Info and Coaching Session March 2014 Agenda Contact

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

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

Structure of the Competition

Prizes • 1 st Place: • 2 nd Place: • 3 rd Place: $ 1, 500 $ 1, 000 $ 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 • Who can compete in the competition? – Any current WMU Students – 1 -5 individuals on a team

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

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

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)

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

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.

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

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

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

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? • 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 • 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 Pitch • Nate Norman Fish Ninja 2013 WMU PITCH Competition (3 -minute 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 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 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 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 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 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 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 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 • • • Speak clearly Story-telling (not a list) Provide examples Use 4 th grade-level language Relate to the audience Be enthusiastic (passion / energy)

Example Pitch • John Mueller Fanooz 3 -minute pitch

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

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

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 ]

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

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 30 th • First round: Friday, April 4 th, 3 -5: 30 pm Meet in 2150 Schneider Hall • Finals round: Saturday, April 5 th, 10 am-12: 30 pm Starting Gate, 161 E. Michigan