March 2014 Agenda Contact info Important dates What is the competition Structure of the competition Prizes Common questions What is a pitch Content of a pitch Delivery of a pitch Contact Info ID: 782060
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Slide1
Info and Coaching Session
March 2014
Slide2Agenda
Contact infoImportant datesWhat is the competition?Structure of the competition
Prizes
Common questions
What is a pitch?Content of a pitchDelivery of a pitch
Slide3Contact Info
http://www.wmich.edu/management/
Robert
Landeros
(organizer)E: robert.landeros@wmich.edu
P: 269-387-5802O: 3396 Schneider Hall
Communication Center
Jan Gabel-
Goes, Barbara Sagara, Jo WileyO: 3435 & 3445 Schneider HallJohn MuellerE: john.mueller@wmich.eduP: 269-387-6056O: 3381 Schneider Hall
Slide4Important Dates
Info/Coaching Sessions
Wednesday, March 19
th
, 3pm, 212 Bernhard Center
Friday, March 21st, 12pm, Bernhard Center
Deadline to register: Sunday, March 30th
First round: Friday, April 4
th, 3-5:30pmMeet in 2150 Schneider Hall (Dean’s Conference room)Finals round, Saturday, April 5th, 10am-12:30pmStarting Gate, 161 E. Michigan, Suite 400B
Slide5What is the competition?
A PITCH: A 3-minute talk about your business ideaPurpose: to get the target audience excited about your business ideaTarget audience: potential investors
Faculty judges, External judges
Setting: at a dinner party
No props or presentation materialsBut can leave a one page script with the judgesUse the template provided
No Q&A in first round
Slide6What is the competition?
Think of the 3-minute pitch as such:“You are sitting at the dinner table sitting next to a stranger
, who happens to be a potential angel investor. You need to be able to explain the business idea and get them excited enough that they want to learn more in a follow-up meeting
(i.e. he/she will ask you to come see him/her next week to show them more information about the business idea – either in slides, prototypes, demos, etc.)
.”
Slide7Structure of the Competition
First round, Friday, April 4th, 3-5:30pmOpen to contestants, team members can sit in
Final round, Saturday, April 5
th
, 10am-12:30pmOpen to the public
Slide8Structure of the Competition
Slide9Prizes
1st Place: $ 1,500
2
nd
Place: $ 1,0003rd
Place: $ 750People’s Choice: $ 250
All prizes are for the final round participants
Can place and also win people’s choice
People’s Choice will be voted on by the crowd
Slide10Questions
Who can compete in the competition?Any current WMU Students1-5 individuals on a team
Slide11Questions
More than one person is working on moving the business idea forward, thus my team has more than one person on it. Can everyone participate pitch?Entire team can help prepare the pitchBut just 1 person pitches
Entire team can sit, watch, and listen to the pitch
Slide12Questions
What type of business ideas are allowed?Any legal (to you, in the USA) business ideas which you can possibly implement
Slide13Questions
Does the business idea have to be my idea?The business idea should be a first-person opportunity, not a fictitious business idea. In other words, it needs to be a business idea that you can possibly implement.
Note: It helps that you are interested in it (your passion will show or not show)
Slide14Questions
Can the business already have been started?Yes, the business could have already been started. Thus, you can pitch an established business.
Slide15Questions
Can presentation slides, prototypes, and/or notecards
be used during the pitch?
No props can be used.
The pitch is about talking about your business idea in the effort to get others excited about the business idea – with the hope of setting up a meeting in the future to discuss the business idea in more detail. You only have 3-minutes.
Slide16Questions
How are the monetary prizes distributed?The prize money is to advance your business ideaPurchases that will advance your business idea can be made by the Management Department
Purchases that will advance your business idea that are made by you will be reimbursed by the Management Department with proper documentation
Slide17Questions
What is the appropriate attire?Business casual
Image source: http://0.tqn.com/d/
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BusinessCasualFinal.jpgImage source: http://
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Slide18Questions
Who is the target audience?First-round JudgesLocal entrepreneurs
WMU faculty and staff
Second-round Judges
Seasoned investors in startup companiesMany sit on the WMU Board
Each of the judges will take the perspective of potential investors in your companyImagine you are sitting at the dinner table with them and need to get them excited about your business idea and its potential – such that it is an opportunity for them to invest
Slide19Questions
How will you be judged?Overall “value” of the business idea (subjective)But, there are guidelines about content and delivery that help make the process more objective
Slide20What is a Pitch?
