WEBVTT 00:00:00.000 --> 00:00:00.500 align:middle line:90% 00:00:00.500 --> 00:00:01.931 align:middle line:90% [SQUEAKING] 00:00:01.931 --> 00:00:03.362 align:middle line:90% [RUSTLING] 00:00:03.362 --> 00:00:05.270 align:middle line:90% [CLICKING] 00:00:05.270 --> 00:00:10.162 align:middle line:90% 00:00:10.162 --> 00:00:11.120 align:middle line:90% JOE HADZIMA: All right. 00:00:11.120 --> 00:00:15.335 align:middle line:90% Well, let me get going here. 00:00:15.335 --> 00:00:18.640 align:middle line:90% OK, good evening. 00:00:18.640 --> 00:00:19.860 align:middle line:90% I'm Joe Hadzima. 00:00:19.860 --> 00:00:21.500 align:middle line:84% As I mentioned in our first session, 00:00:21.500 --> 00:00:23.400 align:middle line:84% I'll be your guide through the journey 00:00:23.400 --> 00:00:25.680 align:middle line:84% through nuts and bolts and new ventures. 00:00:25.680 --> 00:00:27.880 align:middle line:84% Tonight's journey takes us to two topics 00:00:27.880 --> 00:00:31.240 align:middle line:84% that actually, I think, mesh well together. 00:00:31.240 --> 00:00:33.680 align:middle line:84% The first part is Bob Jones is going to talk 00:00:33.680 --> 00:00:35.800 align:middle line:90% about presenting your venture. 00:00:35.800 --> 00:00:39.700 align:middle line:84% And by that he means to anybody-- to investors, 00:00:39.700 --> 00:00:43.280 align:middle line:90% customers, employees, partners-- 00:00:43.280 --> 00:00:46.377 align:middle line:84% can you communicate what you're about? 00:00:46.377 --> 00:00:47.960 align:middle line:84% That'll be followed in the second part 00:00:47.960 --> 00:00:50.920 align:middle line:84% by Mindy Garber, who's going to come in and talk 00:00:50.920 --> 00:00:53.060 align:middle line:90% about negotiations. 00:00:53.060 --> 00:00:56.880 align:middle line:84% So if you can convey what you want or your goals, 00:00:56.880 --> 00:00:58.840 align:middle line:84% then how do you take it to the next step 00:00:58.840 --> 00:01:02.090 align:middle line:84% and convince other people to do whatever you want, 00:01:02.090 --> 00:01:04.390 align:middle line:84% or to at least negotiate around that? 00:01:04.390 --> 00:01:06.730 align:middle line:84% So to start off the evening, we have Bob Jones. 00:01:06.730 --> 00:01:07.890 align:middle line:90% Please welcome him back. 00:01:07.890 --> 00:01:10.825 align:middle line:90% [APPLAUSE] 00:01:10.825 --> 00:01:13.750 align:middle line:90% 00:01:13.750 --> 00:01:15.670 align:middle line:90% BOB JONES: Thank you. 00:01:15.670 --> 00:01:16.170 align:middle line:90% Thank you. 00:01:16.170 --> 00:01:20.110 align:middle line:84% It's good to see so many of you here. 00:01:20.110 --> 00:01:23.250 align:middle line:84% And for those of you that we scared away a week ago, 00:01:23.250 --> 00:01:26.510 align:middle line:84% we did you a favor because you have 00:01:26.510 --> 00:01:30.910 align:middle line:84% concluded that entrepreneurship is not for you. 00:01:30.910 --> 00:01:34.910 align:middle line:90% So you came to the right answer. 00:01:34.910 --> 00:01:37.810 align:middle line:84% I was thinking about it as I was setting tonight up. 00:01:37.810 --> 00:01:41.670 align:middle line:84% And I read some posts that popped up 00:01:41.670 --> 00:01:44.130 align:middle line:84% last week for some people who said gee, 00:01:44.130 --> 00:01:49.150 align:middle line:84% they were skeptical about courses in entrepreneurship 00:01:49.150 --> 00:01:50.710 align:middle line:84% because it's not really something 00:01:50.710 --> 00:01:54.030 align:middle line:84% that you teach in an institution because it doesn't lend itself 00:01:54.030 --> 00:01:57.710 align:middle line:84% all that well to the academic paradigm. 00:01:57.710 --> 00:02:00.980 align:middle line:84% But to his astonishment, this course at MIT 00:02:00.980 --> 00:02:03.580 align:middle line:84% was being taught by people who'd done it 00:02:03.580 --> 00:02:05.280 align:middle line:90% and who'd lived through it. 00:02:05.280 --> 00:02:10.580 align:middle line:84% And that made it, in his view, automatically better. 00:02:10.580 --> 00:02:16.540 align:middle line:84% And to his astonishment, everybody who was doing it 00:02:16.540 --> 00:02:18.500 align:middle line:90% was a volunteer. 00:02:18.500 --> 00:02:21.480 align:middle line:84% And he just couldn't believe it because in the UK, 00:02:21.480 --> 00:02:24.300 align:middle line:84% where he lives, he had tried over and over again 00:02:24.300 --> 00:02:27.620 align:middle line:84% to get entrepreneurs to come in and talk, 00:02:27.620 --> 00:02:31.360 align:middle line:84% and they wouldn't do it without getting paid for it. 00:02:31.360 --> 00:02:34.380 align:middle line:84% And he just couldn't believe that these people would 00:02:34.380 --> 00:02:38.460 align:middle line:84% come in and share what they'd learned, sometimes painfully, 00:02:38.460 --> 00:02:40.332 align:middle line:90% and they didn't want money. 00:02:40.332 --> 00:02:42.040 align:middle line:84% They didn't want a piece of your venture. 00:02:42.040 --> 00:02:43.832 align:middle line:84% They weren't trying to sell their services. 00:02:43.832 --> 00:02:45.840 align:middle line:84% They weren't trying to hawk their books. 00:02:45.840 --> 00:02:48.060 align:middle line:90% They were just doing it. 00:02:48.060 --> 00:02:52.740 align:middle line:84% And in this course, they've been doing it for 30-odd years. 00:02:52.740 --> 00:02:54.400 align:middle line:84% And you have to ask yourself well, 00:02:54.400 --> 00:02:56.780 align:middle line:90% who's the architect behind that? 00:02:56.780 --> 00:02:59.600 align:middle line:84% And it's Joe, who has not actually 00:02:59.600 --> 00:03:03.920 align:middle line:84% gotten what I believe to be nearly enough public recognition 00:03:03.920 --> 00:03:05.540 align:middle line:90% for this incredible feat. 00:03:05.540 --> 00:03:08.060 align:middle line:84% So will you join me in giving Joe around of applause? 00:03:08.060 --> 00:03:11.030 align:middle line:90% [APPLAUSE, CHEERING] 00:03:11.030 --> 00:03:14.000 align:middle line:90% 00:03:14.000 --> 00:03:15.280 align:middle line:90% Thank you. 00:03:15.280 --> 00:03:16.300 align:middle line:90% It's long overdue. 00:03:16.300 --> 00:03:18.180 align:middle line:84% I don't think we've ever done that, have we? 00:03:18.180 --> 00:03:19.080 align:middle line:90% JOE HADZIMA: I don't think so. 00:03:19.080 --> 00:03:19.747 align:middle line:90% BOB JONES: Yeah. 00:03:19.747 --> 00:03:23.180 align:middle line:84% Well, so 30 years from now, we'll do it again. 00:03:23.180 --> 00:03:24.800 align:middle line:90% [CHUCKLING] 00:03:24.800 --> 00:03:29.360 align:middle line:84% So we're talking tonight about presenting your venture. 00:03:29.360 --> 00:03:32.940 align:middle line:84% There's 12 units in this two-week program. 00:03:32.940 --> 00:03:36.140 align:middle line:84% And there's a lot of competition for subject matter. 00:03:36.140 --> 00:03:39.440 align:middle line:84% So why are we talking about this? 00:03:39.440 --> 00:03:41.700 align:middle line:84% We're not talking about algorithms. 00:03:41.700 --> 00:03:45.420 align:middle line:84% We're not talking about best ways to do market research. 00:03:45.420 --> 00:03:48.160 align:middle line:84% We're talking about how to present your venture. 00:03:48.160 --> 00:03:50.180 align:middle line:90% And why are we doing that? 00:03:50.180 --> 00:03:51.740 align:middle line:90% And why is it important? 00:03:51.740 --> 00:03:55.830 align:middle line:84% And one of my goals is to have you leave 90 minutes 00:03:55.830 --> 00:03:59.070 align:middle line:84% from now better at it than you are right now, 00:03:59.070 --> 00:04:02.410 align:middle line:84% but say I succeed in that goal and you are better. 00:04:02.410 --> 00:04:04.207 align:middle line:90% So what? 00:04:04.207 --> 00:04:05.290 align:middle line:90% So what are your thoughts? 00:04:05.290 --> 00:04:06.450 align:middle line:90% Why are we doing this? 00:04:06.450 --> 00:04:11.710 align:middle line:90% 00:04:11.710 --> 00:04:14.950 align:middle line:90% I hear crickets. 00:04:14.950 --> 00:04:17.342 align:middle line:84% AUDIENCE: Impacts the overall value creation. 00:04:17.342 --> 00:04:18.050 align:middle line:90% BOB JONES: Uh-oh. 00:04:18.050 --> 00:04:19.410 align:middle line:90% We need a microphone or two. 00:04:19.410 --> 00:04:20.329 align:middle line:90% Sorry, ladies. 00:04:20.329 --> 00:04:23.510 align:middle line:90% 00:04:23.510 --> 00:04:26.270 align:middle line:84% That was a good answer, but hang on because-- 00:04:26.270 --> 00:04:27.470 align:middle line:90% up here, Supriya. 00:04:27.470 --> 00:04:28.775 align:middle line:90% SUPRIYA: Oh. 00:04:28.775 --> 00:04:29.650 align:middle line:90% BOB JONES: Thank you. 00:04:29.650 --> 00:04:37.360 align:middle line:90% 00:04:37.360 --> 00:04:40.987 align:middle line:90% AUDIENCE: Impacts [INAUDIBLE]. 00:04:40.987 --> 00:04:42.070 align:middle line:90% AUDIENCE: Get [INAUDIBLE]. 00:04:42.070 --> 00:04:44.790 align:middle line:90% 00:04:44.790 --> 00:04:47.070 align:middle line:84% BOB JONES: We interrupt this program for-- 00:04:47.070 --> 00:04:49.677 align:middle line:84% AUDIENCE: Impacts the overall value. 00:04:49.677 --> 00:04:51.510 align:middle line:84% AUDIENCE: Why don't you repeat the question? 00:04:51.510 --> 00:04:52.385 align:middle line:90% BOB JONES: All right. 00:04:52.385 --> 00:04:54.370 align:middle line:84% The question was why are we talking about this? 00:04:54.370 --> 00:04:55.900 align:middle line:90% And your answer was? 00:04:55.900 --> 00:04:58.300 align:middle line:84% AUDIENCE: Impacts the overall value creation. 00:04:58.300 --> 00:05:01.380 align:middle line:84% BOB JONES: It affects the overall creation of value. 00:05:01.380 --> 00:05:02.460 align:middle line:90% Yep. 00:05:02.460 --> 00:05:05.180 align:middle line:90% Value to whom? 00:05:05.180 --> 00:05:08.540 align:middle line:84% Who might you be presenting to that's part 00:05:08.540 --> 00:05:10.960 align:middle line:90% of that value creation process? 00:05:10.960 --> 00:05:13.940 align:middle line:90% 00:05:13.940 --> 00:05:19.620 align:middle line:84% Guys, if you miss this one, then I fear for you. 00:05:19.620 --> 00:05:23.020 align:middle line:84% Who will you be presenting your venture to that 00:05:23.020 --> 00:05:26.100 align:middle line:90% will help you create value? 00:05:26.100 --> 00:05:28.528 align:middle line:84% AUDIENCE: Yeah, to get capital to investors. 00:05:28.528 --> 00:05:29.320 align:middle line:90% BOB JONES: Hang on. 00:05:29.320 --> 00:05:30.640 align:middle line:90% We need the mic. 00:05:30.640 --> 00:05:31.600 align:middle line:90% Sorry. 00:05:31.600 --> 00:05:33.460 align:middle line:84% AUDIENCE: To get capital to investors. 00:05:33.460 --> 00:05:34.480 align:middle line:90% BOB JONES: All right. 00:05:34.480 --> 00:05:35.460 align:middle line:84% Well, it's going to be hard for you 00:05:35.460 --> 00:05:37.380 align:middle line:84% to raise money for your venture if you don't 00:05:37.380 --> 00:05:40.420 align:middle line:90% talk to somebody about it. 00:05:40.420 --> 00:05:41.380 align:middle line:90% OK. 00:05:41.380 --> 00:05:43.520 align:middle line:90% What was my topic a week ago? 00:05:43.520 --> 00:05:45.547 align:middle line:90% Finding your-- 00:05:45.547 --> 00:05:46.380 align:middle line:90% AUDIENCE: Customers. 00:05:46.380 --> 00:05:47.460 align:middle line:90% BOB JONES: Thank you. 00:05:47.460 --> 00:05:52.460 align:middle line:84% And might you ever be presenting to a customer? 00:05:52.460 --> 00:05:55.690 align:middle line:90% Well, god, I hope so. 00:05:55.690 --> 00:06:00.690 align:middle line:84% OK, so let's have a quick rundown as to times 00:06:00.690 --> 00:06:01.870 align:middle line:90% you might want this. 00:06:01.870 --> 00:06:04.130 align:middle line:84% You might want to acquire customers. 00:06:04.130 --> 00:06:08.170 align:middle line:84% You might want to acquire a channel partner. 00:06:08.170 --> 00:06:11.490 align:middle line:84% You might actually need to hire somebody. 00:06:11.490 --> 00:06:14.730 align:middle line:90% They might have another offer. 00:06:14.730 --> 00:06:18.730 align:middle line:84% They might wonder hmm, why should I invest 00:06:18.730 --> 00:06:23.810 align:middle line:84% in an undercapitalized startup-- that's redundant, I realize-- 00:06:23.810 --> 00:06:26.890 align:middle line:84% run by a starry-eyed entrepreneur who has never 00:06:26.890 --> 00:06:28.930 align:middle line:90% started a business before? 00:06:28.930 --> 00:06:31.010 align:middle line:90% Hmm. 00:06:31.010 --> 00:06:33.290 align:middle line:84% How about if you already have a staff 00:06:33.290 --> 00:06:36.010 align:middle line:84% and you've had a couple of bad quarters in a row, 00:06:36.010 --> 00:06:39.090 align:middle line:84% you've missed your forecast, and there's some possibility 00:06:39.090 --> 00:06:43.610 align:middle line:84% that in another month, you'll start missing payroll? 00:06:43.610 --> 00:06:48.610 align:middle line:84% Not that that would ever happen to anybody we know. 00:06:48.610 --> 00:06:52.060 align:middle line:84% And of course, raising capital-- and maybe one day, 00:06:52.060 --> 00:06:55.820 align:middle line:84% if all of this works out well, maybe even selling your venture. 00:06:55.820 --> 00:06:58.560 align:middle line:90% 00:06:58.560 --> 00:07:02.560 align:middle line:84% So tonight, we're going to talk a little bit 00:07:02.560 --> 00:07:04.160 align:middle line:90% about what is a pitch. 00:07:04.160 --> 00:07:06.440 align:middle line:84% What do you hope it will do for you? 00:07:06.440 --> 00:07:10.040 align:middle line:90% Well, here are some pitches. 