Even before going to market many companies are trying to get some funding in order to create their dream. Communicating the value proposition with the angels and the venture capital group is critical to getting the funds needed to do the launch.
Yesterday I attended an entrepreneurship pitch for Archangels (they do four a year) where 6 companies gave a quick powerpoint explaining what their company does, why their team is the best, how they out do the nearest competition, what their exit strategy is, how much funding they need and what the payback would be. Great stuff.
It’s very obvious that communication is critical in a situation like this. You only have a few minutes. You want to capture the attention and the emotions of the room. The tendency is to tell too many details and history… and rely on the audience to “get it.” The companies that did the best were the ones who got to the heart of the matter the quickest. And connected with the group.
I loved to see each presenter’s style. It was obvious who was comfortable and practiced in front and which entrepreneurs were new to the game. (Raising the remote toward the screen to advance the slide like it was the television set at home is a dead give away that the individual was a novice presenter. Meanwhile, throwing a clever joke slide into the deck, that also had some real meaning, helped another individual connect with the audience in a quick way.)
One group in particular had a wonderful product and made sense money wise, but just was not able to communicate the value proposition to the group. I think they really had the “big” idea of the afternoon, but due to a complex subject and an entry level powerpoint with the default white background and black boring font, I bet that they are overlooked as the next big thing. It made them look like beginners, not the experts that they actually are.
Loved the way one other group incorporated a video testimonial into their powerpoint. That presentation rocked!
Lots of area students were at the presentation in the back of the room. A great way for the next generation to see how its done and learn what not to do as well.