Category Archives: Ruminations

Bookship, Ruminations, Startups

The Art of the Fast Pitch

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No, not softball. Startup pitches.

Last night from midnight to 2am, I listened to eight passionate, innovative teams sharing their journey through the Purple Prize, an indigenous innovation competition in Hawaii where I am a mentor (BTW join us for the finals online!).  

Even though it was late, the passion of these innovators meant I never got the least bit sleepy! Purple uses the now-common fast pitch format common to many accelerators – 5 minutes to introduce your company to potential investors and stakeholders. The fast pitch is really an art form – a performance art form. As both a performer and a consumer of this art form, I wanted to share a few thoughts on how to give a great performance. It is a performance, by the way – be yourself, but the “big stage” version of yourself. Passionate and confident. And practice!

Longer than an “elevator pitch”, shorter than a real VC pitch, it’s tricky. In just a few minutes you must concisely explain what you’re doing, why you’re doing it, why you will be successful, and what you are asking for (and not much else in 4 minutes!).

The first thing is to remember your audience. Assume they know nothing (and about you, it’s true. They know nothing. Assume nothing. Start at the beginning). On a demo day they’re likely to hear 10 of these pitches, or more. They’ve never heard a word about your company before. Their phone will buzz. Their attention will wander. Your internet/zoom will get glitchy at the wrong time. People can only consume so much information in short time. Avoid “cognitive overload” – keep it simple. Less is more. Nuance is not your friend here.

Here’s a formula:

  • Start with a story
  • Use your story to introduce your product. Simply and explicitly. 
  • Explain how you make money. Simply and explicitly.
  • Explain how the world will be different when you are successful. Finish strong.
  • No more than 1-2 slides per minute. 5 minutes ~ 5-10 slides.

Your presentation should arc from the general down to the specific and back up to the general. Let’s unpack this a bit.

THE STORY

Your very first words need to bind people to you and your mission, and explain what you are up to. People remember stories. Please, read Mike Troiano’s https://entrepreneurship.mit.edu/how-to-tell-your-ventures-story. They won’t remember market positioning or value propositions or any of that other stuff. Tell them a story. They’re looking for a reason to like you. Give it to them. Get their attention with a story, an insight, an experience, a feeling. Don’t waste your first words on anything but your story (don’t make jokes about being last, or explain how nervous you are, or anything else).

I build Bookship, a social reading app. Here’s how I introduce myself and my product. My very first sentences, verbatim.

“Hi, I’m Mark. When my son was 16, I got him a copy of Dune for Christmas. Like most gift books, it sat on the shelf unread for a decade. A few years ago he told me he was going to read it (he’s grown now). I said, “I’ll read it with you”. What followed was a month of genuine engagement with my son. Priceless. I had a similar experience with my daughter shortly thereafter, (different book) and I said to myself, “I’m going to bottle this experience into an app so other people can get that same feeling”. And that’s how Bookship was born. 

Notice: almost nothing about the product or features – it’s about the feeling, the emotion, the experience. Even better, the story is actually true. If you don’t have a good true story, remember Rule 19.

As Simon Sinek says, Start with Why. Your “why” might be a story, or it might be some phenomena or metric that speaks to you. Last night I heard the spark of many interesting stories. But often these sparks were buried in the middle of the presentation. I want to share them (with permission) because the stories are powerful, and to use them to illustrate how to make the most of them – by starting with them.

Sheila at MAGHugs is building a system for teachers to share positive news about things students did with the student and their parents (“I see you. You are valued“). Halfway through her presentation, she showed a slide with metrics illustrating the psychological challenges students face, starting with drop-out rates and culminating with a gut-wrenching statistic that every day 8 students commit suicide. Now I’m paying attention – what can we do to change that awful statistic? I’d advocate a pitch narrative that goes something like this: “Hi, I’m Sheila, and I was an educator for N decades. I can tell you many of our students are in trouble. Did you know that every day ……  so, we’re building a system for positive feedback for every student through virtual hugs.“. That’s a narrative that grabs my attention and no matter what else she says, I’ll remember what she’s trying to do. 

Polu Energy is building an innovative new power generation system. After hearing about the extremely powerful scientific team behind the company, and the general approach to the business, around slide 5 I learn that when salt water and fresh water come together, they make electricity. WTF? Really?? I had no idea. I’d suggest that as the opening line. “Hi, I’m Tate. Did you know that when salt water and fresh water come together they make electricity? We found a way to harness that at industrial scale. We’re Polu Energy. Blue energy from water…“.  I immediately get the crazy insight that led to this company. I’ll remember that, and I want to hear more. 