00:07:10.040 --> 00:07:11.660 align:middle line:84% We'll distill what we've learned, 00:07:11.660 --> 00:07:13.360 align:middle line:90% develop some guidelines. 00:07:13.360 --> 00:07:16.240 align:middle line:84% And here are some more pitches, maybe even from the same people 00:07:16.240 --> 00:07:17.160 align:middle line:90% originally. 00:07:17.160 --> 00:07:19.880 align:middle line:84% And then wrap it up with questions, summaries, 00:07:19.880 --> 00:07:21.680 align:middle line:90% and conclusions. 00:07:21.680 --> 00:07:23.880 align:middle line:90% OK so far? 00:07:23.880 --> 00:07:24.680 align:middle line:90% All right. 00:07:24.680 --> 00:07:29.480 align:middle line:84% Tonight will be an equal opportunity embarrassment 00:07:29.480 --> 00:07:33.960 align:middle line:84% program because you might remember that a week ago, I 00:07:33.960 --> 00:07:36.040 align:middle line:84% stood up here in front of you and told 00:07:36.040 --> 00:07:39.340 align:middle line:84% you a story of something I had started 00:07:39.340 --> 00:07:45.380 align:middle line:84% which was just a complete disaster and failed utterly. 00:07:45.380 --> 00:07:48.400 align:middle line:84% And speakers don't always stand up in front of audiences 00:07:48.400 --> 00:07:51.220 align:middle line:90% and say yes, I did a face-plant. 00:07:51.220 --> 00:07:55.140 align:middle line:84% So part of being an entrepreneur is a certain measure 00:07:55.140 --> 00:07:56.868 align:middle line:90% of fearlessness. 00:07:56.868 --> 00:07:58.660 align:middle line:84% And tonight, we're going to look for people 00:07:58.660 --> 00:08:00.452 align:middle line:84% who are willing to come up here and tell us 00:08:00.452 --> 00:08:02.620 align:middle line:84% about their venture with the understanding 00:08:02.620 --> 00:08:06.300 align:middle line:84% that our job will be to help you do a better job, which 00:08:06.300 --> 00:08:10.620 align:middle line:84% means you will get a bit of love and a bit of critique. 00:08:10.620 --> 00:08:12.500 align:middle line:90% OK? 00:08:12.500 --> 00:08:14.560 align:middle line:90% So quick rundown. 00:08:14.560 --> 00:08:17.820 align:middle line:84% My background, you will recall-- four startups with docs 00:08:17.820 --> 00:08:21.380 align:middle line:84% out of Harvard Med School, broke down and wrote a book, 00:08:21.380 --> 00:08:23.540 align:middle line:84% took a break from entrepreneurship 00:08:23.540 --> 00:08:27.560 align:middle line:84% to turn around a publicly traded company that was a mess. 00:08:27.560 --> 00:08:30.340 align:middle line:84% A couple normal jobs, couple schools. 00:08:30.340 --> 00:08:33.100 align:middle line:84% Yes, I'm a working musician and I do 00:08:33.100 --> 00:08:34.940 align:middle line:90% volunteer in homeless shelters. 00:08:34.940 --> 00:08:38.760 align:middle line:84% And something that I left out last week, 00:08:38.760 --> 00:08:44.460 align:middle line:84% but I think it's very important for you, is I'm a mentor 00:08:44.460 --> 00:08:46.620 align:middle line:84% and have been for some 10 or 12 years 00:08:46.620 --> 00:08:49.250 align:middle line:84% with MIT's Venture Mentoring Service. 00:08:49.250 --> 00:08:52.850 align:middle line:84% Raise your hand if you already know about VMS. 00:08:52.850 --> 00:08:57.210 align:middle line:84% OK, that implies there are a lot of you that do not. 00:08:57.210 --> 00:09:00.850 align:middle line:84% If your company has someone in their senior management team 00:09:00.850 --> 00:09:06.090 align:middle line:84% who has an MIT affiliation, you qualify probably 00:09:06.090 --> 00:09:09.970 align:middle line:84% for free advice from a team of mentors 00:09:09.970 --> 00:09:12.070 align:middle line:84% through Venture Mentoring Service. 00:09:12.070 --> 00:09:13.170 align:middle line:90% Joe's a mentor. 00:09:13.170 --> 00:09:14.450 align:middle line:90% I'm a mentor. 00:09:14.450 --> 00:09:16.730 align:middle line:84% A couple of you in the room are mentors. 00:09:16.730 --> 00:09:19.130 align:middle line:84% And a fair percentage of the speakers 00:09:19.130 --> 00:09:23.210 align:middle line:84% you will hear in the course of this two weeks are mentors. 00:09:23.210 --> 00:09:25.150 align:middle line:90% It's an impressive organization. 00:09:25.150 --> 00:09:27.550 align:middle line:84% It's generated an awful lot of value, 00:09:27.550 --> 00:09:29.650 align:middle line:90% and it's totally volunteer. 00:09:29.650 --> 00:09:35.490 align:middle line:84% So write down that URL because if your thing gets 00:09:35.490 --> 00:09:39.150 align:middle line:84% beyond the idea on a blank sheet of paper stage, 00:09:39.150 --> 00:09:42.250 align:middle line:90% it will be valuable to you. 00:09:42.250 --> 00:09:45.010 align:middle line:90% OK, so what do people invest in? 00:09:45.010 --> 00:09:49.040 align:middle line:84% Well, it's tempting to think I have an idea 00:09:49.040 --> 00:09:51.340 align:middle line:84% and maybe I can turn it into a product, 00:09:51.340 --> 00:09:54.180 align:middle line:84% but a good idea isn't the same thing as a good product. 00:09:54.180 --> 00:09:59.000 align:middle line:84% There are questions of pricing and packaging and all of that. 00:09:59.000 --> 00:10:06.800 align:middle line:84% And who was it I was just talking to about food? 00:10:06.800 --> 00:10:07.520 align:middle line:90% Right. 00:10:07.520 --> 00:10:10.520 align:middle line:84% It also, for example, has to taste good. 00:10:10.520 --> 00:10:13.640 align:middle line:84% So the idea might be wonderful, but a good product 00:10:13.640 --> 00:10:17.560 align:middle line:84% isn't the same as a good business. 00:10:17.560 --> 00:10:20.840 align:middle line:84% And people want to work with good businesses. 00:10:20.840 --> 00:10:22.220 align:middle line:90% You have a great team. 00:10:22.220 --> 00:10:23.980 align:middle line:90% You're skilled at execution. 00:10:23.980 --> 00:10:25.900 align:middle line:90% You understand your business. 00:10:25.900 --> 00:10:28.640 align:middle line:84% And a hallmark of "do you understand your business" 00:10:28.640 --> 00:10:32.800 align:middle line:84% is can you describe it clearly and persuasively? 00:10:32.800 --> 00:10:37.300 align:middle line:84% So if I say hmm, tell me about your company, 00:10:37.300 --> 00:10:40.100 align:middle line:84% and a half hour later, you're still struggling for the words, 00:10:40.100 --> 00:10:44.120 align:middle line:84% I'm inclined to think you're not going to succeed. 00:10:44.120 --> 00:10:50.150 align:middle line:84% So grasshopper, what is this pitch you speak of? 00:10:50.150 --> 00:10:53.390 align:middle line:84% It's some of presentation that's got a goal. 00:10:53.390 --> 00:10:56.150 align:middle line:84% You want to persuade others of your point of view. 00:10:56.150 --> 00:10:57.650 align:middle line:90% My product is wonderful. 00:10:57.650 --> 00:10:59.050 align:middle line:90% My team is wonderful. 00:10:59.050 --> 00:11:00.710 align:middle line:90% You should invest in us. 00:11:00.710 --> 00:11:03.470 align:middle line:84% You want to bring about some desired behavior. 00:11:03.470 --> 00:11:06.530 align:middle line:84% So relevant questions become well, 00:11:06.530 --> 00:11:10.230 align:middle line:84% to whom are you going to present and why? 00:11:10.230 --> 00:11:13.630 align:middle line:90% And what do they want? 00:11:13.630 --> 00:11:17.710 align:middle line:84% And how will you provide them with what they want, 00:11:17.710 --> 00:11:20.430 align:middle line:90% and what do you want? 00:11:20.430 --> 00:11:24.510 align:middle line:84% So presentation is not necessarily something 00:11:24.510 --> 00:11:27.470 align:middle line:90% you should just leap right into. 00:11:27.470 --> 00:11:29.810 align:middle line:84% So some audiences for your pitch-- 00:11:29.810 --> 00:11:33.070 align:middle line:84% here's where you guys stared at me blankly a minute or two ago-- 00:11:33.070 --> 00:11:38.830 align:middle line:84% customers, first on my list, potential employees, 00:11:38.830 --> 00:11:45.020 align:middle line:84% current employees, channel partners and retailers. 00:11:45.020 --> 00:11:47.740 align:middle line:84% Here's one you might not have thought of-- 00:11:47.740 --> 00:11:49.160 align:middle line:90% family members. 00:11:49.160 --> 00:11:49.660 align:middle line:90% Why? 00:11:49.660 --> 00:11:52.500 align:middle line:90% 00:11:52.500 --> 00:11:54.080 align:middle line:90% Well, you're about to graduate. 00:11:54.080 --> 00:11:56.420 align:middle line:84% You're going to turn down a six-figure job working 00:11:56.420 --> 00:12:00.420 align:middle line:84% for Amazon to go be employee number 3 at a startup that's 00:12:00.420 --> 00:12:03.300 align:middle line:84% got about two months' worth of money in the bank. 00:12:03.300 --> 00:12:08.220 align:middle line:84% And your parents are saying have you lost your mind? 00:12:08.220 --> 00:12:13.600 align:middle line:84% Or perhaps you have a spouse who raises the same question. 00:12:13.600 --> 00:12:14.780 align:middle line:90% [LAUGHS] 00:12:14.780 --> 00:12:17.780 align:middle line:84% So you may end up doing presentations 00:12:17.780 --> 00:12:20.640 align:middle line:84% to people that go way beyond what you've thought about. 00:12:20.640 --> 00:12:24.140 align:middle line:84% And of course, you already raised investors. 00:12:24.140 --> 00:12:28.700 align:middle line:84% So a relevant question for if you want to do this well 00:12:28.700 --> 00:12:31.620 align:middle line:84% is do they have the same priorities, 00:12:31.620 --> 00:12:35.820 align:middle line:84% and should they each get the same pitch? 00:12:35.820 --> 00:12:41.860 align:middle line:84% So I will argue no, but let's elaborate on that in a moment. 00:12:41.860 --> 00:12:46.920 align:middle line:84% In every case that I just put up, they are wondering-- 00:12:46.920 --> 00:12:51.800 align:middle line:84% and this is a sales acronym, pronounced WIIFM. 00:12:51.800 --> 00:12:54.420 align:middle line:84% Anybody got any idea what that stands for? 00:12:54.420 --> 00:12:54.920 align:middle line:90% Yes. 00:12:54.920 --> 00:12:56.000 align:middle line:90% AUDIENCE: What's In It For Me? 00:12:56.000 --> 00:12:56.875 align:middle line:90% BOB JONES: Thank you. 00:12:56.875 --> 00:12:59.960 align:middle line:90% What's In It For Me? 00:12:59.960 --> 00:13:01.760 align:middle line:90% How come you know that? 00:13:01.760 --> 00:13:05.200 align:middle line:90% 00:13:05.200 --> 00:13:07.440 align:middle line:90% AUDIENCE: Just know. 00:13:07.440 --> 00:13:10.320 align:middle line:84% BOB JONES: Well, you've lived a proper life. 00:13:10.320 --> 00:13:11.260 align:middle line:90% Good for you. 00:13:11.260 --> 00:13:12.720 align:middle line:90% What's In It For Me? 00:13:12.720 --> 00:13:14.480 align:middle line:84% People you're talking to may be too 00:13:14.480 --> 00:13:18.440 align:middle line:84% sophisticated to ask this question bluntly, 00:13:18.440 --> 00:13:19.660 align:middle line:90% but they're thinking it. 00:13:19.660 --> 00:13:22.680 align:middle line:90% 00:13:22.680 --> 00:13:26.520 align:middle line:84% And a successful pitch will answer their question 00:13:26.520 --> 00:13:30.360 align:middle line:90% without making them ask you. 00:13:30.360 --> 00:13:33.520 align:middle line:84% So what's in it for your target audience? 00:13:33.520 --> 00:13:36.760 align:middle line:84% Well, what do customers want when you're pitching them? 00:13:36.760 --> 00:13:38.940 align:middle line:84% They're looking at you saying what's in it for me? 00:13:38.940 --> 00:13:40.968 align:middle line:90% What's the right answer? 00:13:40.968 --> 00:13:42.260 align:middle line:90% AUDIENCE: Solve their problems. 00:13:42.260 --> 00:13:43.210 align:middle line:90% BOB JONES: Say again. 00:13:43.210 --> 00:13:44.460 align:middle line:90% AUDIENCE: Solve their problem. 00:13:44.460 --> 00:13:46.050 align:middle line:90% BOB JONES: Solve their problem. 00:13:46.050 --> 00:13:47.030 align:middle line:90% Good answer. 00:13:47.030 --> 00:13:48.550 align:middle line:90% I got it. 00:13:48.550 --> 00:13:53.790 align:middle line:84% They're wondering will you help me get to where I want to go? 00:13:53.790 --> 00:13:56.550 align:middle line:84% Will this app get me from here to Copley Square 00:13:56.550 --> 00:13:58.150 align:middle line:90% quickly and efficiently? 00:13:58.150 --> 00:14:01.510 align:middle line:84% Will this suit I bought make me look 00:14:01.510 --> 00:14:05.710 align:middle line:84% appropriate for a board meeting in a publicly traded company? 00:14:05.710 --> 00:14:09.650 align:middle line:84% Whatever is their individual question, they want to know. 00:14:09.650 --> 00:14:12.230 align:middle line:90% Will you get me what I want? 00:14:12.230 --> 00:14:14.830 align:middle line:90% What about a new hire? 00:14:14.830 --> 00:14:20.630 align:middle line:84% Say that you're going to interview Janet 00:14:20.630 --> 00:14:22.130 align:middle line:90% and offer her a job. 00:14:22.130 --> 00:14:23.990 align:middle line:84% In fact, maybe you hope desperately 00:14:23.990 --> 00:14:25.410 align:middle line:90% that she will come work for you. 00:14:25.410 --> 00:14:29.030 align:middle line:84% What do you think she's thinking? 00:14:29.030 --> 00:14:30.790 align:middle line:90% AUDIENCE: What's in it for me? 00:14:30.790 --> 00:14:33.710 align:middle line:84% BOB JONES: Does she want to hear an endless recitation of how 00:14:33.710 --> 00:14:35.490 align:middle line:90% awesome your technology is? 00:14:35.490 --> 00:14:38.590 align:middle line:90% 00:14:38.590 --> 00:14:40.900 align:middle line:90% Probably not. 00:14:40.900 --> 00:14:43.800 align:middle line:84% She might be a little nerdy and think it's cool, 00:14:43.800 --> 00:14:47.020 align:middle line:90% but that's not top of mind. 00:14:47.020 --> 00:14:49.580 align:middle line:84% Top of mind is more likely am I going 00:14:49.580 --> 00:14:51.220 align:middle line:90% to be able to pay my bills? 