elevator pitch

Pitching for success – some lessons from the Demo Coach Nathan Gold

Nathan Gold the Demo Coach

Nathan Gold the Demo Coach

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”.

Value Proposition Matrix from Nathan Gold

Value Proposition Matrix from Nathan Gold

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!

Nikki Watkins

Nikki Watkins

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.

Anne Winblad as quoted by Nathan Gold

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.

10 Cardinal Rules of Business Networking for entrepreneurs (and others)

GIEF Crowd

Assembled crowd in Dublin Castle when I arrived

In my world it’s quite common for entrepreneurs who are a bit further ahead than the rest of us to put something back in terms of the people following in their trail.  This can happen via formal networks (Digital Circle, Irish International Business Network, Global Irish Network, Chambers of Commerce, CBI, etc – we all have plenty of groups we’re members of) or it can be more informal – people you already know or meet along the way or via events that provide access to the Great & the Good (Culturetech in Derry is a recent example of a fabulous event that was bunged full of tech world glitterati as was the EBN Congress event run by NORIBIC in May with illustrious keynote speakers such as Steve Wozniak and Tim Smit).

Being able to ask questions of the people further ahead is mission critical to an entrepreneur (and corporate world managers I guess).  Even better is using networking to find yourself a small number of mentors and advisors with whom you can start an ongoing relationship.  Having personal access to leaders with proven success is a well known piece of the entrepreneur puzzle and one which significantly improves a startup’s chances of making it to the end of that all important first year.

Yesterday I attended the 3rd Global Irish Economic Forum in Dublin Castle.  It was hosted by the Taoiseach & the Tanaiste and is a biannual gathering of 250 of Ireland’s most influential & successful people.  This year the Tanaiste decided to include some Northern Irish businesses amongst the 100 SME businesses that are invited & that’s how come I was there.  It was terrifying.  I only knew two people there out of two or three hundred when I arrived.

One of the most frequently used phrases I heard yesterday was “I will help you if I can” – but as an entrepreneur how do you respond to and action that offer in order to get most benefit out of it for your company.  I thought about this a lot on the way home last night & decided to write a quick blog.  As usual, the list below is not finished or complete so please do add your own tips in the comments section & we’ll all be pleased to read those later.

  1. Have an elevator pitch and be ready to trot it out anytime & anywhere.  Keep it brief or you’ll lose your important audience.  Be able to flex it so that you can give a different version dependent on what sort of person you are pitching to and what country they are from – are they a potential door opener, investor, mentor.  If you aren’t good on your feet you need to practice this to the point where it just rolls out effortlessly freeing you up to watch their body language & listen & respond to their points/questions.  If you can’t do this, don’t put yourself through the pain of going to this sort of event.  Instead find someone who can do it for you.
  2. Don’t be afraid to approach people and always ask for help – when you get to a place where you feel you are comfortable to ask for some support just go ahead and ask.  Hardly anyone ever says no.  I’ve only been turned down by one person – it’s someone you all know so DM me if you want me to spill the beans – I can’t do it on here!  But it was only one person and I’ve asked hundreds for help.
  3. Don’t be afraid to be ambitious – in my group yesterday someone asked if a couple of the US heavy hitters could help her secure Hillary Clinton as a keynote speaker for her conference next year.  Time will tell on that one!
  4. Before you ask, be very clear about what it is that you want them to do for you.  I have a couple of “open” offers right now where people have offered to help me with “something” – but I don’t yet know what I can best use that offer for.  Help could be making an intro to someone to joining your board or investing in your company – and anything on the spectrum in between.
  5. Never expect someone like this to do any heavy lifting or grunt work for you, that’s your job.  What I mean by that is you have to do the homework and present the information to them so that all they do is give you an opinion or a steer – don’t expect they will do your market research for you.  If for example you were looking for a channel partner in an overseas territory, research who the players are, what their characteristics and pros/cons for you are & then ask for some advice in which 3 out of the 10 in existence are best for your company to approach.
  6. Be 100% serious when you execute on whatever it is you’ve asked the person to do.  If someone opens a door for you at your request then do your homework & don’t screw up the sales pitch when you get there.  It’s not just your own chips you’re using – it’s the chips of everyone similar to you that’s following on behind you.  I heard one US mentor describe this yesterday as “political capital”.  I’ve also heard it called “reputational capital”.  What does that mean? – I make an intro for you, you show up half prepped or don’t turn up, I’m now in a much worse place with the contact I’ve sent you to.  No pressure but be careful what you wish for and only engage if you know you are ready.
  7. Some access is for a one-off offer & some might lead to an ongoing relationship – be careful to work out which it is early doors.
  8. Related to the above point, if it’s the start of an ongoing relationship you probably need to meet a few times before both parties are comfortable.  The first time you meet just establishes that you like each other & possibly have a common interest.  You now need to get to know each other a bit better.  As the “recipient”, you need to do the running to make sure the relationship develops.
  9. When you have a new advisor in your circle, don’t just use the red phone and ring them when you need a decision made or have a crisis.  You’ll get far more out of the relationship if you keep them up to speed with what you’re doing & how things are going as you go along.  Again, it’s up to you to find a way to do that & put the work in to make it happen.  These guys are never going to be chasing you.
  10. Finally – when you’re at this sort of event, be brave and approach strangers and start up a conversation.  Everyone is there because of one or more vested interests of their own and they want to talk to you.  Never forget that people prefer to do business with people they like so at initial brief meetings like these be pleasant, don’t argue and regard it as a way of “interviewing” and filtering those that you will follow up and keep in touch with.  I came away yesterday with a handbag stuffed full of business cards and today will be spent following up with the people I met.

A few weeks ago at Culturetech festival in Derry I was lucky enough to meet & chat with Wilson Kriegel (former COO of OMGPOP, creators of Draw Something) and he said something that has stayed with me.  You start forming relationships the day you are born; growing and nurturing those relationships is key to the success of an entrepreneur.  Yep – at the end of the day business is all about people – nothing else really matters.

If you’re just getting started with networking, here’s a link to an earlier blog I wrote a couple of years back https://kickingassets.co.uk/so-you-want-to-network/