Pitching yourself to startups - University of …...PITCHING YOURSELF TO STARTUPS MBA CAREER MANAGEMENT ENTREPRENEURSHIP TEAM & WHARTON ENTREPRENEURSHIP KNOWLEDGE FOR ACTION MBA Career

KNOWLEDGE FOR ACTION

PITCHING YOURSELF TO STARTUPS

MBA CAREER MANAGEMENT ENTREPRENEURSHIP TEAM

& WHARTON ENTREPRENEURSHIP

KNOWLEDGE FOR ACTION MBA Career Management

“Stop spending time reaching out to startups [MBACM]… instead, spend ALL your time teaching students the right way to approach them”

- Partner, First Round Capital

THE STARTUP PERSPECTIVE


THE STARTUP PERSPECTIVE

“Just saying, I’m smart and I can be useful is not enough. Founders are 1000% over allocated, so thinking about what a MBA can do for 8 weeks is sort of priority #0 :P”

- Principal, Forerunner Ventures

MBA Career Management


Agenda

• Alumni Case Study – Justin Overdorff, WG11

• The Pitch – Scenarios & Approach

• Interviewing – What to expect?

• Entrepreneurial Intern Fellowships

• Q&A



Alumni Case study


http://www.linkedin.com/in/jmover


• Current: • Yelp – Head of Mobile BD & Partnerships

• Post – Wharton: • TechStars – BD & Operations

• Pre – Wharton: • Summit Partners – Late-Stage VC Sr. Associate • Bank of America – MBS Trader

Background



• Don’t suck at email • 98% of you are terrible at email. This is a fact. I was too. FIX IT. • BE CONCISE & LEAD WITH YOUR ASK • Inbox is a “To Do List” – Make it easy for people to help / engage with you • Don’t send long summary of your background • Respond ASAP & be “top of mind,” don’t be perfect

• Build a network

• Warm > Cold Intros • It’s a process, not transactional. Every person you meet will be important. It’s a long-term process. • Follow up! Get the job? Let them know. Didn’t get the job? Let them know and thank them again for their help.

Send yearly updates on where you are to folks who’ve helped you along the way.

• Be Persistent, Thoughtful & Respectful • Remember: You are NOT entitled to anyone’s time or help. Even the 3 minutes to read and respond to your

email is a lot to ask of a new contact.

• Pound the pavement & get boots on the ground • Emails / Calls are not enough • Builds Trust; Startup = someone’s baby

Startup / Tech Rules of Engagement



• 1) People Who Code • 2) People Who Email

• If you can’t code, you’re on the G&A line / cost center

• Biggest Question to Answer: How / Where can I add value? • Be focused on specific problem you can solve • Wear many hats – have the ability and desire to do this, but do not lead with it

• Battle the bad wrap: “It’s ok to have an MBA, just don’t be an MBA”

• “STRATEGY” is a bad word • You’re NOT a “data scientist” unless you code or write complex DB algos

• SPSS/Jump/Excel do not count • Product Manager role – typically reserved for CS background or those with

previous PM experience

Mindset – 2 Types of People in Tech/Startups



• Develop a long term strategy, focus & story – PERFECT IT • Understand your own focus, goals, and WHY? • Create story about how your past experience has lead you to your current focus. • Company Size, Enterprise v. Consumer, Geography • You need “At Bats”

• Develop your own value add / proposal pitch deck • 3-5 slides for each startup • What issues are they facing, how can you help & why should it be you?

• Follow up / Close the loop

• Follow up, it might take 2-3 tries to get foot in door • Don’t be crazy / stalker person and end up on TechCrunch

• Act like an owner / co-founder • You must care & be passionate

Converting from Emails/Calls/Chats to JOB



The Pitch – Scenarios

1. Networking with Alumni or “warm” contacts

2. Making connections through VC firm

3. Contacting the startup directly



Scenario 1: Alumni or “Warm Contact”

• Find common ground

– Other MBAs at company? – Prior company / industry? – Undergrad?

• State purpose of meeting

– Advice, information – Career path and questions about his/her role are fair game

• Make it easy for them to say yes

– Offer specific dates/times – Plan ahead: Don’t ask to meet THAT week or talk TOMORROW – 15-20 minutes, treat you to coffee near your office, etc.



HOW CAN WE IMPROVE THIS EMAIL TO WHARTON ALUM?