00:14:51.220 --> 00:14:55.220 align:middle line:84% Am I going to work 24/7 for 3 months and then the company goes 00:14:55.220 --> 00:14:57.100 align:middle line:90% belly-up? 00:14:57.100 --> 00:15:00.900 align:middle line:84% You have to be able to be sensitive to what 00:15:00.900 --> 00:15:04.900 align:middle line:90% your audience wants. 00:15:04.900 --> 00:15:08.100 align:middle line:84% Investors, of course, we will talk about in more detail 00:15:08.100 --> 00:15:09.160 align:middle line:90% in a few minutes. 00:15:09.160 --> 00:15:11.740 align:middle line:90% 00:15:11.740 --> 00:15:14.633 align:middle line:90% So how do you do it? 00:15:14.633 --> 00:15:16.300 align:middle line:84% Well, we're going to have a little crash 00:15:16.300 --> 00:15:17.920 align:middle line:90% course in the basics tonight. 00:15:17.920 --> 00:15:21.620 align:middle line:84% We're going to cover a few basic fundamentals. 00:15:21.620 --> 00:15:26.620 align:middle line:84% What's in it for me, benefits versus reason to believe 00:15:26.620 --> 00:15:29.620 align:middle line:84% and more-- there are some techniques that go into doing 00:15:29.620 --> 00:15:30.540 align:middle line:90% this well-- 00:15:30.540 --> 00:15:35.980 align:middle line:84% presentation fundamentals, how to use a microphone properly, 00:15:35.980 --> 00:15:40.210 align:middle line:84% something you never thought you'd hear a lecture on, 00:15:40.210 --> 00:15:43.570 align:middle line:84% some typical questions associated with raising capital. 00:15:43.570 --> 00:15:47.650 align:middle line:84% And I will provide you a template that you might use. 00:15:47.650 --> 00:15:49.890 align:middle line:84% Mind you, it's not for everyone, but you 00:15:49.890 --> 00:15:53.930 align:middle line:84% might find it helpful in putting together a presentation. 00:15:53.930 --> 00:15:56.770 align:middle line:84% But let's establish a baseline first 00:15:56.770 --> 00:16:00.530 align:middle line:84% because you may already be really good at this. 00:16:00.530 --> 00:16:03.570 align:middle line:84% And it'd be silly for us to try and improve something 00:16:03.570 --> 00:16:05.450 align:middle line:90% that you're already good at. 00:16:05.450 --> 00:16:11.130 align:middle line:84% So what I would love to have is a volunteer or two 00:16:11.130 --> 00:16:15.390 align:middle line:84% to come up here, take a couple minutes, and don't pitch us. 00:16:15.390 --> 00:16:17.410 align:middle line:84% Tell us a little bit about your business 00:16:17.410 --> 00:16:21.330 align:middle line:84% so that we understand the background and the context. 00:16:21.330 --> 00:16:24.050 align:middle line:84% And then give us a three-minute pitch. 00:16:24.050 --> 00:16:25.670 align:middle line:84% So you might come up and say well, 00:16:25.670 --> 00:16:27.350 align:middle line:84% the fundamentals of our business-- 00:16:27.350 --> 00:16:32.530 align:middle line:84% we're a dog-walking service for dual income families 00:16:32.530 --> 00:16:35.810 align:middle line:84% where nobody's home during the day, and somebody's 00:16:35.810 --> 00:16:37.210 align:middle line:90% got to walk Fifi. 00:16:37.210 --> 00:16:39.840 align:middle line:84% And they take turns leaving the office at noon 00:16:39.840 --> 00:16:43.000 align:middle line:84% to come home and walk the dog, but some days, you just 00:16:43.000 --> 00:16:43.780 align:middle line:90% can't do it. 00:16:43.780 --> 00:16:45.240 align:middle line:90% So they pay us. 00:16:45.240 --> 00:16:45.980 align:middle line:90% OK, great. 00:16:45.980 --> 00:16:47.640 align:middle line:90% Let's hear your pitch. 00:16:47.640 --> 00:16:49.200 align:middle line:90% All right? 00:16:49.200 --> 00:16:51.640 align:middle line:84% And so what we're going to do is we're 00:16:51.640 --> 00:16:54.260 align:middle line:84% going to have you tell us about your business. 00:16:54.260 --> 00:16:57.220 align:middle line:84% We're going to time you with a three-minute presentation. 00:16:57.220 --> 00:16:59.840 align:middle line:90% 00:16:59.840 --> 00:17:02.560 align:middle line:84% And we're going to provide you some feedback. 00:17:02.560 --> 00:17:06.400 align:middle line:84% Now, as an audience, your responsibilities-- 00:17:06.400 --> 00:17:08.560 align:middle line:84% not necessarily to give them love, 00:17:08.560 --> 00:17:11.599 align:middle line:84% but certainly to give them respect because you may end up 00:17:11.599 --> 00:17:12.880 align:middle line:90% up here as well. 00:17:12.880 --> 00:17:16.599 align:middle line:84% So listen carefully, critique respectfully, 00:17:16.599 --> 00:17:20.040 align:middle line:84% and then think a little bit about how what you just learned 00:17:20.040 --> 00:17:22.760 align:middle line:84% may be useful for your situation. 00:17:22.760 --> 00:17:24.839 align:middle line:90% Clear enough? 00:17:24.839 --> 00:17:25.560 align:middle line:90% Yep? 00:17:25.560 --> 00:17:26.359 align:middle line:90% OK. 00:17:26.359 --> 00:17:28.440 align:middle line:84% So who would like to come up and get 00:17:28.440 --> 00:17:32.500 align:middle line:84% the benefit of this awesome exposure and awesome counsel? 00:17:32.500 --> 00:17:33.000 align:middle line:90% Good. 00:17:33.000 --> 00:17:33.660 align:middle line:90% Come on. 00:17:33.660 --> 00:17:37.020 align:middle line:90% 00:17:37.020 --> 00:17:40.940 align:middle line:84% By the way, there will be an optional reward 00:17:40.940 --> 00:17:44.020 align:middle line:84% for the people who are willing to go first, which 00:17:44.020 --> 00:17:48.460 align:middle line:84% is that after we provide some critique and maybe 00:17:48.460 --> 00:17:52.980 align:middle line:84% some guidelines, if you'd like, you can go again and show us 00:17:52.980 --> 00:17:54.620 align:middle line:90% if there was any improvement. 00:17:54.620 --> 00:17:56.333 align:middle line:84% JOE HADZIMA: Who was coming down? 00:17:56.333 --> 00:17:57.500 align:middle line:90% BOB JONES: Right behind you. 00:17:57.500 --> 00:17:58.540 align:middle line:90% JOE HADZIMA: Here we go. 00:17:58.540 --> 00:17:59.373 align:middle line:90% AUDIENCE: Thank you. 00:17:59.373 --> 00:18:00.725 align:middle line:90% JOE HADZIMA: All right. 00:18:00.725 --> 00:18:01.600 align:middle line:90% BOB JONES: All right. 00:18:01.600 --> 00:18:02.940 align:middle line:90% What's your name? 00:18:02.940 --> 00:18:04.060 align:middle line:90% AUDIENCE: I'm Andreas. 00:18:04.060 --> 00:18:07.080 align:middle line:84% BOB JONES: Andreas, tell us a little bit about your business. 00:18:07.080 --> 00:18:07.953 align:middle line:90% [MUSIC PLAYING] 00:18:07.953 --> 00:18:09.580 align:middle line:84% AUTOMATED VOICE: [INAUDIBLE] data-- 00:18:09.580 --> 00:18:13.140 align:middle line:84% BOB JONES: [LAUGHS] But first, a commercial 00:18:13.140 --> 00:18:16.228 align:middle line:90% from Procter & Gamble. 00:18:16.228 --> 00:18:19.200 align:middle line:84% [LAUGHS] All right, tell us not a pitch quite yet. 00:18:19.200 --> 00:18:20.780 align:middle line:84% Just tell us what your business is. 00:18:20.780 --> 00:18:23.240 align:middle line:84% AUDIENCE: All right, so we're Pixel Mocks. 00:18:23.240 --> 00:18:28.060 align:middle line:84% We do generated graphics and computer vision. 00:18:28.060 --> 00:18:31.220 align:middle line:84% So our focus is to automate and just make 00:18:31.220 --> 00:18:36.195 align:middle line:84% the work of video producers a little bit easier. 00:18:36.195 --> 00:18:37.070 align:middle line:90% BOB JONES: I'm sorry. 00:18:37.070 --> 00:18:38.330 align:middle line:90% You do what? 00:18:38.330 --> 00:18:39.670 align:middle line:90% AUDIENCE: Video producing-- 00:18:39.670 --> 00:18:40.337 align:middle line:90% BOB JONES: Yeah. 00:18:40.337 --> 00:18:42.130 align:middle line:90% AUDIENCE: --a little bit easier. 00:18:42.130 --> 00:18:45.570 align:middle line:84% BOB JONES: OK, so who wants that? 00:18:45.570 --> 00:18:47.370 align:middle line:90% AUDIENCE: So video produce-- oh. 00:18:47.370 --> 00:18:48.542 align:middle line:90% Yeah. 00:18:48.542 --> 00:18:49.250 align:middle line:90% BOB JONES: Right. 00:18:49.250 --> 00:18:52.250 align:middle line:84% OK, I'll take a commission on this sale. 00:18:52.250 --> 00:18:55.170 align:middle line:84% AUDIENCE: All right, so video producers actually 00:18:55.170 --> 00:18:59.250 align:middle line:84% spend a lot of time just on the process of recording and editing 00:18:59.250 --> 00:19:00.410 align:middle line:90% videos. 00:19:00.410 --> 00:19:04.130 align:middle line:84% With generative AI, some new technologies 00:19:04.130 --> 00:19:10.650 align:middle line:84% have come out that enable very good video generation. 00:19:10.650 --> 00:19:11.830 align:middle line:90% And it's just recent. 00:19:11.830 --> 00:19:16.050 align:middle line:84% It's a recent technology development. 00:19:16.050 --> 00:19:16.890 align:middle line:90% Yeah. 00:19:16.890 --> 00:19:17.690 align:middle line:90% BOB JONES: OK. 00:19:17.690 --> 00:19:20.170 align:middle line:84% Is that good enough for background? 00:19:20.170 --> 00:19:20.690 align:middle line:90% All right. 00:19:20.690 --> 00:19:23.077 align:middle line:84% Then give us your three-minute pitch, please. 00:19:23.077 --> 00:19:23.910 align:middle line:90% AUDIENCE: All right. 00:19:23.910 --> 00:19:25.890 align:middle line:84% Am I pitching to investors, to customers? 00:19:25.890 --> 00:19:26.848 align:middle line:90% BOB JONES: You tell us. 00:19:26.848 --> 00:19:28.490 align:middle line:84% Or look, would you prefer to view 00:19:28.490 --> 00:19:33.810 align:middle line:84% this as a pitch to investors or to a prospective customer 00:19:33.810 --> 00:19:37.600 align:middle line:84% or to someone you're interviewing to hire 00:19:37.600 --> 00:19:39.960 align:middle line:90% to have them join your team? 00:19:39.960 --> 00:19:40.815 align:middle line:90% Tell us who we are. 00:19:40.815 --> 00:19:41.440 align:middle line:90% AUDIENCE: Yeah. 00:19:41.440 --> 00:19:41.940 align:middle line:90% All right. 00:19:41.940 --> 00:19:46.313 align:middle line:84% So we're actually looking for engineers and for developers. 00:19:46.313 --> 00:19:47.480 align:middle line:90% So I'm just going to pitch-- 00:19:47.480 --> 00:19:49.272 align:middle line:84% BOB JONES: OK, give us a three-minute pitch 00:19:49.272 --> 00:19:51.320 align:middle line:84% to prospective engineers, to engineers who 00:19:51.320 --> 00:19:53.187 align:middle line:90% would be prospective employees. 00:19:53.187 --> 00:19:54.020 align:middle line:90% AUDIENCE: All right. 00:19:54.020 --> 00:19:56.800 align:middle line:84% So there are a lot of challenges in computer vision. 00:19:56.800 --> 00:20:00.640 align:middle line:84% And specifically, to automate the process 00:20:00.640 --> 00:20:02.640 align:middle line:84% of generating a video, there are a lot 00:20:02.640 --> 00:20:06.140 align:middle line:84% of things that have to go correctly. 00:20:06.140 --> 00:20:08.640 align:middle line:84% So if you think of video, you can decompose a video 00:20:08.640 --> 00:20:11.560 align:middle line:90% into pretty much three aspects. 00:20:11.560 --> 00:20:14.000 align:middle line:84% So you have the characters within the video, which 00:20:14.000 --> 00:20:18.400 align:middle line:84% are just persons who move and interact within the environment. 00:20:18.400 --> 00:20:22.080 align:middle line:84% You have to model both the characters and the environment 00:20:22.080 --> 00:20:26.740 align:middle line:84% in such a way that it's comprehensive, 00:20:26.740 --> 00:20:29.760 align:middle line:90% that is reliable to reality. 00:20:29.760 --> 00:20:31.620 align:middle line:90% And that is a hard topic. 00:20:31.620 --> 00:20:34.710 align:middle line:84% There's a lot of technology and a lot of challenges 00:20:34.710 --> 00:20:36.710 align:middle line:90% to be solved in this issue. 00:20:36.710 --> 00:20:39.530 align:middle line:90% And it's a very large market. 00:20:39.530 --> 00:20:41.590 align:middle line:84% If you think about it, just looking 00:20:41.590 --> 00:20:44.250 align:middle line:84% at YouTube over the last few years, 00:20:44.250 --> 00:20:48.650 align:middle line:84% it has a compounding growth rate of 40%. 00:20:48.650 --> 00:20:51.790 align:middle line:84% And there are billions and billions of these videos 00:20:51.790 --> 00:20:53.230 align:middle line:90% out there in the market. 00:20:53.230 --> 00:20:55.310 align:middle line:84% So there are a lot of value to create 00:20:55.310 --> 00:21:00.190 align:middle line:84% for users and to any people, along with a lot of challenges. 00:21:00.190 --> 00:21:04.830 align:middle line:84% We are welcoming anyone who wants to take on this journey 00:21:04.830 --> 00:21:10.910 align:middle line:84% and just work through these hard engineering problems. 00:21:10.910 --> 00:21:11.810 align:middle line:90% That's my pitch. 00:21:11.810 --> 00:21:14.810 align:middle line:90% [APPLAUSE] 00:21:14.810 --> 00:21:17.310 align:middle line:90% 00:21:17.310 --> 00:21:19.570 align:middle line:84% BOB JONES: And you came in at less than three minutes. 00:21:19.570 --> 00:21:20.610 align:middle line:90% Nice job. 00:21:20.610 --> 00:21:22.930 align:middle line:84% OK, let's hear your thoughts on this. 00:21:22.930 --> 00:21:25.830 align:middle line:84% I have a few reactions, but I'm going to hold them. 00:21:25.830 --> 00:21:27.530 align:middle line:90% We need a microphone up there. 00:21:27.530 --> 00:21:28.490 align:middle line:90% Thanks, Supriya. 