected]‐257‐2385
kyinnovation.com vace.uky.eduLinkedIN:www.linkedin.com/in/kyineric
Twitter:@KyINeric