Most campers pitch tents. These pitch start-ups. They are the entrepreneurs at Le Camping, the latest start-up accelerator in Paris, and my role (together with Pierre Morsa) is to help them to make a fantastic pitch on Investor Day, when they will compete for attention from various investors, and hopefully attract funding to develop their businesses.
After our latest coaching session yesterday, I’m pleased to say they have made great strides in terms of using attractive, simple and relevant slides, with few words (in most cases) and some good use of graphics. They have also mostly worked on their introductions, although some can (and must) still make them more memorable and catchy.
Some are still looking back at their slides too often, and there are still plenty of ‘ums’ and ‘ers’ to iron out. That will improve with more practice.
Four things in particular are missing though from most of the pitches, and I’d encourage everyone to think about these points in terms of your own presentations (pitches or otherwise), because they are the difference between a good performance and a great one.
Four Steps From Good To Great
1. Adapt your content to meet your audience’s objectives. They are still spending too much time talking about their products or ideas. This isn’t a sales pitch. Investors want to know you have a product that can make money, of course, but it’s the money that’s the key point there, not the product. Your product is not your business plan – it is just a way of giving investors confidence that you can achieve your business plan.
While for you it might be your big idea, for an investor it is only your first idea – and hopefully not your last. It might turn out not to work, or a major competitor with a huge cashpile might choose to enter the same market and squash you. What investors need to know is that you are smart enough to come up with other ideas and make them work if the first one doesn’t. They are investing, above all, in a team, not in a product. Better a great team with an average idea than an average team with a great idea, as investors often say. So tell them why they should trust you with their cash.
2. Vision. If I’m investing in you and your company, I want to know it’s a good bet not just now, but for the future. I want to bet on someone who’s going to make it big, or who at least will give it a damn good try. If your vision is limited to “we’re going to launch this product”, that doesn’t give me much long-term confidence. Aim high. Investors don’t want small wins – their choices fail so often that it’s only big wins that make up for the losses. Better to have a 1% chance of being a $billion company than a 20% chance of being a $10million company.
So docTrackr, for example, should not just aim to sell a great document security solution. Yawn, so what? But if they stated a vision to be the world leader in document security within 3 years, and to be bought out by Microsoft, Adobe or Google within 5 years, then as an investor, that would make me sit up and take interest.
3. Passion. If you’re trying to make me enthusiastic about your investment opportunity, I need to know and feel that you are enthusiastic about it. If you present as if you either don’t believe in it, don’t care about it, or don’t want it, then I’m not going to want it either.
Don’t be quiet. Don’t be monotonous. Don’t be boring. Enthusiasm is contagious, so if you present like you really believe this is an exciting investment opportunity and you have a fantastic team, your audience might start to believe it too. Boredom, on the other hand, is even more contagious. So if you sound flat and boring, the audience will just use your talk as an opportunity to check their email.
Be passionate. Don’t be afraid to show that you care and that you believe.
4. A great conclusion. Too many of the pitches are currently just dying, as if the speaker has run out of things to say, or run out of time. Yet the conclusion will determine whether people remember something, or nothing. So it absolutely has to be brilliant.
“OK, so that’s it. Er, any questions?”
“And that was my last slide.”
These do not make good conclusions.
“That was our introduction to Perspecteev. We make money by helping people take care of their money. Now we’d like to take care of yours. Thankyou.”
This was one of the better conclusions. It was a clear end-point, it reminded the audience of the company name and its tag-line, and it used a neat play on words to remind investors that they’re looking for funding (which was explained earlier in the pitch).
The conclusion is an opportunity to remind people of your key points. In an investor pitch, particularly in a context where there are 11 other pitches happening in the same session, your key points are:
- who you are
- what you do
- what you need
- why they should give it to you
If any of those questions remains unanswered at the end, or the audience forgets the answers, you have failed. Your conclusion should remind people of these points. Remember Lewis Carroll: “What I say three times is the truth.” Say something three times, and you significantly increase the chances of it being remembered. Say something once, however, and expect it to be forgotten. So use the conclusion to state your key points for the third time – or at least for the second time.
Think of your talk as a matchstick. When you light a match, it sparks brightly, and then starts burning slowly along the stick. That’s your high-impact introduction and the middle part of your talk. But a typical match will then just burn out. So your talk has to be like a double-headed match, with a bright, high-impact conclusion to match the introduction.
Lastly, in a context like this where the pitches will happen in front of a large audience, with no Q&A session, the intention is not to finish presenting and start discussing: each presenter should aim to leave the stage to a large round of applause. I’d therefore point you to this article where I talk about the importance of applause and how to make sure you get the audience to clap.
Adapting to your audience’s objectives, communicating vision, presenting with passion, and nailing a great conclusion: if the Campers can get these four points right in the next few weeks, they’ll be ready for Investor Day. If you can get them right for your next talk – whatever it is – you’ll turn a good presentation into a great one.