00:21:28.490 --> 00:21:31.420 align:middle line:90% 00:21:31.420 --> 00:21:34.220 align:middle line:84% Part of how we sell the idea of being 00:21:34.220 --> 00:21:36.260 align:middle line:84% teaching assistants for this program 00:21:36.260 --> 00:21:38.757 align:middle line:84% is you don't have to go to the gym for these two weeks. 00:21:38.757 --> 00:21:40.840 align:middle line:84% AUDIENCE: Oh, well, if he wasn't going to the gym, 00:21:40.840 --> 00:21:42.173 align:middle line:90% I understand there are cameras-- 00:21:42.173 --> 00:21:45.860 align:middle line:90% BOB JONES: [LAUGHS] Yeah. 00:21:45.860 --> 00:21:47.140 align:middle line:90% Right. 00:21:47.140 --> 00:21:48.860 align:middle line:90% So let's hear your feedback. 00:21:48.860 --> 00:21:51.780 align:middle line:84% AUDIENCE: --prospective employee, I 00:21:51.780 --> 00:21:56.620 align:middle line:84% didn't hear enough specifics of why that person's skill 00:21:56.620 --> 00:21:59.757 align:middle line:84% set would be essential to what you're doing. 00:21:59.757 --> 00:22:00.340 align:middle line:90% BOB JONES: OK. 00:22:00.340 --> 00:22:03.317 align:middle line:84% AUDIENCE: So why do we need them? 00:22:03.317 --> 00:22:03.900 align:middle line:90% BOB JONES: No. 00:22:03.900 --> 00:22:06.780 align:middle line:84% Andreas, I think the point was that you said 00:22:06.780 --> 00:22:09.820 align:middle line:90% in your introduction that-- 00:22:09.820 --> 00:22:12.120 align:middle line:84% excuse me-- you would be interviewing. 00:22:12.120 --> 00:22:13.680 align:middle line:90% You're looking for engineers. 00:22:13.680 --> 00:22:17.480 align:middle line:84% And in the minute and 58 seconds that you talked, 00:22:17.480 --> 00:22:19.980 align:middle line:84% I didn't hear a word about the job. 00:22:19.980 --> 00:22:20.620 align:middle line:90% AUDIENCE: Oh. 00:22:20.620 --> 00:22:22.180 align:middle line:90% BOB JONES: Right? 00:22:22.180 --> 00:22:25.520 align:middle line:84% If I asked you right now, based on just on what you heard, 00:22:25.520 --> 00:22:27.580 align:middle line:84% how many of you would be interested in applying 00:22:27.580 --> 00:22:30.760 align:middle line:90% for a job with Andreas? 00:22:30.760 --> 00:22:32.242 align:middle line:90% OK, so that's a fail. 00:22:32.242 --> 00:22:33.700 align:middle line:84% AUDIENCE: Yeah, that definitely is. 00:22:33.700 --> 00:22:35.680 align:middle line:84% BOB JONES: [LAUGHS] It's a problem that 00:22:35.680 --> 00:22:40.055 align:middle line:84% can be easily remedied, but at first attempt, that's a fail. 00:22:40.055 --> 00:22:40.680 align:middle line:90% AUDIENCE: Yeah. 00:22:40.680 --> 00:22:41.300 align:middle line:90% BOB JONES: OK. 00:22:41.300 --> 00:22:42.220 align:middle line:90% Other feedback? 00:22:42.220 --> 00:22:46.360 align:middle line:90% 00:22:46.360 --> 00:22:48.760 align:middle line:90% AUDIENCE: So with each-- 00:22:48.760 --> 00:22:52.220 align:middle line:84% I also think that you didn't talk enough about benefits. 00:22:52.220 --> 00:22:55.840 align:middle line:84% So how would I go-- if I worked for you, 00:22:55.840 --> 00:22:57.840 align:middle line:90% what would be my experience? 00:22:57.840 --> 00:23:02.620 align:middle line:84% Even in terms of salary, what should I expect? 00:23:02.620 --> 00:23:06.240 align:middle line:90% 00:23:06.240 --> 00:23:08.640 align:middle line:84% AUDIENCE: Yeah, well, to answer that one, 00:23:08.640 --> 00:23:13.220 align:middle line:84% as Bob has said before, we're a startup, so underfunded. 00:23:13.220 --> 00:23:15.200 align:middle line:90% And that's redundant. 00:23:15.200 --> 00:23:18.640 align:middle line:90% The benefits comes out to-- 00:23:18.640 --> 00:23:21.220 align:middle line:84% the payout comes out if we make it. 00:23:21.220 --> 00:23:22.820 align:middle line:84% You're going to get stock options. 00:23:22.820 --> 00:23:26.280 align:middle line:84% And then the market is relatively big. 00:23:26.280 --> 00:23:29.210 align:middle line:84% So if we make it, we're going to be financially stable. 00:23:29.210 --> 00:23:30.750 align:middle line:90% You're going to have that. 00:23:30.750 --> 00:23:34.710 align:middle line:84% And from my page, I think I was trying 00:23:34.710 --> 00:23:38.230 align:middle line:84% to center it around technologies and the challenges 00:23:38.230 --> 00:23:40.150 align:middle line:84% that you're going to have and that you're 00:23:40.150 --> 00:23:41.710 align:middle line:90% going to face as an engineer. 00:23:41.710 --> 00:23:47.707 align:middle line:84% So to bring this to market, we have to work with DevOps. 00:23:47.707 --> 00:23:49.290 align:middle line:84% There are a lot of issues with DevOps. 00:23:49.290 --> 00:23:53.030 align:middle line:84% We have to make this service public to people. 00:23:53.030 --> 00:23:57.330 align:middle line:84% We also just-- infrastructure, security, deployments. 00:23:57.330 --> 00:23:59.430 align:middle line:84% And then there's also a lot of machine 00:23:59.430 --> 00:24:03.250 align:middle line:84% learning that comes into it and then deep learning. 00:24:03.250 --> 00:24:06.230 align:middle line:84% So if you want to gain experience, hands-on experience, 00:24:06.230 --> 00:24:09.350 align:middle line:90% working with technology-- 00:24:09.350 --> 00:24:11.150 align:middle line:84% BOB JONES: Let's take one more comment, 00:24:11.150 --> 00:24:15.350 align:middle line:84% and then I'll offer a quick one as well. 00:24:15.350 --> 00:24:17.330 align:middle line:90% Good reply, but go ahead. 00:24:17.330 --> 00:24:17.830 align:middle line:90% Yep. 00:24:17.830 --> 00:24:21.830 align:middle line:90% 00:24:21.830 --> 00:24:23.410 align:middle line:90% AUDIENCE: Hi. 00:24:23.410 --> 00:24:23.910 align:middle line:90% OK. 00:24:23.910 --> 00:24:27.980 align:middle line:84% I didn't exactly understand what is the unique thing 00:24:27.980 --> 00:24:29.700 align:middle line:90% that you were-- 00:24:29.700 --> 00:24:30.200 align:middle line:90% OK. 00:24:30.200 --> 00:24:32.300 align:middle line:90% I know that it's generative AI. 00:24:32.300 --> 00:24:35.740 align:middle line:84% I know that video editing is a thing, 00:24:35.740 --> 00:24:38.220 align:middle line:84% but then what is the company trying 00:24:38.220 --> 00:24:40.380 align:middle line:84% to-- what's the value that you're trying to create? 00:24:40.380 --> 00:24:44.880 align:middle line:90% And is this a good use case? 00:24:44.880 --> 00:24:46.460 align:middle line:84% Are you competing against someone? 00:24:46.460 --> 00:24:48.913 align:middle line:90% What's the view on that? 00:24:48.913 --> 00:24:49.580 align:middle line:90% AUDIENCE: Right. 00:24:49.580 --> 00:24:53.400 align:middle line:84% So whenever you go to a recording session, 00:24:53.400 --> 00:24:56.020 align:middle line:84% there is a lot of things that come into it. 00:24:56.020 --> 00:24:59.520 align:middle line:84% So when someone wants to create a video, 00:24:59.520 --> 00:25:02.360 align:middle line:84% they essentially have to hire someone to do the camera, 00:25:02.360 --> 00:25:04.660 align:middle line:84% someone to do the audio, someone to actually 00:25:04.660 --> 00:25:07.300 align:middle line:84% be in front of the camera, so the actor. 00:25:07.300 --> 00:25:11.260 align:middle line:90% And it can take a lot of time. 00:25:11.260 --> 00:25:16.880 align:middle line:84% Just from some customers we have, a regular shoot for them-- 00:25:16.880 --> 00:25:20.060 align:middle line:84% they just do promotional videos for within their companies. 00:25:20.060 --> 00:25:24.340 align:middle line:84% It takes them 2 hours just to get a 10-minutes video out. 00:25:24.340 --> 00:25:27.250 align:middle line:84% And the video is relatively simple. 00:25:27.250 --> 00:25:29.370 align:middle line:84% It's just one person communicating 00:25:29.370 --> 00:25:31.070 align:middle line:90% information for the company. 00:25:31.070 --> 00:25:34.810 align:middle line:90% 00:25:34.810 --> 00:25:38.130 align:middle line:84% With generative AI, we can just model that and then 00:25:38.130 --> 00:25:42.650 align:middle line:84% just take the pitch of whatever the person wants to communicate 00:25:42.650 --> 00:25:44.250 align:middle line:90% and generate the video. 00:25:44.250 --> 00:25:46.170 align:middle line:90% We do it in 30 seconds. 00:25:46.170 --> 00:25:47.950 align:middle line:90% So you save a lot of time. 00:25:47.950 --> 00:25:50.210 align:middle line:84% And then video editors can get to do 00:25:50.210 --> 00:25:52.770 align:middle line:84% what they do the best, which is just editing the video 00:25:52.770 --> 00:25:55.530 align:middle line:84% and putting it together, without having 00:25:55.530 --> 00:25:59.578 align:middle line:84% to go through the struggle of recording and all of that. 00:25:59.578 --> 00:26:00.870 align:middle line:90% BOB JONES: OK, let me stop you. 00:26:00.870 --> 00:26:03.210 align:middle line:90% That was a benefit. 00:26:03.210 --> 00:26:06.770 align:middle line:84% So may I take a 30-second crack at giving your pitch? 00:26:06.770 --> 00:26:07.490 align:middle line:90% AUDIENCE: Yes. 00:26:07.490 --> 00:26:09.730 align:middle line:90% BOB JONES: All right. 00:26:09.730 --> 00:26:12.850 align:middle line:84% We have a startup that's tackling an unmet need 00:26:12.850 --> 00:26:14.790 align:middle line:90% in the world of video editing. 00:26:14.790 --> 00:26:19.210 align:middle line:84% We have some technology which, if it works properly, 00:26:19.210 --> 00:26:21.650 align:middle line:84% will enormously decrease the time 00:26:21.650 --> 00:26:25.860 align:middle line:84% and the headache associated with doing video editing, 00:26:25.860 --> 00:26:27.340 align:middle line:90% but we need engineers. 00:26:27.340 --> 00:26:30.140 align:middle line:84% We need engineers who understand the technology. 00:26:30.140 --> 00:26:33.120 align:middle line:84% More importantly, we need people who really want to make 00:26:33.120 --> 00:26:36.340 align:middle line:84% a difference, people who have gone through a program, 00:26:36.340 --> 00:26:40.020 align:middle line:84% learned a lot, had developed some real skills, 00:26:40.020 --> 00:26:43.880 align:middle line:84% and don't want to be one of 40,000 employees in a great big 00:26:43.880 --> 00:26:44.700 align:middle line:90% company. 00:26:44.700 --> 00:26:48.520 align:middle line:84% If you want to come somewhere where you can make a difference, 00:26:48.520 --> 00:26:50.297 align:middle line:90% come talk to me. 00:26:50.297 --> 00:26:50.880 align:middle line:90% AUDIENCE: Ooh. 00:26:50.880 --> 00:26:53.808 align:middle line:90% [APPLAUSE] 00:26:53.808 --> 00:26:54.092 align:middle line:90% 00:26:54.092 --> 00:26:54.800 align:middle line:90% BOB JONES: Right? 00:26:54.800 --> 00:26:58.200 align:middle line:84% There is a technique, a technology associated with this. 00:26:58.200 --> 00:26:58.700 align:middle line:90% Thank you. 00:26:58.700 --> 00:26:59.980 align:middle line:90% Let's give the man a hand. 00:26:59.980 --> 00:27:02.660 align:middle line:90% [APPLAUSE] 00:27:02.660 --> 00:27:04.960 align:middle line:90% 00:27:04.960 --> 00:27:05.820 align:middle line:90% Someone else? 00:27:05.820 --> 00:27:10.240 align:middle line:90% 00:27:10.240 --> 00:27:13.280 align:middle line:90% Tell us your name. 00:27:13.280 --> 00:27:15.965 align:middle line:90% AUDIENCE: Hi, I'm Subhash Sadhu. 00:27:15.965 --> 00:27:16.840 align:middle line:90% BOB JONES: I'm sorry. 00:27:16.840 --> 00:27:17.632 align:middle line:90% I missed your name. 00:27:17.632 --> 00:27:18.480 align:middle line:90% AUDIENCE: Subhash. 00:27:18.480 --> 00:27:21.105 align:middle line:84% BOB JONES: OK, Subhash, tell us a little bit about your company 00:27:21.105 --> 00:27:21.895 align:middle line:90% before you pitch. 00:27:21.895 --> 00:27:22.520 align:middle line:90% AUDIENCE: Yeah. 00:27:22.520 --> 00:27:25.900 align:middle line:84% So we are a medical imaging company 00:27:25.900 --> 00:27:31.340 align:middle line:84% who build extremely low cost, high quality ultrasound devices. 00:27:31.340 --> 00:27:34.980 align:middle line:84% BOB JONES: Extremely high quality, low cost what? 00:27:34.980 --> 00:27:36.680 align:middle line:84% AUDIENCE: Ultrasound imaging devices. 00:27:36.680 --> 00:27:37.620 align:middle line:90% BOB JONES: OK. 00:27:37.620 --> 00:27:40.900 align:middle line:84% AUDIENCE: Our customers are, well, 00:27:40.900 --> 00:27:44.340 align:middle line:84% doctors who want to know more about what's 00:27:44.340 --> 00:27:46.820 align:middle line:84% happening inside the patient, but don't have access 00:27:46.820 --> 00:27:51.460 align:middle line:84% to ultrasound devices and in some cases, patients 00:27:51.460 --> 00:27:54.380 align:middle line:90% who want to use it at home. 00:27:54.380 --> 00:27:55.880 align:middle line:90% BOB JONES: OK. 00:27:55.880 --> 00:27:57.040 align:middle line:90% And so who are we? 00:27:57.040 --> 00:27:58.760 align:middle line:84% You're about to give a presentation. 00:27:58.760 --> 00:28:01.960 align:middle line:84% Are we prospective employees, are we investors, 00:28:01.960 --> 00:28:05.540 align:middle line:84% are we hospitals who could be your customer? 00:28:05.540 --> 00:28:07.060 align:middle line:84% AUDIENCE: So yeah, I'm practicing 00:28:07.060 --> 00:28:08.920 align:middle line:84% to pitch to investors at this point. 00:28:08.920 --> 00:28:11.077 align:middle line:84% BOB JONES: OK, so the goal is to raise capital. 00:28:11.077 --> 00:28:11.660 align:middle line:90% AUDIENCE: Yes. 00:28:11.660 --> 00:28:12.280 align:middle line:90% BOB JONES: OK. 00:28:12.280 --> 00:28:15.820 align:middle line:84% So all of you people are hereby rich. 00:28:15.820 --> 00:28:17.480 align:middle line:90% And congratulations. 