pitching

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.

A blog about pride…

Event_hub_pic

Last night I attended the awards evening for SeedComp 2011 – a Digital Derry initiative to uncover the North West of Ireland’s most promising digital business ideas.  The process has been ongoing since late March & has resulted in 30 or so new business ideas emerging.  This type of competition is a fabulous way for any town to encourage & promote some innovation & entrepreneurialism.  The overall prize kitty last night was £10,000 and included a £1,000 prize for the most promising student idea – so it’s a very cost effective way to get some ideas moving in your community & get especially your young people thinking about starting their own businesses.  Most brand new ideas only need a tiny amount of money to get started.  We’re lucky to have our own Digital Champion, Mark Nagurski, in Derry to come up with competitions like this and then put in the hard graft to make them a success.  Definitely worthwhile if your town doesn’t already do something like this.

12 fledgling ideas were shortlisted at the start of May and the new promoters presented yesterday.  The judging panel included some tech industry veterans, one of Facebook’s senior executives, a couple of local entrepreneurs and a (friendly) VC.  A terrifying prospect and indeed one of the competitors shared with me at last night’s event that although he’s presented to both Steven Spielberg and James Cameron in his career so far, he was more nervous going into the room yesterday.

It was therefore with great pride that Paul & I witnessed our very own Breda Doherty pick up a prize as part of her new venture with her business partner Catherine Morris.  An all girl geek team.  What could ever be nicer?  Breda & Catherine met on the Invest NI/Digital Circle funded mission to this year’s SXSW event in Austin, Texas (thanks Matt!) and they’ve wasted no time in coming up with a new business idea & putting together a plan.  Their new idea has elements of the passion of the original Craigslist (Breda interviewed Craig Newmark at SXSW) and it uses Bill Liao’s homespun advice on marketing messages (Breda interviewed Bill in Washington DC); I’m hoping their relentless execution against plan will show that Breda has maybe even learned something from Paul & me along the way (good stuff only Breda!).  She’s certainly a different person today than the one who walked into the Learning Pool office in April 2008 to bring order to the chaos that existed at that time – more self confident, more informed about technology and investment, more assertive, more aware of how to get things done, more experienced, more of an all rounder…but still as sweet, still as stylish and still universally loved by her school chums, the whole of team lovely, our entire customer base and basically anyone who ever meets her.

Go Breda & Catherine – we’re all rooting for you & we can’t wait to see where this takes you.

Addendum to this blog (11 June 2011)

A few people have asked me why Paul & I are so supportive of one of our own star team members thinking about starting her own business…hmm…being a small business owner isn’t just about finding people & extracting your pound of flesh from them over the time they work for you.  It’s also about adding to your local community & giving back where you can, providing careers & challenge for your people and equipping them with the skills they need to go on & do something else.  Learning Pool is 5 years old this summer and we are lucky to have a high performing star team that’s the envy of many other companies.  But after 3 years in a job, people are entitled to try their hand at something else and if they go on to take a stab at being an entrepreneur themselves, Paul & I see that as a perfect 10 scored for ourselves – our work is done & we’ve achieved one of the things we set out to. 

The other day a local entrepreneur I met at a lunch told me how he’d had someone come in to arrange the desks in his company so that everyone could see each others screens – his reason for doing that – so that no-one would be on Facebook during the hours of 9-5.  What did I do – I just sighed a bit to be honest.  He wasn’t interested in what I had to say anyway.  Old fashioned companies with old fashioned opinions – think on.  Your days are probably numbered.