Last week I attended my first Tech London Advocate Women in Tech event at the Telefonica HQ in Piccadilly and what an event it was. We heard from a number of interesting speakers (Nikki Watkins especially) but the highlight of the evening for me was listening to Nathan Gold deliver a 30 minute version of his longer workshop called “Pitching for Success”.
Nathan is a San Francisco based demo coach. He spends his life getting people or companies prepared and ready for high stakes pitches. He helps people make their pitches and presentations more memorable and more compelling & his specialism is doing this for people who are in situations where they cannot afford to miss or fail. Wow. Think about that for a moment. No pressure Nathan.
Anyway – I’ve listened to a fair few of these sorts of presentations over the years and would class myself as a hard to please audience member as well as a bit of a cynic, but honestly – Nathan was fantastic & I learned loads & loads of new stuff. I’ve checked with him & he’s happy enough for me to share some of his hints & tips with you. Having said that – my recommendation is to go & see him yourself if you have any opportunity to do so and accelerators/regional development agencies/investment readiness programmes – book him now to run a session for your companies – it’ll be worth every penny.
Nathan’s methodology includes a lot of stuff that many of you out there who are getting ready for pitches yourselves won’t like, for a whole number of reasons – but mainly because you are going to have to do some thinking & also some work. More on that later … We start with a useful mnemonic:
VP + (SAME)2
You need a killer value proposition. As well as forming the basis of your elevator pitch you can use this for so many other things – so it’s worth investing however long it takes to get it right. Nathan uses Steve Blank’s “We help X do Y by doing Z”.
If you’d like to brainstorm this then you can use a VP matrix (see photo). I can’t tell you how useful & important this bit is. Half the people I meet can’t explain their business to me in less than 5 minutes never mind in a single sentence. Keep in mind that you have to get to a place where you’re going to be able to pitch your entire business in an initial investor meeting that may be no longer than 10 minutes. Brief and simple is good.
Before I move on, a word on elevator pitches. Nathan recommends that you have three versions – a 30 second, 60 second and 90 second elevator pitch. I’d never heard this before but it makes perfect sense and it’s very useful to have these rehearsed & in your kit bag, ready to trot out as required.
Still related to explaining what you do, use a Simile – “A is like B”. Use this when you’re explaining in more & more detail & people still don’t get it. Nathan’s own version of VP + S is “I help people prepare for high stakes presentations by rehearsing them as if they were in a Broadway show”. See how effective that is. Even if you’ve never been to a Broadway show you can immediately imagine how much work goes into the rehearsing. When he said it, I imagined a couple of founders standing in a room in front of Nathan, going over & over & over their pitch until every word & image had been scrutinised, every aspect of it discussed in full and until their delivery of it was flawless!
Or if it’s easier, use an Analogy “A is to B as C is to D” – to illustrate this Nathan used the example of a company in San Francisco who’ve launched an electronic surfboard. They explain it using this analogy “We do for surfing what the chair lift does for ski-ing” – see how easy that is to understand now as opposed to wondering what on earth someone would use an electric surfboard for…
A Metaphor works like “A is B” and the last bit of the first SAME is Examples – use them appropriately & drop in an S an A or a M to bring them to life. Remember – investors see a hundred pitches a week, plus all the stuff they look at online & on video via the angel networks. Out of the thousands of companies they see pitch, they invest in a handful. The hardest bit when you’re starting out is getting noticed & being given an opportunity to pitch. You will make it easier for yourself if you’ve really, really thought about your VP & how that sounds to the audience you’re presenting to.
Onto the second round of SAME. When you’re presenting – whatever it is – start with a Story. Don’t jump straight into factoids. As your company grows, make sure you collect and share those stories so that everyone in the team knows them and can use them. Nathan uses a Story Matrix to collate and classify the different types. I like this. We collected stories for every occasion as we were building Learning Pool. They’re so useful. Everyone loves a story and everyone warms to a storyteller – as long as you’re honest, authentic and real! In the Story Matrix use the same layout as the VP Matrix. Your column headings are Company, Sales, Support, Me, etc & your Row headings are story types – so Success, Failure, Fun, Legends, etc. Legends are the stories that are really hard to believe but which you can prove if challenged!
The next A is Adjective, and it’s the one you should add to your job title when people ask you what you do. As well as coach, Nikki Watkins describes herself as adventurer, evangelist, believer. I know they aren’t adjectives but this A is about being more descriptive about yourself upon introduction so that you will be remembered. Nathan used a nice example “I am an entrepreneur with the soul of a dancer” – the entrepreneur in question has a dance related business.
Next we get onto one which is great when talking to customers but not so good for hard nosed investors…it’s a sprinkling of Magic.
The final E is Enthusiasm and your ability to communicate the passion you feel for your product, service, idea, company, life itself. If you don’t have this then don’t present because this is the number one ingredient in your presentation.
Nathan left us with a great quote from Anne Winblad of Hummer Winblad Venture Partners “If the CEO doesn’t appear to be a good communicator we don’t fund the company”.
I’ll leave you with a famous story. During a visit to the NASA space centre in 1962, President Kennedy noticed a janitor carrying a broom. He interrupted his tour, walked over to the man and said, “Hi, I’m Jack Kennedy. What are you doing?”
“Well, Mr President” the janitor responded, “I’m helping put a man on the moon.”
Really think about your messaging, especially when you’re pitching.
Thank you for your insights Nathan and for sharing VP + (SAME)2 with me. I hope everyone finds this as useful as I did.