00:28:17.480 --> 00:28:19.660 align:middle line:90% The course is now over. 00:28:19.660 --> 00:28:22.490 align:middle line:84% And you are going to make up your mind whether or not 00:28:22.490 --> 00:28:24.890 align:middle line:84% you will put some of your hard-earned funding 00:28:24.890 --> 00:28:26.510 align:middle line:90% into this gentleman's venture. 00:28:26.510 --> 00:28:27.090 align:middle line:90% Yes? 00:28:27.090 --> 00:28:28.430 align:middle line:90% Three minutes. 00:28:28.430 --> 00:28:30.530 align:middle line:90% And you can see the timer there. 00:28:30.530 --> 00:28:31.210 align:middle line:90% Go. 00:28:31.210 --> 00:28:32.330 align:middle line:90% AUDIENCE: Thanks. 00:28:32.330 --> 00:28:33.110 align:middle line:90% All right. 00:28:33.110 --> 00:28:40.690 align:middle line:84% So yeah, who here does not like going to hospitals? 00:28:40.690 --> 00:28:42.570 align:middle line:90% Show of hands. 00:28:42.570 --> 00:28:44.450 align:middle line:90% Who does not like hospitals? 00:28:44.450 --> 00:28:46.070 align:middle line:90% The rest of you like hospitals? 00:28:46.070 --> 00:28:46.930 align:middle line:90% AUDIENCE: Yeah. 00:28:46.930 --> 00:28:50.030 align:middle line:90% AUDIENCE: [LAUGHS] Well, thanks. 00:28:50.030 --> 00:28:51.210 align:middle line:90% Yeah. 00:28:51.210 --> 00:28:53.150 align:middle line:84% Well, I'm sure most of you don't like it, 00:28:53.150 --> 00:28:57.530 align:middle line:84% but it's even harder if you're old or if you're sick 00:28:57.530 --> 00:28:58.930 align:middle line:90% or if you're pregnant. 00:28:58.930 --> 00:29:02.690 align:middle line:84% And in fact, yeah, imagine a pregnant woman 00:29:02.690 --> 00:29:07.850 align:middle line:84% who also suffers from hypertension or chronic stress. 00:29:07.850 --> 00:29:10.030 align:middle line:90% And she's not alone. 00:29:10.030 --> 00:29:12.930 align:middle line:90% This is 6% to 8% of pregnancies. 00:29:12.930 --> 00:29:17.050 align:middle line:84% So that's 200,000 pregnancies a year in the US. 00:29:17.050 --> 00:29:21.280 align:middle line:84% And these people visit the hospital frequently. 00:29:21.280 --> 00:29:23.360 align:middle line:90% So think about this. 00:29:23.360 --> 00:29:26.920 align:middle line:84% Seeking health care actually increases the stress level, 00:29:26.920 --> 00:29:29.960 align:middle line:90% and this is counterproductive. 00:29:29.960 --> 00:29:32.820 align:middle line:84% And besides the stress of just going to the hospital, 00:29:32.820 --> 00:29:35.260 align:middle line:90% they are giving up a day's work. 00:29:35.260 --> 00:29:36.240 align:middle line:90% So they're losing pay. 00:29:36.240 --> 00:29:38.040 align:middle line:84% And they're sometimes losing credibility 00:29:38.040 --> 00:29:41.080 align:middle line:90% for taking time off from work. 00:29:41.080 --> 00:29:43.460 align:middle line:84% So what's the ideal solution here? 00:29:43.460 --> 00:29:48.880 align:middle line:84% The ideal solution is to be able to seek 00:29:48.880 --> 00:29:50.480 align:middle line:84% whatever health care that's happening 00:29:50.480 --> 00:29:52.520 align:middle line:90% in the hospital at home. 00:29:52.520 --> 00:29:56.560 align:middle line:84% And what happens in the hospital is typically, 00:29:56.560 --> 00:30:00.840 align:middle line:84% an ultrasound scan monitors the progress of the pregnancy. 00:30:00.840 --> 00:30:02.620 align:middle line:90% So what are we saying here? 00:30:02.620 --> 00:30:04.560 align:middle line:84% We are saying the ideal solution is 00:30:04.560 --> 00:30:07.600 align:middle line:84% that they can perform an ultrasound scan at home, 00:30:07.600 --> 00:30:10.400 align:middle line:84% or in other words, I'm talking about telehealth. 00:30:10.400 --> 00:30:12.760 align:middle line:84% Now, we've all heard about telehealth, 00:30:12.760 --> 00:30:15.840 align:middle line:84% but today, telehealth at a technology level 00:30:15.840 --> 00:30:18.920 align:middle line:84% is just a glorified video call and instant 00:30:18.920 --> 00:30:21.110 align:middle line:90% messaging with doctors. 00:30:21.110 --> 00:30:24.150 align:middle line:84% There is no diagnostic capability built in, 00:30:24.150 --> 00:30:27.670 align:middle line:84% which means the doctor isn't able to look into the patient 00:30:27.670 --> 00:30:30.750 align:middle line:90% and understand what's happening. 00:30:30.750 --> 00:30:34.310 align:middle line:84% We are building an ultrasound imaging technology, 00:30:34.310 --> 00:30:37.830 align:middle line:84% which solves all the problems that's 00:30:37.830 --> 00:30:41.190 align:middle line:84% needed to bring diagnostic imaging to telehealth. 00:30:41.190 --> 00:30:45.150 align:middle line:84% So we have a radically new hardware architecture 00:30:45.150 --> 00:30:50.150 align:middle line:84% that lets us make high quality devices at low cost. 00:30:50.150 --> 00:30:53.190 align:middle line:84% And a software layer on top of this hardware platform 00:30:53.190 --> 00:30:55.510 align:middle line:84% lets us deploy it to new applications 00:30:55.510 --> 00:30:58.310 align:middle line:90% as and when we uncover them. 00:30:58.310 --> 00:31:04.710 align:middle line:84% And AI-guided protocol helps an untrained person 00:31:04.710 --> 00:31:08.650 align:middle line:84% be able to perform scans which are medically relevant. 00:31:08.650 --> 00:31:10.810 align:middle line:84% So we're covering all bases there. 00:31:10.810 --> 00:31:13.850 align:middle line:84% And there are ultrasound scanners in the market, 00:31:13.850 --> 00:31:16.270 align:middle line:84% but they all have one problem or the other. 00:31:16.270 --> 00:31:18.420 align:middle line:90% Some are too expensive. 00:31:18.420 --> 00:31:20.020 align:middle line:84% The ones which are not that expensive 00:31:20.020 --> 00:31:23.020 align:middle line:90% are not good enough in quality. 00:31:23.020 --> 00:31:24.320 align:middle line:90% Some are quite bulky. 00:31:24.320 --> 00:31:26.340 align:middle line:84% And almost all of them are too hard for people 00:31:26.340 --> 00:31:29.420 align:middle line:84% to use and provide a useful scan. 00:31:29.420 --> 00:31:32.540 align:middle line:90% So yeah-- 00:31:32.540 --> 00:31:33.878 align:middle line:90% BOB JONES: Time's up. 00:31:33.878 --> 00:31:34.420 align:middle line:90% AUDIENCE: Oh. 00:31:34.420 --> 00:31:34.980 align:middle line:90% BOB JONES: Sorry. 00:31:34.980 --> 00:31:35.600 align:middle line:90% That's harsh. 00:31:35.600 --> 00:31:36.480 align:middle line:90% Give him a hand. 00:31:36.480 --> 00:31:39.180 align:middle line:90% [APPLAUSE] 00:31:39.180 --> 00:31:40.060 align:middle line:90% 00:31:40.060 --> 00:31:41.820 align:middle line:84% I have been in pitch contests where 00:31:41.820 --> 00:31:44.040 align:middle line:84% they say you have three minutes or four minutes, 00:31:44.040 --> 00:31:46.760 align:middle line:90% and they shut your mic off. 00:31:46.760 --> 00:31:47.440 align:middle line:90% It's harsh. 00:31:47.440 --> 00:31:51.060 align:middle line:84% It's brutal, but you're up there. 00:31:51.060 --> 00:31:55.100 align:middle line:84% So there's a certain discipline associated with making it 00:31:55.100 --> 00:31:56.240 align:middle line:90% into the time frame. 00:31:56.240 --> 00:31:58.960 align:middle line:84% OK, your comments, your thoughts, your critiques, 00:31:58.960 --> 00:32:00.200 align:middle line:90% your observations. 00:32:00.200 --> 00:32:04.260 align:middle line:90% 00:32:04.260 --> 00:32:06.420 align:middle line:84% AUDIENCE: I think the solution will describe 00:32:06.420 --> 00:32:11.500 align:middle line:90% [INAUDIBLE] the solution is. 00:32:11.500 --> 00:32:13.060 align:middle line:84% The problem right in the beginning 00:32:13.060 --> 00:32:16.386 align:middle line:84% was completely relevant [INAUDIBLE]. 00:32:16.386 --> 00:32:19.920 align:middle line:84% I hear the whole point of getting the audience engaged, 00:32:19.920 --> 00:32:23.080 align:middle line:84% but the question that you ask has absolutely nothing 00:32:23.080 --> 00:32:27.360 align:middle line:84% to do with what solution you are trying to show [INAUDIBLE]. 00:32:27.360 --> 00:32:29.160 align:middle line:84% And I guess that's the whole reason why 00:32:29.160 --> 00:32:33.920 align:middle line:84% you want to [INAUDIBLE] show your customers there. 00:32:33.920 --> 00:32:36.280 align:middle line:84% And then you start talking about people 00:32:36.280 --> 00:32:38.160 align:middle line:90% going to hospitals [INAUDIBLE]. 00:32:38.160 --> 00:32:41.560 align:middle line:84% And then somehow, pregnant women, this. 00:32:41.560 --> 00:32:45.880 align:middle line:84% And again, the whole problem is solutions there, evidently, 00:32:45.880 --> 00:32:49.600 align:middle line:84% but then if you are pitching this to investors, 00:32:49.600 --> 00:32:51.340 align:middle line:90% what you need as an investor-- 00:32:51.340 --> 00:32:53.680 align:middle line:84% I would like to know [INAUDIBLE]. 00:32:53.680 --> 00:32:56.980 align:middle line:84% What stage is this because I don't know where you 00:32:56.980 --> 00:32:57.600 align:middle line:90% [INAUDIBLE]. 00:32:57.600 --> 00:33:01.280 align:middle line:84% I don't know [INAUDIBLE] working on this customers? 00:33:01.280 --> 00:33:05.960 align:middle line:84% So I think [INAUDIBLE] stage and any traction. 00:33:05.960 --> 00:33:08.180 align:middle line:84% It would be great to understand, again, 00:33:08.180 --> 00:33:11.600 align:middle line:84% from the investor point of view, maybe a little bit about who you 00:33:11.600 --> 00:33:17.070 align:middle line:84% are, especially since you are in a medical space. 00:33:17.070 --> 00:33:19.890 align:middle line:84% How will you find time to solve this problem? 00:33:19.890 --> 00:33:25.510 align:middle line:84% And how [INAUDIBLE] problem because [INAUDIBLE] 00:33:25.510 --> 00:33:27.350 align:middle line:90% is a long time. 00:33:27.350 --> 00:33:31.710 align:middle line:84% And we are going to hear these things. 00:33:31.710 --> 00:33:34.610 align:middle line:84% BOB JONES: Well, that was one of the more comprehensive critiques 00:33:34.610 --> 00:33:35.290 align:middle line:90% I've heard. 00:33:35.290 --> 00:33:36.010 align:middle line:90% AUDIENCE: Yeah, thank you. 00:33:36.010 --> 00:33:36.430 align:middle line:90% Yeah. 00:33:36.430 --> 00:33:37.305 align:middle line:90% BOB JONES: Well done. 00:33:37.305 --> 00:33:37.950 align:middle line:90% Thank you. 00:33:37.950 --> 00:33:42.310 align:middle line:84% Did he say anything about who's going to pay for this? 00:33:42.310 --> 00:33:45.620 align:middle line:90% I didn't hear a word about that. 00:33:45.620 --> 00:33:46.630 align:middle line:90% OK. 00:33:46.630 --> 00:33:50.470 align:middle line:90% Any other observations? 00:33:50.470 --> 00:33:50.990 align:middle line:90% Oh, sorry. 00:33:50.990 --> 00:33:51.490 align:middle line:90% Go ahead. 00:33:51.490 --> 00:33:51.990 align:middle line:90% Yeah. 00:33:51.990 --> 00:33:54.430 align:middle line:84% AUDIENCE: That was going to be my feedback. 00:33:54.430 --> 00:33:58.010 align:middle line:84% In other words, if I'm the investor or potential investor, 00:33:58.010 --> 00:34:00.990 align:middle line:84% I want to understand what the market is. 00:34:00.990 --> 00:34:04.050 align:middle line:84% I want to get a feeling of your understanding of the market. 00:34:04.050 --> 00:34:08.510 align:middle line:84% I may have some interest or knowledge on it or not, 00:34:08.510 --> 00:34:10.330 align:middle line:84% but it has to be attractive to me. 00:34:10.330 --> 00:34:12.590 align:middle line:84% So I want to know that even taking 00:34:12.590 --> 00:34:16.199 align:middle line:84% the risk of investing in your venture would be a good one. 00:34:16.199 --> 00:34:19.100 align:middle line:84% So I want to know a number, in terms 00:34:19.100 --> 00:34:21.580 align:middle line:84% of the size of market, what you think 00:34:21.580 --> 00:34:24.780 align:middle line:84% your addressable size of that market is. 00:34:24.780 --> 00:34:27.860 align:middle line:84% And then how fast are you going to do it with how much 00:34:27.860 --> 00:34:30.620 align:middle line:84% money, so how much money you need, 00:34:30.620 --> 00:34:33.245 align:middle line:84% and how you are going to use those funds. 00:34:33.245 --> 00:34:34.620 align:middle line:84% BOB JONES: And you may be sitting 00:34:34.620 --> 00:34:37.699 align:middle line:84% out there thinking how on Earth is he going to pack all of that 00:34:37.699 --> 00:34:39.659 align:middle line:90% into a three-minute pitch? 00:34:39.659 --> 00:34:40.238 align:middle line:90% So-- 00:34:40.238 --> 00:34:42.280 align:middle line:84% AUDIENCE: Yeah, that's exactly what I'm thinking. 00:34:42.280 --> 00:34:42.800 align:middle line:90% BOB JONES: Good. 00:34:42.800 --> 00:34:43.440 align:middle line:90% Stay tuned. 00:34:43.440 --> 00:34:46.580 align:middle line:84% We've got a few answers coming up in a minute. 00:34:46.580 --> 00:34:49.072 align:middle line:84% May I take a 30-second crack at giving your pitch? 00:34:49.072 --> 00:34:49.780 align:middle line:90% AUDIENCE: Please. 00:34:49.780 --> 00:34:51.980 align:middle line:84% BOB JONES: I'm going to make stuff up 00:34:51.980 --> 00:34:55.320 align:middle line:84% because I don't know your business. 00:34:55.320 --> 00:34:59.480 align:middle line:84% So this is fictitious, but there's a paradigm here. 00:34:59.480 --> 00:35:02.100 align:middle line:90% 00:35:02.100 --> 00:35:06.500 align:middle line:84% One of the major sources of costs for hospitals who are 00:35:06.500 --> 00:35:10.380 align:middle line:84% financially strapped is the constant need to provide 00:35:10.380 --> 00:35:15.610 align:middle line:84% ultrasound to a high risk group of patients-- typically, 00:35:15.610 --> 00:35:18.770 align:middle line:84% for example, the 200,000 pregnant women in the country 00:35:18.770 --> 00:35:21.790 align:middle line:84% who suffer from complications-- pre-eclampsia, 00:35:21.790 --> 00:35:23.890 align:middle line:84% high blood pressure, et cetera, et cetera. 