Hi XXX, I hope you are doing well! By way of introduction, I'm a second-year graduating Wharton MBA student and former Bain SF consultant searching for jobs out in the Los Angeles area post graduation. This past summer and into the fall I had the opportunity to work with [STARTUP X], where I managed a strategic project to diligence and onboard a new optical lab (they partner with several across their supply chain) as well as explored opportunities to acquire or build the capacity in-house. I loved the operational/strategic work I did there, as well as the size of the company, and am looking for a similar role. I noticed from LinkedIn and the Wharton network that you were at the The Honest Company leading operations, and was wondering if you had a few minutes to chat sometime in the coming week about the company, culture, and any potential opportunities? Let me know and I hope we can connect soon! XXX


REVISED EMAIL TO WHARTON ALUM


XXX, I'm a second-year Wharton MBA student and was excited to discover on LinkedIn that you (a fellow Wharton/Bain alum) head up Operations at The Honest Company. I’m also interested in pursuing a career in operations (ideally at a growing e-commerce startup – last summer I did an ops internship with [Startup X]) and would welcome an opportunity to speak about your post-Wharton career path, hear about your experience at The Honest Company and any advice/insights you might be willing to share. Even 15-20 minutes would be a huge help. I'm pretty flexible timing-wise. I can speak Mondays/Wednesdays anytime after 1pm PST or Tuesdays/Thursdays anytime after 12pm PST. Thanks in advance and I look forward to connecting soon! Best, XXX [insert LinkedIn profile]


Recap…

1. Fewer than 150 words

2. No mention of jobs anywhere (subject or body)

3. Connection / your ask goes first

4. Don’t delve too deep into your background (this is not a cover letter)

5. Offer specific availability / make it easy for them to say yes!

Source: Adapted from The 2 Hour Job Search, Steve Dalton



More email best practices

• Append LinkedIn profile to signature

• Make your subject line matter (know your audience)

– Hello from Philly/Wharton – free to chat re: biz dev? – Marketing analytics guru – ready to pitch in at BaubleBar

• Time of day matters

• Follow up



Quick Advice on Informational Meetings

• Have an “agenda”, but be prepared for anything

• Probe on “project work” if conversation goes well

• Get referrals!

NO SUITS!



Scenario 2: Connections through VCs

• Research portfolios in advance

• Have specific ideas for companies of interest

• Get intro’ed (if possible) or find a “warm” contact



Sample email to “VC guy”

Dear VC guy,

_______ notified me that [portfolio company] is looking for talent. I’ve been a huge fan of [portfolio company] since it launched out of Penn and am continually impressed by their ability to showcase product from local designers in an accessible and affordable way.

I’ve got 5 years retail and merchandising experience and am currently getting an MBA at Wharton while consulting for retail startups and pursuing ideas in fashion tech [link to blog]. I’d love to chat about [portfolio company] or simply talk about entrepreneurship at UPenn and/or elsewhere. I don’t have classes on Tuesdays or Fridays, if an upcoming time on one of those days works for you.

Additionally, though I obviously have limited information on [portfolio company], I included a few thoughts below. I'm sure it's suffering from a lack of internal knowledge, but I wanted to include a few bullet points in the off-chance that something sparks a compelling idea.

<150 words

Connection/ask first

Showcase traits/skills they seek Offer specific availability

Humbly propose some ideas



Sample email to “VC guy” – Appended Thoughts

Thoughts on website…

Visual - This initial photo is pretty great. A similar youthful attitude for inspiration/development can be found at www.meundies.com, an LA-based Science operation with a mediocre product but excellent youthful energy ripe for emulation.

VIP solicitation - Great. Other alternatives might be to have customers who spend a certain amount qualify for it, or have it be invitation only, or available only with a visit to a store.

Change "Etc." to "Accessories" - Reinforces site as destination for accessories, which have highest margins, are often the most impulsive buys, and lowest return risk.


http://urlblockederror.aspx/


Scenario 3: Contacting the Startup Directly


Don’t ping us because we are a hot startup. Be humble, be thoughtful, be a user. Have an opinion and ask really good questions. - Startup Founder

DO

• Show you… • Care about the product/company/service • Know and are willing to adjust to the start-up culture • Have skills/experience that can be leveraged for their goals

• Get creative – use videos, infographics, social media, research projects, etc.

DON’T

• Mention constraints – e.g. I am only available for 4 weeks in August…

• Use business jargon – e.g. too many words ending with “-ize”


Startup job postings

• Deliberately vague

• Looking for passion/knowledge

• Personality - will you fit in?



Venmo is looking for incredible people to join its incredible team. You can focus on areas like Analytics, Engineering, Business Development, or ?? Pitch your interest and ideas to us by applying here. What we're looking for: -Tell us how you use Venmo or why you think others should. -Provide us with links to relevant blogs/websites, GitHub, and Linkedin profiles.


In 150 characters or fewer, tell us what makes you unique. Try to be creative and say something that will catch our eye! List and detail five key metrics you would look at in analyzing our business (describe why for each).


Uncovering Needs…


When there is no job posted or if posting is vague…

• Use prior research and LISTEN during networking conversations

• Read job descriptions on startup job boards

• Leverage MBACM Resume Book and Offer Directory – read project descriptions at other startups

Too much general interest & the volume of informational interview requests is huge. Have an idea of what you could do for us.