The pitch is when you succinctly talking about your business idea in order to convince the target audience of the
value
of your business idea.
Content and delivery are important, but…[ “Pitching” is an
ART, not a science ]
Slide21A Winning Pitch
Jenny CorbinTNG PharmaceuticalsUniversity of Louisville
2011 Rice University Business Plan Competition
(1-minute pitch)
"We seemed to make the judges 'ooh' and '
aah
,
'” – Jenny Corbin
Slide22A Winning Pitch
Nate NormanFish Ninja2013 WMU PITCH Competition
(3-minute pitch)
Slide23Content of a Pitch
Info about the problem / opportunityPain PointProduct/service info and how it will solve the problem or take advantage of the opportunity
Value Proposition
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its sizeCompetition and competitive advantage
Leadership team and background (expertise)
Funding requirements (The Ask)
Killer closing (1 line)
Slide24Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition
)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)The market and its size
Competition and competitive advantageLeadership team and background (expertise)Funding requirements (The Ask)
Killer closing (1 line)
Slide25Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition
)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its sizeCompetition and competitive advantageLeadership team and background (expertise)
Funding requirements (The Ask)
Killer closing (1 line)
Slide26Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its size
Competition and competitive advantageLeadership team and background (expertise)
Funding requirements (The Ask)
Killer closing (1 line)
Slide27Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its size
Competition and competitive advantageLeadership team and background (expertise)
Funding requirements (The Ask)
Killer closing (1 line)
Slide28Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its size
Competition and competitive advantageLeadership team and background (expertise)
Funding requirements (The Ask)
Killer closing (1 line)
Slide29Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its size
Competition and competitive advantageLeadership team and background (expertise)
Funding requirements (The Ask)
Killer closing (1 line)
Slide30Content of a Pitch
Problem / opportunity (pain point)Product/service info (value proposition)
Who will buy it (target market) & why
Price of the product/service, cost to produce it (revenue and business model)
The market and its size
Competition and competitive advantageLeadership team and background (expertise)Funding requirements (The Ask)
K
iller closing (1 line)
Slide31Delivery of a Pitch
Speak clearlyStory-telling (not a list)Provide examplesUse 4
th
grade-level language
Relate to the audienceBe enthusiastic (passion / energy)
Slide32Example Pitch
John MuellerFanooz3-minute pitch
Slide33Posture/Gestures during a Pitch
Stand relaxed, confident, and open
Be careful with….
[ Source: Bret Wagner ]
T-Rex
Fig leaf
Nonchalant
Parade rest
Oh yeah?!
Hmmmmm
Slide34Posture/Gestures during a Pitch
[ Source: Bret Wagner ]
Pointing
Counting
Increasing and decreasing
Slide353-Minutes
3-minutes comes fastYou will not be able to go past 3-minutesAnd your pitch doesn’t have to be 3-minutes (i.e. it can be 2-minutes if you are able to get your point across quicker)
So
b
e prepared to skip to your closing quickly
[ “Pitching” is an ART, not a science ]
Slide36[ practice, practice, practice ]
Have Fun, and Smile!!
Slide37Contact Info & Dates
http://www.wmich.edu/management/
Robert
Landeros
(organizer)E: robert.landeros@wmich.edu
P: 269-387-5802O: 3396 Schneider Hall
Communication Center
Jan Gabel-
Goes, Barbara Sagara, Jo WileyO: 3435 & 3445 Schneider HallJohn MuellerE: john.mueller@wmich.eduP: 269-387-6056O: 3381 Schneider Hall
Deadline to register
:
Sunday
, March 30th
First round
:
Friday
, April 4
th
, 3-5:30pm
Meet
in 2150 Schneider
Hall
Finals round:
Saturday
, April 5
th
, 10am-12:30pm
Starting
Gate, 161 E.
Michigan