00:35:23.890 --> 00:35:26.110 align:middle line:84% One possible solution is telehealth, 00:35:26.110 --> 00:35:29.370 align:middle line:84% but the imaging associated with telehealth is inferior, 00:35:29.370 --> 00:35:32.170 align:middle line:84% and it does not allow for any diagnostics. 00:35:32.170 --> 00:35:36.390 align:middle line:84% We have a technology that provides superior imaging, 00:35:36.390 --> 00:35:39.130 align:middle line:84% allows for diagnostics, and we have already 00:35:39.130 --> 00:35:42.810 align:middle line:84% successfully managed to get approval for reimbursement 00:35:42.810 --> 00:35:44.910 align:middle line:84% from a couple of insurance companies. 00:35:44.910 --> 00:35:48.450 align:middle line:84% We're raising capital now to roll this out so 00:35:48.450 --> 00:35:51.970 align:middle line:84% that we can expand the market, build out our team, 00:35:51.970 --> 00:35:56.250 align:middle line:90% and validate the business model. 00:35:56.250 --> 00:35:59.130 align:middle line:90% [APPLAUSE] 00:35:59.130 --> 00:36:01.050 align:middle line:90% 00:36:01.050 --> 00:36:02.770 align:middle line:90% I'll take your microphone. 00:36:02.770 --> 00:36:03.270 align:middle line:90% Thank you. 00:36:03.270 --> 00:36:04.470 align:middle line:90% Give him a hand, please. 00:36:04.470 --> 00:36:07.470 align:middle line:90% [APPLAUSE] 00:36:07.470 --> 00:36:08.970 align:middle line:90% 00:36:08.970 --> 00:36:15.120 align:middle line:84% OK, so I think we've established a baseline. 00:36:15.120 --> 00:36:16.980 align:middle line:90% What are your observations? 00:36:16.980 --> 00:36:20.700 align:middle line:84% And by the way, thank you both for being brave volunteers here. 00:36:20.700 --> 00:36:23.475 align:middle line:90% [APPLAUSE] 00:36:23.475 --> 00:36:24.840 align:middle line:90% 00:36:24.840 --> 00:36:28.320 align:middle line:90% So helpful remarks, thoughts? 00:36:28.320 --> 00:36:31.360 align:middle line:84% Was there something, a temptation 00:36:31.360 --> 00:36:35.280 align:middle line:84% that they succumbed to, which you are at risk of 00:36:35.280 --> 00:36:38.240 align:middle line:90% succumbing to as well? 00:36:38.240 --> 00:36:39.060 align:middle line:90% Back in the back. 00:36:39.060 --> 00:36:39.620 align:middle line:90% Yes, sir. 00:36:39.620 --> 00:36:42.600 align:middle line:90% 00:36:42.600 --> 00:36:45.040 align:middle line:84% Today's workout continues, Supriya. 00:36:45.040 --> 00:36:47.280 align:middle line:90% SUPRIYA: I'll start lunging now. 00:36:47.280 --> 00:36:49.780 align:middle line:84% AUDIENCE: So I noticed when you did a lot of your pitches, 00:36:49.780 --> 00:36:51.580 align:middle line:84% you were trying to focus on each group, 00:36:51.580 --> 00:36:54.240 align:middle line:90% like the investor, customer. 00:36:54.240 --> 00:36:56.000 align:middle line:84% And I noticed the temptation a lot of them 00:36:56.000 --> 00:36:59.080 align:middle line:84% had was they would start out pretty general 00:36:59.080 --> 00:37:01.186 align:middle line:84% and then focus in on one group and stick to that 00:37:01.186 --> 00:37:02.440 align:middle line:90% for the rest of the pitch. 00:37:02.440 --> 00:37:06.640 align:middle line:84% So you end up with a little bit too general or very specific 00:37:06.640 --> 00:37:09.960 align:middle line:84% technical details that were really hard to understand. 00:37:09.960 --> 00:37:12.260 align:middle line:90% And that's my critique. 00:37:12.260 --> 00:37:13.220 align:middle line:90% BOB JONES: OK. 00:37:13.220 --> 00:37:16.220 align:middle line:84% AUDIENCE: A little more inclusive. 00:37:16.220 --> 00:37:19.620 align:middle line:84% BOB JONES: You guys become entrepreneurs 00:37:19.620 --> 00:37:22.500 align:middle line:84% because you've identified a problem, 00:37:22.500 --> 00:37:26.780 align:middle line:84% and you believe that you have cooked up a solution. 00:37:26.780 --> 00:37:28.780 align:middle line:90% That's a story. 00:37:28.780 --> 00:37:30.980 align:middle line:90% Tell us the story. 00:37:30.980 --> 00:37:35.220 align:middle line:84% If I were to give your pitch again 00:37:35.220 --> 00:37:39.220 align:middle line:84% and I had another three minutes and didn't have to lie and make 00:37:39.220 --> 00:37:46.940 align:middle line:84% stuff up like I just did, I would probably say Mabel needs 00:37:46.940 --> 00:37:49.020 align:middle line:84% to go into the hospital every two weeks 00:37:49.020 --> 00:37:50.520 align:middle line:90% for a routine procedure. 00:37:50.520 --> 00:37:52.220 align:middle line:90% She absolutely hates it. 00:37:52.220 --> 00:37:54.080 align:middle line:90% Parking is terrible. 00:37:54.080 --> 00:37:55.640 align:middle line:90% She hates driving into the city. 00:37:55.640 --> 00:37:57.980 align:middle line:90% It's 45 minutes each way. 00:37:57.980 --> 00:38:00.460 align:middle line:84% And then she has to sit in a cold room 00:38:00.460 --> 00:38:03.420 align:middle line:84% while they put this stuff on her. 00:38:03.420 --> 00:38:05.140 align:middle line:90% And it's awful. 00:38:05.140 --> 00:38:07.000 align:middle line:90% Furthermore, it's expensive. 00:38:07.000 --> 00:38:11.030 align:middle line:90% 00:38:11.030 --> 00:38:15.890 align:middle line:84% So you start to cause people to think oh, my aunt has 00:38:15.890 --> 00:38:18.450 align:middle line:90% exactly that problem. 00:38:18.450 --> 00:38:21.390 align:middle line:84% The first check I got for that diabetes business 00:38:21.390 --> 00:38:24.730 align:middle line:84% I talked about last week with you guys 00:38:24.730 --> 00:38:27.890 align:middle line:84% came from an investor whose sister 00:38:27.890 --> 00:38:32.930 align:middle line:84% died from the very condition we were working to prevent. 00:38:32.930 --> 00:38:37.530 align:middle line:84% He really wanted to see us succeed. 00:38:37.530 --> 00:38:42.190 align:middle line:84% And because of the personal nature, we got an investment. 00:38:42.190 --> 00:38:43.870 align:middle line:84% I didn't know that going in the door. 00:38:43.870 --> 00:38:45.670 align:middle line:84% I started describing the condition. 00:38:45.670 --> 00:38:47.490 align:middle line:90% And he got wide-eyed. 00:38:47.490 --> 00:38:52.850 align:middle line:84% And anyway, telling a story will take you a very long ways. 00:38:52.850 --> 00:38:54.430 align:middle line:90% OK, my turn. 00:38:54.430 --> 00:38:57.170 align:middle line:84% I'm going to be a little bit pedagogic here and talk 00:38:57.170 --> 00:38:58.330 align:middle line:90% a little bit. 00:38:58.330 --> 00:39:00.910 align:middle line:84% A few basics that I think can make a big difference. 00:39:00.910 --> 00:39:03.050 align:middle line:90% This is in your source material. 00:39:03.050 --> 00:39:04.350 align:middle line:90% I recommend it. 00:39:04.350 --> 00:39:05.350 align:middle line:90% It's not long. 00:39:05.350 --> 00:39:06.490 align:middle line:90% It's cute. 00:39:06.490 --> 00:39:08.840 align:middle line:90% Watch it. 00:39:08.840 --> 00:39:12.000 align:middle line:90% OK, understanding your audience. 00:39:12.000 --> 00:39:14.600 align:middle line:90% Which do they care more about? 00:39:14.600 --> 00:39:16.800 align:middle line:90% You or themselves? 00:39:16.800 --> 00:39:19.180 align:middle line:84% If you get this wrong, give up now. 00:39:19.180 --> 00:39:20.680 align:middle line:90% [LAUGHTER] 00:39:20.680 --> 00:39:22.200 align:middle line:90% It's over. 00:39:22.200 --> 00:39:24.080 align:middle line:84% All right, so should your goal be 00:39:24.080 --> 00:39:29.400 align:middle line:84% to persuade them that you're really smart 00:39:29.400 --> 00:39:33.640 align:middle line:84% or that your technology is really awesome 00:39:33.640 --> 00:39:37.680 align:middle line:84% or that your vision is really compelling? 00:39:37.680 --> 00:39:44.120 align:middle line:84% Sidebar-- if you have "visionary" 00:39:44.120 --> 00:39:47.820 align:middle line:84% on your LinkedIn profile, don't do it. 00:39:47.820 --> 00:39:49.440 align:middle line:90% [LAUGHTER] 00:39:49.440 --> 00:39:50.340 align:middle line:90% Don't do it. 00:39:50.340 --> 00:39:52.072 align:middle line:90% Investors are cynical. 00:39:52.072 --> 00:39:53.780 align:middle line:84% And they say you've got to be kidding me. 00:39:53.780 --> 00:39:54.920 align:middle line:90% You're a grad student. 00:39:54.920 --> 00:39:57.760 align:middle line:90% Sidebar. 00:39:57.760 --> 00:39:59.400 align:middle line:90% OK. 00:39:59.400 --> 00:40:02.320 align:middle line:84% The answer is yeah, maybe, but only 00:40:02.320 --> 00:40:06.670 align:middle line:84% if those things give me a reason to believe that you 00:40:06.670 --> 00:40:10.110 align:middle line:90% can deliver the benefits. 00:40:10.110 --> 00:40:13.230 align:middle line:90% So talk benefits first. 00:40:13.230 --> 00:40:21.090 align:middle line:84% So I hypothesize that every one of you has a cell phone. 00:40:21.090 --> 00:40:23.590 align:middle line:84% And at some point during each week, 00:40:23.590 --> 00:40:26.950 align:middle line:84% you worry because your cell phone battery is about out, 00:40:26.950 --> 00:40:28.270 align:middle line:90% and it's annoying. 00:40:28.270 --> 00:40:31.570 align:middle line:84% And what I have is a magic code word, 00:40:31.570 --> 00:40:34.730 align:middle line:84% which, if I give you, your cell phone, 00:40:34.730 --> 00:40:38.150 align:middle line:90% will be instantly recharged. 00:40:38.150 --> 00:40:42.270 align:middle line:90% So are you interested? 00:40:42.270 --> 00:40:44.530 align:middle line:84% And you may not be, but you see my point. 00:40:44.530 --> 00:40:46.870 align:middle line:84% I didn't talk about my technology at all. 00:40:46.870 --> 00:40:49.010 align:middle line:84% What I talked about was the benefit. 00:40:49.010 --> 00:40:50.970 align:middle line:90% Now, why would you believe that? 00:40:50.970 --> 00:40:53.470 align:middle line:84% Because we have genius engineers, et cetera, et cetera. 00:40:53.470 --> 00:40:56.830 align:middle line:84% But talk benefits first, then reason to believe. 00:40:56.830 --> 00:41:00.070 align:middle line:84% And remember-- almost everyone you're talking to 00:41:00.070 --> 00:41:03.630 align:middle line:84% has, as a first priority, how is this going to help me? 00:41:03.630 --> 00:41:07.610 align:middle line:90% What's in it for me? 00:41:07.610 --> 00:41:10.890 align:middle line:90% So this idea is not new. 00:41:10.890 --> 00:41:19.530 align:middle line:84% I'm about to tell you a pitch from about the year 1501. 00:41:19.530 --> 00:41:24.850 align:middle line:84% So duke, I've been looking at all these inventions 00:41:24.850 --> 00:41:27.030 align:middle line:84% by people who claim they're really good at it. 00:41:27.030 --> 00:41:28.865 align:middle line:84% And frankly, they're no big deal. 00:41:28.865 --> 00:41:30.490 align:middle line:84% They're no different from anything else 00:41:30.490 --> 00:41:32.110 align:middle line:90% that's commonly on the market. 00:41:32.110 --> 00:41:33.930 align:middle line:84% Let me tell you what I can do for you. 00:41:33.930 --> 00:41:37.250 align:middle line:84% I can make bridges that are light and strong and portable 00:41:37.250 --> 00:41:40.690 align:middle line:84% with which you can pursue and defeat your enemy. 00:41:40.690 --> 00:41:43.830 align:middle line:84% And they will resist fire and assault. Furthermore, 00:41:43.830 --> 00:41:46.530 align:middle line:84% I can burn and destroy the ones that the enemy's got. 00:41:46.530 --> 00:41:49.110 align:middle line:84% In a case of siege, if we're holding a siege, 00:41:49.110 --> 00:41:51.250 align:middle line:90% I can cut off their water. 00:41:51.250 --> 00:41:52.970 align:middle line:84% And if they are way up in the air 00:41:52.970 --> 00:41:55.390 align:middle line:84% and we can't bomb them properly, that's OK. 00:41:55.390 --> 00:41:59.370 align:middle line:84% I can knock their building down from the bottom. 00:41:59.370 --> 00:42:03.800 align:middle line:84% I can also make a kind of cannon that's light, easy to transport, 00:42:03.800 --> 00:42:07.560 align:middle line:84% will hurl small stones, like hail, causing 00:42:07.560 --> 00:42:10.440 align:middle line:90% great terror to the enemy. 00:42:10.440 --> 00:42:15.880 align:middle line:84% And if all else fails, we can create subterranean passages 00:42:15.880 --> 00:42:19.200 align:middle line:84% either under rivers, under moats, whatever. 00:42:19.200 --> 00:42:21.200 align:middle line:90% I can make armored wagons. 00:42:21.200 --> 00:42:25.800 align:middle line:84% And I can also construct cannons and mortars. 00:42:25.800 --> 00:42:30.940 align:middle line:84% And when that's impossible, I can supply trebuchet, catapults, 00:42:30.940 --> 00:42:31.660 align:middle line:90% et cetera. 00:42:31.660 --> 00:42:34.320 align:middle line:90% 00:42:34.320 --> 00:42:37.300 align:middle line:84% And if it happens to be at sea, no problem. 00:42:37.300 --> 00:42:39.360 align:middle line:90% I can take care of that as well. 00:42:39.360 --> 00:42:43.500 align:middle line:84% And by the way, I'm pretty good at working in marble and clay. 00:42:43.500 --> 00:42:46.080 align:middle line:84% And I've been known to paint some things now and then. 00:42:46.080 --> 00:42:49.680 align:middle line:84% And if you don't believe me, I'm happy to demonstrate this right 00:42:49.680 --> 00:42:50.540 align:middle line:90% in front of you. 00:42:50.540 --> 00:42:52.700 align:middle line:90% Respectfully, Leonardo da Vinci. 