- Startup Founder


Sample email – direct to startup (no posting)

I’m a Wharton MBA student with 6 years of education experience looking to transition into the NYC startup space. I recently took the User Experience course at GA, and started thinking about the educational experiences your team is creating. I’d love to talk with you about how I might be able to help. When I worked at Uncommon Schools, we combined user data and feedback to deliver an engaging professional development experience to teachers. This approach seems in line with GA’s release of “Stop Talking, Start Making”, and with the impact GA aims to make through programming. Among other ideas, I’m interested in chatting about: • Creating a framework for workshop leaders to deliver content that fully engages attendees; • Using attendee data and post-session feedback to better inform workshop delivery; • Expanding availability of GA classes to cities with young start-up cultures, like Philadelphia,

and/or to cities where young entrepreneurs are part of revitalization

~150 words

Connection / ask first

Uncover problems you can help solve

Mention traits/skills they seek


Be a user


I can adjust to startup

culture

I am willing to learn and I work hard

I have relevant skills and

experience

I am passionate about the product

Sample Cover Letter – vague posting


Interview Preparation


Go into interviews with a mindset of having something to prove. Dispel stereotypes right away (be creative, hungry) in a pleasant way. - Startup Founder/CEO

• Know yourself / be thoughtful about career (how does this opportunity fit into your career path? do you have realistic expectations about the experience you’d gain in the role?)

• Think about the product / have a POV (start using the product or get feedback from super users)

• Scrappiness– you can’t teach this! (be armed with examples of times you did whatever it took to get a task done, regardless of whether it was in your job description)

• “Interest in company-building (don’t shy away from this – they expect it coming from an MBA; this combined with a collaborate nature and good energy, makes you desirable)

• Homework is often required (can range from data analysis in SQL/Excel to preparing a deck that will be presented to your interviewers)

• Be prepared for the unexpected (can range from being given an exercise on the spot to CEO/founder coming into interview)


Category Questions

Know Yourself / Fit

What three words would you use to describe yourself? Where do you see yourself in 5 years? 10 years? Give an example of a time when you had to develop a skill very quickly.

How did you do it? Would you approach it the same way again? What is something you’ve done with very few resources? On spectrum of “collaborative” to “independent” where do you fall? Give an example of a challenge you faced and how you overcame it? What is most important to you? Money, title, or responsibilities? How would you react if the business strategy drastically changed? What sorts of things would you be interested in doing in your role? What is something you want to do, but haven’t done yet? Why? What are you really good at? What are you passionate about? Why marketing? [or fill in function] Why would you NOT accept a job here? What’s your biggest fear? What do you do for fun? Teach me something new!


STARTUP SAMPLE INTERVIEW QUESTIONS

Presenter

Presentation Notes


STARTUP SAMPLE INTERVIEW QUESTIONS

Category Questions

Company / Industry

In your words, what is our value proposition? How would you describe our product? What do you like? What would you

change? Who do you consider our competitors? Who are greatest threats? What are the biggest risks for the company? What other companies are you looking at? What is the most interesting trend in technology right now? What's your favorite start up right now? What are your favorite / least favorite apps? Why? Who is our customer?

Technical Knowledge

Sell our product to me Tell me about when you used data to drive decision making. How would you describe your technical skills? Take the next 5-10 minutes to explain a system to me. Use the

whiteboard. If you were redesigning the UI for product X, how would do it? How would you measure a promotion like giving away a free product to

new and existing customers?



Post Interview


• Send a thank you note to EVERYONE. Not just the CEO/Execs.

• Thank you notes should be concise and reference the specifics of the conversation.

• Where appropriate, send something substantive related to the conversation.

• Examples: – You bonded over your mutual passion for subscription box services: Send them

a link to a new one you just discovered. – You didn’t nail a brainstorming question: Send additional ideas. – They expressed a need for an SEO strategy: Send some thoughts on how

you’d approach it + some specifics (keywords, etc.)


• Traditional Intern Fellowship • Number awarded determined by quality and number of applicants • Cash awards ranging from $500 to $5,000 • Students apply after securing their summer position • Agree to serve as Ambassadors of Entrepreneurship

• Ambassador stories here: http://entrepreneurship.wharton.upenn.edu/careers/ambassadors.html

Application Deadline: June 1, 2015 at 11:59pm (EST) FAQ: http://entrepreneurship.wharton.upenn.edu/careers/ambassadorsfaq.html

Intern Fellowships


http://entrepreneurship.wharton.upenn.edu/careers/ambassadors.html

http://entrepreneurship.wharton.upenn.edu/careers/ambassadorsfaq.html

http://entrepreneurship.wharton.upenn.edu/careers/ambassadorsfaq.html


Parting thoughts

• Immerse yourself in startup culture – attend meetups, education sessions, etc.

• Set weekly and monthly goals

• Don’t be afraid of rejection – It’s a numbers game so embrace it as a sign of progress. Remember, jobs are like dating: it only takes one.

• Manage your digital brand…



• Before reaching out to start up company contacts / VCs, make sure your digital brand reflects the personality you want portrayed to the entrepreneurial community

• Key considerations:

– What pops when your name is googled? – How does your Linked-In profile portray you? – Do you have followership via Twitter, a blog, etc.? – What are you writing about?

Manage your digital brand



Q&A

Documents

Pitching yourself to startups - University of …...PITCHING YOURSELF TO STARTUPS MBA CAREER MANAGEMENT ENTREPRENEURSHIP TEAM & WHARTON ENTREPRENEURSHIP KNOWLEDGE FOR ACTION MBA Career