Preston & Gabor at Box Farm Labs are building a home hydroponics appliance. A Keurig for plants. Three or four minutes in, I hear that they started with a NASA project to grow plants in space in an automated way for long space voyages. That’s crazy shit. Hit me between the eyes with that in your first sentence. Hi, We’re Preston & Gabor. We learned how to grow plants in space for NASA, and we want to bring that to your kitchen. OK, that sounds pretty cool. Tell me more! 

People remember stories. As Sinek says, “people don’t buy what you do, they buy why you do it“.  But don’t belabor it. You don’t need four slides of “why”. You don’t have time. One slide. Less is More. 

PRODUCT

Your Story should lead to your product. “Because of X, we built our product Y“.  Explain Y (your product) in two or three sentences. Simple enough a high schooler can understand it. If you sell Carbon Offsets to Hawaii Visitors so local farms can plant food trees, like Kanu Offsets does, tell me that, just that simply, and at the beginning, so I am ready for everything else you tell me. That’s a mission I can get behind.

People can only take in so much – don’t make them work for it. Remember cognitive overload. If you want to give more detail (and you should!), do so – but only after you’ve given me a one sentence summary of what your product does, that I can internalize.

BUSINESS

Explain how you intend to make money. Tell me like I was in high school – simple and straightforward. The fancy term for this is business model. It’s surprising to me how often I hear a pitch where it’s unclear who pays for the product. For example, consider products sold into an educational context – who pays for it? The student? the parent? the teacher? the principle? the school district? Don’t make me guess. If you aren’t sure yet, that’s ok – just say so. But in a short pitch, ambiguity is more your enemy than error. If you are vague, I’ll assume the worst. But if you are precise but wrong, well, no harm no foul. Every startup makes mistakes and learns. Better to present with conviction, while offering up the chance you may learn and change in the future.

CLOSE STRONG. 

The arc of your presentation is:

  • here’s why we’re doing what we’re doing.
  • Here’s what we do.
  • Here’s how the world will be different when we are successful.

You move from the mission to the product to the business to the vision. General to specific to general.

I’ve seen so many pitches (not last night though!), that end in a morass of details and business plans and profit margins and …. don’t do this. Close strong. Explain how the world will be different when you are successful. Leave me with a clear memory of who you are and what you stand for.

You will face some temptations when you build your pitch:

You will be tempted to tell me everything you know. Don’t. Make sure I get a clear understanding of what you do. The details can follow.

You will be tempted to cram everything onto the slides. Don’t. Complicated diagrams and paragraphs of text in 12pt font will never be understood. You might as well not show them. Big font, simple pictures, simple diagrams. There will be times later to deliver all that wonderful detail and learning you have done. Now’s not the time.

You will be tempted to glam things up – use large words and jargon to make your initiative sound sophisticated, even if it’s straightforward. Don’t. Simplicity is your friend here. Simple is good.

You will be tempted to use metaphors and generalities. Don’t. I love me a good metaphor, but in 4 minutes it’s too easy to be misunderstood, or not understood. Simple and explicit is the ticket. 

Close strong. Move me. 

Books, Career, Ruminations

George Washington and The Rules

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If you follow other things I’ve written, you know I’m a fan of Rules. Or rather, lists of Rules. My list of professional rules, somewhat inspired by Gibb’s Rules (from NCIS), my Leadership Rules from the Ancient Greeks. Fred Harvey, creator of one of the earliest travel companies and the first US restaurant chain, and his rules. Rules give us things to fall back on when it’s unclear how to proceed.

Recently I took a tour of Mount Vernon, George Washington’s home, and saw that he had his own rules, cribbed from 110 Rules of Civility & Decent Behavior in Company and Conversation, which is based on a set of rules composed by French Jesuits in 1595.

I was sufficiently intrigued by Washington’s history and the manner in which people respected him, that I realized I did not know enough about him. Washington was widely respected for that quality we refer to today as “gravitas“. As a result I am reading David McCullough’s 1776, which so far is good fun and highly informative. (I’m running a public reading on my social reading app Bookship, tap the link below to join me!)

1776

Bookship is a social reading app that lets people share their reading experiences.

