NEF 2-day Workshop: “Community & Supporter Development” (Entrepreneurial Finance & Pitching) (Part 2)


TheStartUpStory_98

Friday 21st and Saturday 22nd March 2014, UCL Idea Campus, London.

For the second day of our workshop, Itxaso continued with our discussion around raising finance for your startup. In particular we looked at the different pitches and documents involved in presenting to and talking to investors…

Pitching to Investors:

–          The Elevator Pitch

–          The Pitch Deck

–          The Investment Summary

The Elevator Pitch (1min)

–          Your name & your new Company

–          The problem

–          The size of the market

–          The audience (customers / users)

–          The Special Sauce

–          The team of Super Hero’s

–          Amount that you want to raise (and what you want to spend it on)

–          Close with: “This is New Co. and I am happy to take any questions you might have about it and the opportunity…”

The Pitch Deck (5-7min Pitch)

–          Use a tried and trusted template!

–          Use very clear, bold slides

We then did a really great session where a number of early-stage entrepreneurs from outside the NEF were invited in to pitch their working businesses to us, and allow us to critique and give them feedback. This was a great experience for all of us – for the entrepreneurs pitching – they got to practice their pitches ahead of some upcoming funding rounds, and for ourselves, it was brilliant insight to be on the other side of the table, receiving pitches from the point of view of investors.

Entrepreneurs Presentations

–          Alexa: “Agorique” (Distributing Wholesale Fashion)

–          Marchin Zaba: “Self” footware (bespoke and fitted footware)

–          Max: “Tamoco” (Tap/NFC Mobile Campaigns)

–          Tomas Snitka: “TransferGo” (International Transactions)

–          David Gildeh: “Dataloop.io” (Big data and monitoring software)

–          James: “Foundbite” (“Explore the world through sound” – photo sharing app which also captures a soundbite of the ambient sound as a backdrop to a photo)

Chris Coleridge (UCL) then joined us for the afternoon to discuss team development. This was particularly relevant and poignant as quite a few of us are in the process of building our startup teams, and indeed some of the NEF cohort have partnered up to co-found and develop their ideas.

What do you bring to your Team? Maybe some mix of:

–          Skills

–          PR (cool, new/different ideas)

–          Customers

–          Agility

–          Technology

–          Niche knowledge

–          Authenticity

–          Image-fit

–          ‘Complimentarity’

–          Joint efforts

What you might need from your team members:

–          Technology

–          Credibility

–          Key processes

–          Audience

–          Networks for attracting new talent

–          Established processes and capabilities

–          Spare offices/facilities

–          In-depth knowledge

We then spent some time looking at how you might build and develop your ‘supporter’ community – those first adopters and evangelists of an early product or service. When looking to reach and engage with your target audience, there are some market standard practices. Most can roughly be referred to as being either “Pull Tactics” or “Push Tactics”

Pull Tactics:

–          Blogs (guest blogging on another, well known blog site?)

–          Podcasts

–          eBooks, guides, whitepapers

–          Infographics

–          Webinars

–          Public Speaking

–          SEO

–          Social Media

–          Contests

–          App Marketplaces

–          >> Many of these tactics rely on “OPA” (Other People’s Audience)

Push Tactics:

–          Advertisements

–          Promo Swaps

–          Affiliates (use an agency)

–          Direct Sales!