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Slides from a talk presented at Stanford University BASES e-Challenge Workshop by Rohit Sharma. Mohr Davidow Ventures.
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Venture Pitch 101
rohit sharma
Mohr Davidow Ventures (MDV) www.mdv.com rsharma@mdv.com
e-Challenge Workshop "The Entrepreneurial Pitch"
2
today
What are (early stage) VCs looking for?
Typical pitch content | guidelines vs. rules
Design
Q / A
3
venture process
all about assessing risk & opportunity
Meeting w/ Pitch
Meeting
More Meetings w/ Pitch
Meeting w/ Pitch
4
the risk curve
Risk (ideal)
Valuation
Seed A B
iterate
time
$/risk
Risk (likely)
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risk
Market
Technology/Product
Team
Financing
Strategy
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the risk trajectory (hurricane tracks)
money
time
objective
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the risk trajectory
money
time
objective
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market risk
Size of market
Characteristics of the market
Customer development plan?
Customer behavior change ?
Cost of customer acquisition
Competitive landscape
9
technology/product risk
Technology creation
Product creation
Product 2.0?
Triangulate people time money
Other (support, maintenance, upgrades,…)
10
team risk
Current skill-set (to address market/product dev)
Required skills, people – fearless leader
– bold visionary, evangelist – grumpy ass-kicker
– customer advocate
Hiring (Geography, sources, time, effort)
Will this team raise the next round?
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financing risk
How much $$ to subsequent financings
Financing sources, type
Does market permit (large) company creation?
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strategy?
Is there strategy risk?
(Un)Expected behavior of competitors, companies in adjacent market spaces?
Do ‘receptors’ exist in customers?
Identify: – Early adopters?
– Risk-takers? – Market-makers?
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the un-definables
(this is what we are *really* looking for)
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but, that’s not how you organize *your* powerpoint
Introduction (team) Problem & Non-obvious insight Market Product development, customer development Customers: identify, acquire, retain,… (Market construction) Competition? State the plan, financial model End bits (plan? summary? insight?)
– Single most significant factoid about you or venture – Recap 5-minute drill in 1 minute
3-5 Minute drill
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design
All design is choice (Edward Tufte)
Powerpoint is a very challenging method of effective communication (worst S/N ratio of any method?)
Can you write your ‘pitch’ in report format? In ‘Word’?
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Edward Tufte | www.tufte.com
$7
$40 $48
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build a picture worth ten slides
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powerpoint guidelines
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