The Rules are good fun and a quick read (the complete list is here: http://www.foundationsmag.com/civility.html).

Some of them are from another age. Some of them are laugh-out-loud funny (“When in Company, put not your Hands to any Part of the Body, not usually Discovered.“, “In the Presence of Others Sing not to yourself with a humming Noise, nor Drum with your Fingers or Feet.“).

Some of them are wildly topical – masks and social distancing, anyone? (“If You Cough, Sneeze, Sigh, or Yawn, do it not Loud but Privately; and Speak not in your Yawning, but put Your handkerchief or Hand before your face and turn aside.“, “Shake not the head, Feet, or Legs roll not the Eyes lift not one eyebrow higher than the other wry not the mouth, and bedew no mans face with your Spittle, by approaching too near him when you Speak.”)

Some management lessons are to be found:

  • Being to advise or reprehend any one, consider whether it ought to be in public or in Private; presently, or at Some other time in what terms to do it & in reproving Show no Sign of Cholar but do it with all Sweetness and Mildness.
  • Wherein you reprove Another be unblameable yourself; for example is more prevalent than Precepts.
  • Never express anything unbecoming, nor Act against the Rules Moral before your inferiors.
  • Detract not from others neither be excessive in Commanding.
  • Undertake not what you cannot Perform but be Careful to keep your Promise.
  • Let thy carriage be such as becomes a Man Grave Settled and attentive to that which is spoken. Contradict not at every turn what others Say.

And lastly a few good reminders of personal behavior, not unlike things Marcus Aurelius might say.

  • Let your Conversation be without Malice or Envy, for ‘is a Sign of a Tractable and Commendable Nature: And in all Causes of Passion admit Reason to Govern.
  • Speak not injurious Words neither in Jest nor Earnest Scoff at none although they give Occasion.
  • Labor to keep alive in your breast that little spark of celestial fire called conscience.

The rules are a quick read, even if many of them are from another age. Good fun. And since there’s an election coming up, I’ll leave you with a view into Washington’s campaign tactics 🙂

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Ruminations

On politics

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COVID has led to an even crazier polarization of politics than we’ve seen in an already polarized Trump era. Even the slightest of issues around COVID, which one would hope would be treated as a public health issue and not a cudgel to bash one’s opponent, are politicized. I excuse neither the left nor the right here, I see them as equal offenders.

The writer H. L. Mencken has many pithy quotes about politics, but there’s an exchange in Howard Fast’s book Being Red that really captures how I feel about politics. Via Real Clear Politics

Fast would run for Congress on the American Labor Party ticket, write frequently for the Daily Worker, win the Stalin Peace Prize, be temporarily blacklisted in Hollywood, hauled before the House Committee on Un-American Activities, and jailed for contempt of Congress. In the late 1950s, he turned away from communism and wrote a book about the experience called “Being Red.”

In that memoir he relates an evocative encounter in late July 1948 at the Progressive Party convention, which he attended as a credentialed journalist and where he ran into one of his idols, H.L. Mencken. When Fast went to shake the great Baltimore Sun columnist’s hand, Mencken took it in both of his own hands and told him he’d just read “The American,” Fast’s novel based on the life of former Illinois Gov. John Peter Altgeld.

Mencken said that if he’d ever written anything that good, he’d “put down my pen with pleasure.” Howard Fast found this praise fulsome, but appreciated it nonetheless, and thanked Mencken, who then said, in reference to the Progressives, “Fast, what in hell’s name are you doing with this gang?”

“I tried to invent some clever reply, but all I could say was that it was a better place to be than at the Republican or Democratic convention,” Fast wrote. “This was as far from a bright or witty rejoinder as one could get, but I was tongue-tied, and the thought of preaching to Mencken or haranguing him was inconceivable. It was not just that I admired him and loved the way he wrote and thought, but he had just given me the best straightforward compliment I had ever received. I had no wish to challenge him. I owed him too much.”

But Mencken wasn’t finished.

“There’s a better place than that,” he said. “With yourself.”

“I can’t put politics aside,” Fast protested.

“Put it aside?” Mencken snorted. “Hell, no. Henry Louis Mencken is a party of one. Do you understand me? You’re a party of one. You don’t put politics aside; you taste it, smell it, listen to it, write it. You don’t join it. If you do, these clowns will destroy you as surely as the sun rises and sets.”