QUOTES OF THE DAY
"You can have brilliant ideas, but if you can't get them across, your ideas won't get you anywhere." - Lee Iacocca
"Wise men speak because they have something to say; Fools because they have to say something." - Plato
"The single biggest problem in communication is the illusion that it has taken place." - George Bernard Shaw
"Communication - the human connection - is the key to personal and career success." - Paul J. Meyer
"When the trust account is high, communication is easy, instant, and effective." - Stephen R. Covey
"We have two ears and one mouth so that we can listen twice as much as we speak." - Epictetus
SUMMARY
Perhaps the most powerful tool you will need in the early stages of your venture is the ability to persuade others to buy into your vision. So, how do you pitch your brilliant business idea? And how can you create a pitch deck that can get attention?
Research shows that people make up their minds in less than 90 seconds as to whether they want to know more about an idea. It often takes between 7 and 20 seconds to create a first impression, and nearly 93 percent of your first impressions are based on non-verbal communication (sitting, standing, eye contact, body language, tone of voice, and physical aspects such as clothing).
Investors can be put off very quickly when entrepreneurs speak too fast or too softly, lack enthusiasm, read slides, avoid eye contact, rely on technical jargon, or excessively gesture. The reality is that entrepreneurs who manage impressions and convey confidence and social adaptability are more likely to be persuasive.
So, do you think you are persuasive enough to make employees work for you without pay in the early stages of your venture? And, get investors to buy into your vision?
While pitching is more of an art than science, and some people are simply more charismatic than others, there are some basic rules you can follow to make your pitch more effective.
In this section, we will examine what makes some pitches more appealing than others. We will mostly do this by looking and analyzing different examples--from Elon Musk to Shark Tank.
QUESTIONS TO THINK ABOUT WHILE DOING THE READINGS
- How did the founder of Pandora convinced 50 early employees to work 2 years without pay?
- Watch the following elevator pitches [watch here] [and here]. What makes them successful? Would you do anything differently?
- What kind of slides do you need to include in your pitch deck? How much time investors spend, on average, looking at a pitch deck? And which slides are investors most interested in?
- What makes Elon Musk's presentation for the Tesla Powerball so effective? What are the five elements that you can emulate to make your presentations more effective?
- What is the most effective and the most ineffective way to start your presentation?
- Why being honest is a good strategy?
- Should you repeat yourself during your presentation?
- What is one way to make your presentation more engaging?
- What is the best way to present big numbers? Give an example.
- Why are metaphors important?
- What is the best way to feel relaxed during your presentation?
- What is the difference between confident and cocky?
- What is more important -- images or text?
- For PPT slide tips, watch this TED talk: How to avoid death By PowerPoint [watch here] [and here]
REQUIRED READINGS/VIDEOS
- Presentation skills: 33 tips to make the perfect innovation pitch by Board of Innovation [download here] Please carefully go through the slides.
- The First Pitch Decks From Billion-Dollar Companies [read here]
- Want a better pitch? [read here]
- How Pandora’s Founder Convinced 50 Early Employees to Work 2 Years Without Pay [read here]
- Basics of the Pitch [watch here] This video outlines the basics of a marketing pitch.
- Making a Good Impression [watch here] This video describes the 3 elements that are involved in making a good impression.
NOTE: At this point you should already be thinking about your own startup pitch. A good starting point for your presentation is the following pitch deck template [download here].
I will use the following pitch evaluation form [download here].
You can also use the following pitch canvas that was developed by the Innovation Board [pitching canvas] [pitching checklist]
OPTIONAL RESOURCES
- Shark Tank Better Pitches Explained [watch here]
- How to Professionally Find Your Way to Success [read here]
- Shark Tank deep dive: A data analysis of all 10 seasons [read here]
ASSIGNMENTS
1. Take Quiz 11: Pitching (due on Nov 15 at noon on Canvas)
2. Classroom Discussion: Is Elon Musk a genius presenter or an awful public speaker?
First, watch the following elevator pitches [watch here] [and here].
Second, check these 33 tips to make the perfect innovation pitch by Board of Innovation [download here] Please carefully go through the slides.
Now, watch this presentation by Elon Musk [watch here]
Elon Musk has said several times that he is a terrible public speaker, but many believe that his presentations are always very deliberate and extremely effective. Tesla, for example, spends no money on advertising, and Elon Musk has a religious following on social media.
Answer the following questions:
(1) Is Elon Musk a genius marketer and presenter or an awful public speaker? Why or why not?
(2) What are some of the techniques that he uses in his presentation (the one you had to watch)? Be sure to reference the readings.
(3) Do you find a parallel between his presentation style and that of the other successful entrepreneurs (from the readings)?