00:42:52.700 --> 00:42:55.440 align:middle line:90% [CHUCKLING] 00:42:55.440 --> 00:42:57.240 align:middle line:90% 00:42:57.240 --> 00:43:00.960 align:middle line:84% Does the duke care at all about the technology? 00:43:00.960 --> 00:43:03.890 align:middle line:84% By the time he got through this, he was so starry-eyed. 00:43:03.890 --> 00:43:04.450 align:middle line:90% Oh, my god. 00:43:04.450 --> 00:43:06.950 align:middle line:90% I want that. 00:43:06.950 --> 00:43:11.110 align:middle line:90% Benefits first. 00:43:11.110 --> 00:43:12.550 align:middle line:90% OK. 00:43:12.550 --> 00:43:16.790 align:middle line:84% So we're going to invite a few of you 00:43:16.790 --> 00:43:19.370 align:middle line:84% back down here again because you're the stars tonight, 00:43:19.370 --> 00:43:22.910 align:middle line:84% but invest some time to understand what 00:43:22.910 --> 00:43:24.550 align:middle line:90% your audience really wants. 00:43:24.550 --> 00:43:27.150 align:middle line:90% And think about it. 00:43:27.150 --> 00:43:29.070 align:middle line:84% And it actually helps if you care 00:43:29.070 --> 00:43:30.730 align:middle line:90% a little bit about their needs. 00:43:30.730 --> 00:43:34.630 align:middle line:84% So if you happen to have a passion for improving 00:43:34.630 --> 00:43:38.350 align:middle line:84% public school education and you have a technology that 00:43:38.350 --> 00:43:40.150 align:middle line:90% will facilitate that-- 00:43:40.150 --> 00:43:42.710 align:middle line:84% excuse me-- you will speak with more animation 00:43:42.710 --> 00:43:47.190 align:middle line:84% than if you're just describing something that's abstract. 00:43:47.190 --> 00:43:51.550 align:middle line:84% And a sequence that I find to be effective many times 00:43:51.550 --> 00:43:53.750 align:middle line:90% is a little introduction. 00:43:53.750 --> 00:43:57.470 align:middle line:84% Ask them what they're looking for. 00:43:57.470 --> 00:44:00.770 align:middle line:90% We only do mezzanine financing. 00:44:00.770 --> 00:44:02.260 align:middle line:84% I'm looking for companies that are 00:44:02.260 --> 00:44:04.020 align:middle line:90% ready for mezzanine financing. 00:44:04.020 --> 00:44:05.000 align:middle line:90% Well, I'm a startup. 00:44:05.000 --> 00:44:08.293 align:middle line:90% We're not a good fit. 00:44:08.293 --> 00:44:09.960 align:middle line:84% Sorry, there's a little prompt on there. 00:44:09.960 --> 00:44:14.740 align:middle line:84% I was the recipient of one of the most awesome sales pitches 00:44:14.740 --> 00:44:15.780 align:middle line:90% ever. 00:44:15.780 --> 00:44:17.240 align:middle line:90% It was a bunch of years ago. 00:44:17.240 --> 00:44:20.280 align:middle line:84% I'd been a scruffy entrepreneur in Chicago. 00:44:20.280 --> 00:44:24.080 align:middle line:84% I moved to California to take a respectable job in that company 00:44:24.080 --> 00:44:25.800 align:middle line:90% I told you about a week ago. 00:44:25.800 --> 00:44:27.860 align:middle line:84% And I didn't have the right clothes. 00:44:27.860 --> 00:44:32.300 align:middle line:84% And my wife said well, there's this shopping 00:44:32.300 --> 00:44:34.160 align:middle line:90% mall called Fashion Island. 00:44:34.160 --> 00:44:36.460 align:middle line:84% We were in Orange County, California, 00:44:36.460 --> 00:44:39.020 align:middle line:84% where there is less than meets the eye. 00:44:39.020 --> 00:44:43.360 align:middle line:84% And there's a new store chain called Nordstrom. 00:44:43.360 --> 00:44:44.320 align:middle line:90% Let's go in there. 00:44:44.320 --> 00:44:44.960 align:middle line:90% And who knows? 00:44:44.960 --> 00:44:47.240 align:middle line:84% Maybe they'll have something for you. 00:44:47.240 --> 00:44:49.040 align:middle line:90% I said OK. 00:44:49.040 --> 00:44:50.300 align:middle line:90% So in we went. 00:44:50.300 --> 00:44:54.380 align:middle line:84% And I'm over thumbing through some of the garments. 00:44:54.380 --> 00:44:57.660 align:middle line:84% And a sales guy comes up and says you're looking at suits. 00:44:57.660 --> 00:44:59.650 align:middle line:90% I said yeah. 00:44:59.650 --> 00:45:03.690 align:middle line:84% He said what kind of work do you do? 00:45:03.690 --> 00:45:05.830 align:middle line:84% I said well, I work for this health care company. 00:45:05.830 --> 00:45:08.870 align:middle line:84% Well, are you in manufacturing, are you in finance? 00:45:08.870 --> 00:45:11.530 align:middle line:84% No, I'm in marketing, doing some sales. 00:45:11.530 --> 00:45:15.730 align:middle line:84% So you don't have to wear relentlessly gray suits 00:45:15.730 --> 00:45:17.390 align:middle line:90% and white shirts and stuff? 00:45:17.390 --> 00:45:18.490 align:middle line:90% No. 00:45:18.490 --> 00:45:19.410 align:middle line:90% All right. 00:45:19.410 --> 00:45:24.165 align:middle line:84% Well, you're probably a 40 regular. 00:45:24.165 --> 00:45:24.790 align:middle line:90% How'd you know? 00:45:24.790 --> 00:45:26.890 align:middle line:90% Well, I'm in the business. 00:45:26.890 --> 00:45:31.590 align:middle line:90% So try this on. 00:45:31.590 --> 00:45:34.530 align:middle line:90% 00:45:34.530 --> 00:45:36.990 align:middle line:84% When I got out of the dressing room wearing it, 00:45:36.990 --> 00:45:39.810 align:middle line:84% he had two more suits laid out on a table. 00:45:39.810 --> 00:45:45.190 align:middle line:84% And he said that suit would look great with these shirts. 00:45:45.190 --> 00:45:48.610 align:middle line:84% And of course, you're going to need some ties. 00:45:48.610 --> 00:45:50.855 align:middle line:84% So try the shirt and the tie on, too. 00:45:50.855 --> 00:45:53.230 align:middle line:84% Pretty soon, I'm standing in front of the mirror thinking 00:45:53.230 --> 00:45:55.210 align:middle line:90% man, I look awesome. 00:45:55.210 --> 00:45:57.650 align:middle line:84% I walked out of there having spent about five times 00:45:57.650 --> 00:46:00.230 align:middle line:84% as much money as I expected to spend, 00:46:00.230 --> 00:46:05.990 align:middle line:84% and I loved it because he asked me what did I want, 00:46:05.990 --> 00:46:09.150 align:middle line:90% and he gave it to me. 00:46:09.150 --> 00:46:13.350 align:middle line:84% So tell your audience why what you have will be great for them. 00:46:13.350 --> 00:46:15.850 align:middle line:90% And then provide support. 00:46:15.850 --> 00:46:19.010 align:middle line:84% And he did go on to say well, that suit will last forever, 00:46:19.010 --> 00:46:21.770 align:middle line:84% and notice how the buttonholes are sewn up nicely, 00:46:21.770 --> 00:46:22.850 align:middle line:90% and it won't fray. 00:46:22.850 --> 00:46:24.970 align:middle line:90% And it didn't matter. 00:46:24.970 --> 00:46:26.770 align:middle line:84% Sure, that was the justification. 00:46:26.770 --> 00:46:31.430 align:middle line:84% I wanted the suit because I thought it made me look awesome. 00:46:31.430 --> 00:46:37.390 align:middle line:84% Oh, you need to be believable when you give your pitch. 00:46:37.390 --> 00:46:39.390 align:middle line:90% So what helps you be believable? 00:46:39.390 --> 00:46:44.150 align:middle line:84% Well, conviction and enthusiasm, but not to the point of 00:46:44.150 --> 00:46:47.090 align:middle line:84% lunacy because if you're a lunatic, 00:46:47.090 --> 00:46:49.190 align:middle line:90% investors worry about you. 00:46:49.190 --> 00:46:51.310 align:middle line:84% They say well, you're going to sit there like this 00:46:51.310 --> 00:46:53.830 align:middle line:84% and never take feedback from anybody. 00:46:53.830 --> 00:46:58.860 align:middle line:84% And my kid brother once started a business making 00:46:58.860 --> 00:47:02.760 align:middle line:90% salsa, sweet and sassy salsa. 00:47:02.760 --> 00:47:05.418 align:middle line:84% And he would go to places and set up a booth. 00:47:05.418 --> 00:47:06.460 align:middle line:90% And people would come up. 00:47:06.460 --> 00:47:09.707 align:middle line:84% And they'd say wow, it's too hot. 00:47:09.707 --> 00:47:12.040 align:middle line:84% And my brother would say what do you mean, it's too hot? 00:47:12.040 --> 00:47:14.500 align:middle line:90% It's perfect. 00:47:14.500 --> 00:47:15.520 align:middle line:90% Did he get the sale? 00:47:15.520 --> 00:47:18.300 align:middle line:90% No. 00:47:18.300 --> 00:47:19.700 align:middle line:90% So don't be a lunatic. 00:47:19.700 --> 00:47:22.820 align:middle line:90% Provide supporting evidence. 00:47:22.820 --> 00:47:26.940 align:middle line:84% And brevity is your friend because everybody you talk to 00:47:26.940 --> 00:47:28.340 align:middle line:90% is busy. 00:47:28.340 --> 00:47:31.060 align:middle line:90% So three tips for brevity-- 00:47:31.060 --> 00:47:35.200 align:middle line:90% be clear, be brief, and shut up. 00:47:35.200 --> 00:47:39.260 align:middle line:90% 00:47:39.260 --> 00:47:41.560 align:middle line:90% How much information is right? 00:47:41.560 --> 00:47:44.380 align:middle line:84% Well, here's another tip for those of you 00:47:44.380 --> 00:47:47.060 align:middle line:84% who are about to come down front. 00:47:47.060 --> 00:47:51.140 align:middle line:84% Ask yourself, what do you want them to remember? 00:47:51.140 --> 00:47:53.620 align:middle line:84% So turn your computer off, and ask yourself, 00:47:53.620 --> 00:47:56.850 align:middle line:84% when they walk out of that meeting and somebody says 00:47:56.850 --> 00:48:02.730 align:middle line:84% how was Janet's talk, what do you want them to say? 00:48:02.730 --> 00:48:04.550 align:middle line:84% If they say ah, Janet was amazing, 00:48:04.550 --> 00:48:06.470 align:middle line:84% she was so animated-- well, what did she say? 00:48:06.470 --> 00:48:08.250 align:middle line:90% Well, I can't really remember. 00:48:08.250 --> 00:48:09.370 align:middle line:90% Oops. 00:48:09.370 --> 00:48:14.730 align:middle line:84% OK, so we know that Janet is animated and energetic and 00:48:14.730 --> 00:48:18.670 align:middle line:84% charming, but we don't have the slightest idea of what she said. 00:48:18.670 --> 00:48:21.030 align:middle line:84% So turn your computer off and ask yourself, 00:48:21.030 --> 00:48:23.130 align:middle line:84% what do you want them to say when they describe 00:48:23.130 --> 00:48:26.290 align:middle line:90% your pitch to someone else? 00:48:26.290 --> 00:48:28.690 align:middle line:84% And PS, most of us can't remember more than about 00:48:28.690 --> 00:48:30.410 align:middle line:90% three things. 00:48:30.410 --> 00:48:34.890 align:middle line:84% Usually, the three things that are most relevant to us. 00:48:34.890 --> 00:48:38.690 align:middle line:84% So Mr. Hospital, you're in financial trouble, 00:48:38.690 --> 00:48:40.530 align:middle line:90% as all hospitals are. 00:48:40.530 --> 00:48:44.250 align:middle line:84% We have found a way to reduce a major collection of costs 00:48:44.250 --> 00:48:48.770 align:middle line:84% for you and generate additional revenue with some technology 00:48:48.770 --> 00:48:50.350 align:middle line:90% that we're happy to provide you. 00:48:50.350 --> 00:48:51.270 align:middle line:90% It's reliable. 00:48:51.270 --> 00:49:00.680 align:middle line:90% 00:49:00.680 --> 00:49:03.240 align:middle line:84% Well, so what's required to get this right? 00:49:03.240 --> 00:49:05.220 align:middle line:84% Well, some of this, we talked about a week ago. 00:49:05.220 --> 00:49:08.280 align:middle line:90% What's broke that you fix? 00:49:08.280 --> 00:49:11.200 align:middle line:90% What is that unmet need? 00:49:11.200 --> 00:49:13.240 align:middle line:90% What are the consequences? 00:49:13.240 --> 00:49:16.260 align:middle line:84% Hence my story about Mabel, who hates coming into the hospital, 00:49:16.260 --> 00:49:18.960 align:middle line:84% doesn't go, doesn't get her diagnoses. 00:49:18.960 --> 00:49:20.720 align:middle line:90% All right? 00:49:20.720 --> 00:49:22.360 align:middle line:90% Who ought to have it? 00:49:22.360 --> 00:49:25.620 align:middle line:84% Who in your customer category is too small? 00:49:25.620 --> 00:49:26.920 align:middle line:90% Who's too big? 00:49:26.920 --> 00:49:29.360 align:middle line:84% Why will they think your solution is better? 00:49:29.360 --> 00:49:34.560 align:middle line:84% Structure it, edit it, be ruthless. 00:49:34.560 --> 00:49:38.520 align:middle line:84% Is this making sense to you guys? 00:49:38.520 --> 00:49:39.160 align:middle line:90% Yeah. 00:49:39.160 --> 00:49:40.340 align:middle line:90% Is it terrifying? 00:49:40.340 --> 00:49:45.520 align:middle line:90% 00:49:45.520 --> 00:49:47.960 align:middle line:90% A few words about style. 00:49:47.960 --> 00:49:50.760 align:middle line:90% Slow down. 00:49:50.760 --> 00:49:55.950 align:middle line:84% Most of us talk a lot faster in normal conversational situations 00:49:55.950 --> 00:50:00.270 align:middle line:84% than is appropriate when speaking to an audience. 00:50:00.270 --> 00:50:02.070 align:middle line:90% So enunciate clearly. 00:50:02.070 --> 00:50:05.950 align:middle line:84% Give your audience time to process all those magic things 00:50:05.950 --> 00:50:07.150 align:middle line:90% you're saying. 00:50:07.150 --> 00:50:09.990 align:middle line:84% And if you have six minutes' worth of content 00:50:09.990 --> 00:50:12.710 align:middle line:84% and a four-minute time window, don't 00:50:12.710 --> 00:50:18.190 align:middle line:84% think that you can overcome your bad editing by talking fast 00:50:18.190 --> 00:50:20.710 align:middle line:84% because your audience will end up not understanding 00:50:20.710 --> 00:50:21.570 align:middle line:90% a word you say. 00:50:21.570 --> 00:50:25.790 align:middle line:84% It will be utterly counterproductive. 