When we hear Angel Investment pitches, we are looking to frame the details of the company and get a broad sense of where they are and where they are going. For me this means that I should be able to pull the foundations of the Lean Canvas out of the pitch.
In a one minute pitch, I may not be able to get to all of them, but I should be able to get to many of the key issues. Lots of times founders do not spend time to craft tight sound bites that help them get there. At the beginning, it is worth spending time with the Geoffry Moore Value Proposition.
Geoffry Moore Value Prop
For ____________ (target customer)
who ____________ (statement of the need or opportunity)
our _____________(product/service name)
is ____________ (product category),
that (statement of benefit) ____________
This gets through many of the key issues up front and helps to name and frame the company and who they are. But as we dive in deeper, there really are more things we wish we would find in the initial framing. You might want to extend this some with a more detailed view like this:
Did you know that [CUSTOMER CATEGORY] experience [MASSIVE PAIN]? This is a [MARKET SIZE] billion dollar opportunity in the US alone. [PRODUCT NAME] is a [PRODUCT CATEGORY] that [VALUE PROPOSITION]. Unlike other alternatives we, [KEY DIFFERENTIATOR]. The team includes [CREDIBLE TEAM BIOS] and we make money by [BUSINESS MODEL]. In essence, we are the [WELL-KNOWN ANALOGUE] for [ANALOGUE PRODUCT CATEGORY] and our vision is to [HOW WILL THE WORLD BE DIFFERENT? WHY DO YOU CARE?]. We have already [EXECUTED MILESTONES] and you are must be involved because [INVITE!].
This is very dense, but it can help you get to several of the key pieces quickly.
The great thing about templates is that they help you focus. The bad thing about templates is that as people use them, they become unremarkable. And as someone pitching you must be remarkable. You must differentiate from the others. On the other hand, you must communicate the foundations of your business as well.
The Ignite Seattle program - http://igniteseattle.com/
has a useful format. It is 20 slides, 15 seconds per slide, auto-advance. This forces you to build and practice sound bites. This makes for either a very tight 5 minute presenation or an utter mess. If you are going to do a 3 minute Angel Pitch, how would you fit all the details of what you want to talk about into 12 segments that are 15 seconds long? A good place to start is with the Lean Canvas and the value proposition templates.
Don't forget to add in things about your Team, Market Size, Go to market strategy, and Key milestones.
This exercise will help you communicate the key things you need to communicate.
Then you have to get creative on how you will stand out and be remarkable. What will make you the one that everyone remembers a week later?
The blog-series “Startup People of Seattle” introduces some of the key personas in the ecosystem to learn more about what they are doing, to share their thoughts and ideas, and to promote networking. Rebecca has been involved in several key organizations in Seattle’s startup ecosystem, such as Alliance of Angels, Northwest Entrepreneur Network, GeekWire and the University of Washington. Today, Rebecca is executive director of Create33, a resource center for technology entrepreneurs.Read More
The blog-series “Startup People of Seattle” introduces some of the key personas in the ecosystem to learn more about what they are doing, to share their thoughts and ideas, and to promote networking. Jon Staenberg has raised and managed multiple funds and is an experienced angel investor having invested in about 400 startups.Read More
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