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Info and Coaching Session. 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. http://www.wmich.edu/management/

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agenda
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
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

important dates
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
what is the competition
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
what is the competition1
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.).”
structure of the competition
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
prizes
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
questions
Questions
  • Who can compete in the competition?
    • Any current WMU Students
    • 1-5 individuals on a team
questions1
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
questions2
Questions
  • What type of business ideas are allowed?
    • Any legal (to you, in the USA) business ideas which you can possibly implement
questions3
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)
questions4
Questions
  • Can the business already have been started?
    • Yes, the business could have already been started. Thus, you can pitch an established business.
questions5
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.
questions6
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
questions7
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

questions8
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
questions9
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
what is a pitch
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 ]

a winning pitch
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

a winning pitch1
A Winning Pitch
  • Nate Norman

Fish Ninja

2013 WMU PITCH Competition

(3-minute pitch)

content of a pitch
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)
content of a pitch1
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)
content of a pitch2
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)
content of a pitch3
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)
content of a pitch4
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)
content of a pitch5
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)
content of a pitch6
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)
content of a pitch7
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)
delivery of a pitch
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)
example pitch
Example Pitch
  • John Mueller

Fanooz

3-minute pitch

posture gestures during a pitch
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?!

posture gestures during a pitch1
Posture/Gestures during a Pitch

[ Source: Bret Wagner ]

Pointing

Counting

Increasing and decreasing

3 minutes
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 ]

slide36

Have Fun, and Smile!!

[ practice, practice, practice ]

contact info dates
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