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Info and Coaching Session

Info and Coaching Session

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Info and Coaching Session

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  1. Info and Coaching Session March 2014

  2. 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

  3. Contact Info • http://www.wmich.edu/management/ • Robert Landeros (organizer) E: robert.landeros@wmich.edu P: 269-387-5802 O: 3396 Schneider Hall • Communication Center Jan Gabel-Goes, Barbara Sagara, Jo Wiley O: 3435 & 3445 Schneider Hall • John Mueller E: john.mueller@wmich.edu P: 269-387-6056 O: 3381 Schneider Hall

  4. Important Dates • Info/Coaching Sessions • Wednesday, March 19th, 3pm, 212 Bernhard Center • Friday, March 21st, 12pm, Bernhard Center • Deadline to register: Sunday, March 30th • First round: Friday, April 4th, 3-5:30pm • Meet in 2150 Schneider Hall (Dean’s Conference room) • Finals round, Saturday, April 5th, 10am-12:30pm • Starting Gate, 161 E. Michigan, Suite 400B

  5. What is the competition? • A PITCH: A 3-minute talk about your business idea • Purpose: to get the target audience excited about your business idea • Target audience: potential investors • Faculty judges, External judges • Setting: at a dinner party • No props or presentation materials • But can leave a one page script with the judges • Use the template provided • No Q&A in first round

  6. What 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.).”

  7. Structure of the Competition • First round, Friday, April 4th, 3-5:30pm • Open to contestants, team members can sit in • Final round, Saturday, April 5th, 10am-12:30pm • Open to the public

  8. Structure of the Competition

  9. Prizes • 1st Place: $ 1,500 • 2nd Place: $ 1,000 • 3rd Place: $ 750 • People’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

  10. Questions • Who can compete in the competition? • Any current WMU Students • 1-5 individuals on a team

  11. Questions • 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 pitch • But just 1 person pitches • Entire team can sit, watch, and listen to the pitch

  12. Questions • What type of business ideas are allowed? • Any legal (to you, in the USA) business ideas which you can possibly implement

  13. Questions • 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)

  14. Questions • Can the business already have been started? • Yes, the business could have already been started. Thus, you can pitch an established business.

  15. Questions • 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.

  16. Questions • How are the monetary prizes distributed? • The prize money is to advance your business idea • Purchases 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

  17. Questions • What is the appropriate attire? • Business casual Image source: http://0.tqn.com/d/humanresources/1/0/B/B/BusinessCasualFinal.jpg Image source: http://img.ehowcdn.com/article-new/ds-photo/getty/article/171/152/86802471_XS.jpg

  18. Questions • Who is the target audience? • First-round Judges • Local entrepreneurs • WMU faculty and staff • Second-round Judges • Seasoned investors in startup companies • Many sit on the WMU Board • Each of the judges will take the perspective of potential investors in your company • Imagine 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

  19. Questions • 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

  20. What 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 ]

  21. A Winning Pitch • Jenny Corbin TNG Pharmaceuticals University of Louisville 2011 Rice University Business Plan Competition (1-minute pitch) "We seemed to make the judges 'ooh' and 'aah,'” – Jenny Corbin

  22. A Winning Pitch • Nate Norman Fish Ninja 2013 WMU PITCH Competition (3-minute pitch)

  23. Content of a Pitch • Info about the problem / opportunity • Pain Point • Product/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 size • Competition and competitive advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  24. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  25. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  26. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  27. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  28. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  29. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  30. Content 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 advantage • Leadership team and background (expertise) • Funding requirements (The Ask) • Killer closing (1 line)

  31. Delivery of a Pitch • Speak clearly • Story-telling (not a list) • Provide examples • Use 4th grade-level language • Relate to the audience • Be enthusiastic (passion / energy)

  32. Example Pitch • John Mueller Fanooz 3-minute pitch

  33. Posture/Gestures during a Pitch [ Source: Bret Wagner ] • Stand relaxed, confident, and open • Be careful with…. Parade rest Fig leaf Nonchalant T-Rex Hmmmmm Oh yeah?!

  34. Posture/Gestures during a Pitch [ Source: Bret Wagner ] Pointing Counting Increasing and decreasing

  35. 3-Minutes • 3-minutes comes fast • You will not be able to go past 3-minutes • And 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 be prepared to skip to your closing quickly [ “Pitching” is an ART, not a science ]

  36. Have Fun, and Smile!! [ practice, practice, practice ]

  37. Contact Info & Dates • http://www.wmich.edu/management/ • Robert Landeros (organizer) E: robert.landeros@wmich.edu P: 269-387-5802 O: 3396 Schneider Hall • Communication Center Jan Gabel-Goes, Barbara Sagara, Jo Wiley O: 3435 & 3445 Schneider Hall • John Mueller E: john.mueller@wmich.edu P: 269-387-6056 O: 3381 Schneider Hall • Deadline to register: • Sunday, March 30th • First round: • Friday, April 4th, 3-5:30pm • Meet in 2150 Schneider Hall • Finals round: • Saturday, April 5th, 10am-12:30pm • Starting Gate, 161 E. Michigan