00:50:25.790 --> 00:50:28.630 align:middle line:84% You can be passionate, but if you fall on the floor 00:50:28.630 --> 00:50:33.830 align:middle line:84% and begin speaking in tongues, you will have overdone it. 00:50:33.830 --> 00:50:34.650 align:middle line:90% Tell a story. 00:50:34.650 --> 00:50:36.450 align:middle line:90% Don't just dump facts. 00:50:36.450 --> 00:50:39.270 align:middle line:84% And no disrespect to you, sir, with your request 00:50:39.270 --> 00:50:42.190 align:middle line:84% about total addressable markets, et cetera. 00:50:42.190 --> 00:50:44.430 align:middle line:90% Fit it into a story. 00:50:44.430 --> 00:50:48.030 align:middle line:84% And in fact, frequently, the goal of your presentation 00:50:48.030 --> 00:50:51.610 align:middle line:84% is to get people to say yes, I would like to hear more. 00:50:51.610 --> 00:50:54.290 align:middle line:84% And then you say well, let me tell you 00:50:54.290 --> 00:50:57.082 align:middle line:84% about the addressable market, our launch strategy, yada, yada, 00:50:57.082 --> 00:50:59.290 align:middle line:84% yada, but you want to engage their interest up-front. 00:50:59.290 --> 00:51:03.130 align:middle line:90% 00:51:03.130 --> 00:51:08.250 align:middle line:84% How many of you think that you will be giving a talk sometime 00:51:08.250 --> 00:51:09.430 align:middle line:90% in the next year? 00:51:09.430 --> 00:51:12.570 align:middle line:90% 00:51:12.570 --> 00:51:15.010 align:middle line:84% How many of you have ever had any training 00:51:15.010 --> 00:51:19.450 align:middle line:90% on using a microphone properly? 00:51:19.450 --> 00:51:21.736 align:middle line:90% Minority. 00:51:21.736 --> 00:51:28.730 align:middle line:84% A year or two ago, I was invited by some Mass Tech transfer 00:51:28.730 --> 00:51:32.650 align:middle line:84% council, somebody or other, to join a pitch contest. 00:51:32.650 --> 00:51:35.170 align:middle line:90% There were 25 teams pitching. 00:51:35.170 --> 00:51:37.050 align:middle line:90% It was a room full of investors. 00:51:37.050 --> 00:51:40.250 align:middle line:90% And I thought well, why not? 00:51:40.250 --> 00:51:43.050 align:middle line:90% And I won. 00:51:43.050 --> 00:51:45.470 align:middle line:84% And I thought well, of course I won. 00:51:45.470 --> 00:51:47.230 align:middle line:90% My idea is brilliant. 00:51:47.230 --> 00:51:48.030 align:middle line:90% I'm brilliant. 00:51:48.030 --> 00:51:49.190 align:middle line:90% My talk was brilliant. 00:51:49.190 --> 00:51:50.270 align:middle line:90% My deck was brilliant. 00:51:50.270 --> 00:51:51.520 align:middle line:90% Of course I won. 00:51:51.520 --> 00:51:54.000 align:middle line:84% That didn't have anything to do with why I won. 00:51:54.000 --> 00:51:57.520 align:middle line:84% The reason why I won was I was the only one of the presenters 00:51:57.520 --> 00:52:02.920 align:middle line:84% that the judges and audience could understand. 00:52:02.920 --> 00:52:04.840 align:middle line:90% May I? 00:52:04.840 --> 00:52:05.460 align:middle line:90% Thank you. 00:52:05.460 --> 00:52:15.800 align:middle line:90% 00:52:15.800 --> 00:52:18.040 align:middle line:90% Let me elaborate. 00:52:18.040 --> 00:52:19.920 align:middle line:84% Actually, could you shut this mic off? 00:52:19.920 --> 00:52:22.160 align:middle line:90% This one. 00:52:22.160 --> 00:52:22.920 align:middle line:90% Thank you. 00:52:22.920 --> 00:52:23.420 align:middle line:90% All right. 00:52:23.420 --> 00:52:25.700 align:middle line:90% I'm using this one, I guess. 00:52:25.700 --> 00:52:29.760 align:middle line:84% OK, most people thought it was [AUDIO OUT] 00:52:29.760 --> 00:52:32.520 align:middle line:90% idea how to use this device. 00:52:32.520 --> 00:52:35.880 align:middle line:84% And so they'd stand like this, and they'd talk. 00:52:35.880 --> 00:52:37.660 align:middle line:84% Or they'd talk until they wanted to point, 00:52:37.660 --> 00:52:41.320 align:middle line:84% and then they would say this [INAUDIBLE]. 00:52:41.320 --> 00:52:42.920 align:middle line:90% Or they'd get really excited. 00:52:42.920 --> 00:52:45.540 align:middle line:84% And you get this Doppler effect going. 00:52:45.540 --> 00:52:47.400 align:middle line:90% [CHUCKLING] 00:52:47.400 --> 00:52:49.830 align:middle line:84% Or maybe they watched Harry Potter 00:52:49.830 --> 00:52:53.670 align:middle line:84% and thought if they stuck it on the side of your head-- 00:52:53.670 --> 00:52:57.430 align:middle line:84% I don't know, but I do know that I 00:52:57.430 --> 00:53:00.870 align:middle line:84% was the only one the audience, the department, the judges 00:53:00.870 --> 00:53:01.810 align:middle line:90% could understand. 00:53:01.810 --> 00:53:03.710 align:middle line:90% And I won the pitch contest. 00:53:03.710 --> 00:53:10.170 align:middle line:84% So you might want to take a picture of this slide, 00:53:10.170 --> 00:53:14.350 align:middle line:84% or at the very least, remember it because nobody ever 00:53:14.350 --> 00:53:16.270 align:middle line:90% tells you how to do this stuff. 00:53:16.270 --> 00:53:18.870 align:middle line:84% I sat in a meeting earlier today-- 00:53:18.870 --> 00:53:21.510 align:middle line:90% VMS. 00:53:21.510 --> 00:53:24.430 align:middle line:84% Nobody knew how to use the microphone. 00:53:24.430 --> 00:53:24.930 align:middle line:90% OK. 00:53:24.930 --> 00:53:26.610 align:middle line:84% We'll take questions from the audience. 00:53:26.610 --> 00:53:28.110 align:middle line:90% AUDIENCE: [INAUDIBLE] 00:53:28.110 --> 00:53:29.550 align:middle line:90% BOB JONES: OK. 00:53:29.550 --> 00:53:33.050 align:middle line:84% Some mics, not many, are omnidirectional. 00:53:33.050 --> 00:53:37.630 align:middle line:84% That means that no matter where you are, it will pick you up. 00:53:37.630 --> 00:53:39.750 align:middle line:90% These are not like that. 00:53:39.750 --> 00:53:43.390 align:middle line:84% And you will rarely use an omnidirectional mic. 00:53:43.390 --> 00:53:47.230 align:middle line:84% These mics are unidirectional, which means that they pick you 00:53:47.230 --> 00:53:50.020 align:middle line:90% up down the barrel of the mic. 00:53:50.020 --> 00:53:54.580 align:middle line:84% That's because they know that in the evenings, you're doing this, 00:53:54.580 --> 00:53:57.700 align:middle line:84% and you don't want explosions and flash pots 00:53:57.700 --> 00:54:01.140 align:middle line:84% and all that stuff coming through the vocal microphone. 00:54:01.140 --> 00:54:02.020 align:middle line:90% OK? 00:54:02.020 --> 00:54:07.200 align:middle line:84% So speak down the barrel of the mic, 00:54:07.200 --> 00:54:12.540 align:middle line:84% not over the top, not six or eight inches away. 00:54:12.540 --> 00:54:15.260 align:middle line:84% The optimal way to use one of these things 00:54:15.260 --> 00:54:17.900 align:middle line:84% is two to four inches from the microphone. 00:54:17.900 --> 00:54:20.580 align:middle line:84% Think of it like an ice cream cone. 00:54:20.580 --> 00:54:22.660 align:middle line:84% Speak down the barrel of the mic. 00:54:22.660 --> 00:54:25.660 align:middle line:84% And if you like to point at things, that's fine. 00:54:25.660 --> 00:54:28.220 align:middle line:90% Hold the mic in your other hand. 00:54:28.220 --> 00:54:31.420 align:middle line:84% Otherwise, you'll get excited and start doing that, 00:54:31.420 --> 00:54:33.260 align:middle line:90% and you'll lose your audience. 00:54:33.260 --> 00:54:36.560 align:middle line:84% And your audiences, like you guys, 00:54:36.560 --> 00:54:39.420 align:middle line:84% if they get bored for more than about 30 seconds, 00:54:39.420 --> 00:54:41.420 align:middle line:90% will pull their phone out. 00:54:41.420 --> 00:54:42.440 align:middle line:90% And that's it. 00:54:42.440 --> 00:54:44.140 align:middle line:90% You've lost them. 00:54:44.140 --> 00:54:46.830 align:middle line:84% Speak a little more slowly than usual. 00:54:46.830 --> 00:54:50.730 align:middle line:90% As we said, enunciate clearly. 00:54:50.730 --> 00:54:54.170 align:middle line:84% And when I bring you back up here for talks, 00:54:54.170 --> 00:54:58.630 align:middle line:84% I would love to see that you actually remembered that. 00:54:58.630 --> 00:54:59.130 align:middle line:90% OK? 00:54:59.130 --> 00:54:59.990 align:middle line:90% Clear enough? 00:54:59.990 --> 00:55:03.230 align:middle line:90% 00:55:03.230 --> 00:55:03.730 align:middle line:90% Thanks. 00:55:03.730 --> 00:55:09.730 align:middle line:90% 00:55:09.730 --> 00:55:10.910 align:middle line:90% OK, I'm back on. 00:55:10.910 --> 00:55:12.050 align:middle line:90% Thank you. 00:55:12.050 --> 00:55:13.090 align:middle line:90% All right. 00:55:13.090 --> 00:55:15.790 align:middle line:84% There's an eight-letter word that all my musician friends-- 00:55:15.790 --> 00:55:19.610 align:middle line:90% in fact, most of us-- hate. 00:55:19.610 --> 00:55:22.090 align:middle line:90% Practice. 00:55:22.090 --> 00:55:24.610 align:middle line:84% And that's probably not something you think about 00:55:24.610 --> 00:55:28.650 align:middle line:84% in giving your talks, but it usually 00:55:28.650 --> 00:55:32.810 align:middle line:84% is true that you have to work very hard to make it look easy. 00:55:32.810 --> 00:55:34.970 align:middle line:84% If you see a speaker or presenter that 00:55:34.970 --> 00:55:36.810 align:middle line:84% makes it look easy, I can pretty well 00:55:36.810 --> 00:55:40.450 align:middle line:84% guarantee you they put in a fair number of hours 00:55:40.450 --> 00:55:43.090 align:middle line:84% backstage, behind the scenes, working 00:55:43.090 --> 00:55:45.310 align:middle line:90% their way through their talk. 00:55:45.310 --> 00:55:47.110 align:middle line:90% These are new habits. 00:55:47.110 --> 00:55:50.850 align:middle line:84% You're used to talking about matters of substance, 00:55:50.850 --> 00:55:52.670 align:middle line:90% your algorithms, whatever. 00:55:52.670 --> 00:55:55.190 align:middle line:84% And here you are now talking about benefits 00:55:55.190 --> 00:55:56.810 align:middle line:90% to a group of customers. 00:55:56.810 --> 00:55:58.410 align:middle line:84% And you're trying to tell a story. 00:55:58.410 --> 00:56:00.050 align:middle line:90% So you're retraining yourself. 00:56:00.050 --> 00:56:02.150 align:middle line:90% And that takes a little while. 00:56:02.150 --> 00:56:05.590 align:middle line:84% And I have been in places where people 00:56:05.590 --> 00:56:07.550 align:middle line:90% thought I had lost my mind-- 00:56:07.550 --> 00:56:09.250 align:middle line:84% actually, a fair number of places, 00:56:09.250 --> 00:56:11.630 align:middle line:84% but I would go into a conference room. 00:56:11.630 --> 00:56:17.230 align:middle line:84% And I would give my talk to an empty room with a timer. 00:56:17.230 --> 00:56:20.450 align:middle line:84% And if it beeped and I was only 2/3 of the way through, 00:56:20.450 --> 00:56:24.090 align:middle line:90% I'd think time for some editing. 00:56:24.090 --> 00:56:26.490 align:middle line:84% In my really early days of doing this, 00:56:26.490 --> 00:56:29.670 align:middle line:84% I would go find magazines and tear out pictures-- 00:56:29.670 --> 00:56:31.910 align:middle line:90% and this is sick, but I did it-- 00:56:31.910 --> 00:56:36.350 align:middle line:84% and tape the pictures to the chairs in the room. 00:56:36.350 --> 00:56:37.250 align:middle line:90% I stopped short. 00:56:37.250 --> 00:56:44.380 align:middle line:84% No Kardashians, and I would give my talk looking at the pictures 00:56:44.380 --> 00:56:46.160 align:middle line:90% because it was new habits. 00:56:46.160 --> 00:56:48.900 align:middle line:90% 00:56:48.900 --> 00:56:50.240 align:middle line:90% I was an MIT grad. 00:56:50.240 --> 00:56:52.020 align:middle line:84% What did I know about this stuff? 00:56:52.020 --> 00:56:55.260 align:middle line:84% So give your talk to an empty room. 00:56:55.260 --> 00:56:59.460 align:middle line:84% How many of you have ever been recorded, heard your voice? 00:56:59.460 --> 00:57:02.320 align:middle line:90% Was it horrifying? 00:57:02.320 --> 00:57:02.820 align:middle line:90% Yeah. 00:57:02.820 --> 00:57:05.280 align:middle line:84% Well, if you think that's bad, get videoed. 00:57:05.280 --> 00:57:06.660 align:middle line:90% Whew. 00:57:06.660 --> 00:57:08.080 align:middle line:90% You'll need therapy. 00:57:08.080 --> 00:57:13.100 align:middle line:84% It's terrible, but it's incredibly therapeutic. 00:57:13.100 --> 00:57:16.340 align:middle line:84% See the first bullet on the page. 00:57:16.340 --> 00:57:17.860 align:middle line:90% Questions? 00:57:17.860 --> 00:57:20.620 align:middle line:90% So far, so good? 00:57:20.620 --> 00:57:27.180 align:middle line:84% OK, let's give a quick touch on raising venture capital. 00:57:27.180 --> 00:57:29.140 align:middle line:90% Just a few words-- 00:57:29.140 --> 00:57:33.780 align:middle line:84% not for the faint of heart, be careful what you ask for, 00:57:33.780 --> 00:57:35.960 align:middle line:90% abandon hope, all ye who enter. 00:57:35.960 --> 00:57:40.300 align:middle line:84% How many of you have raised venture capital before? 00:57:40.300 --> 00:57:42.031 align:middle line:90% Is this true? 00:57:42.031 --> 00:57:45.530 align:middle line:90% [LAUGHS] Yeah. 00:57:45.530 --> 00:57:46.570 align:middle line:90% Be careful. 00:57:46.570 --> 00:57:49.690 align:middle line:84% We'll share war stories at some point. 00:57:49.690 --> 00:57:50.810 align:middle line:90% OK. 00:57:50.810 --> 00:57:52.970 align:middle line:84% Getting to see a venture capitalist-- let's 00:57:52.970 --> 00:57:56.250 align:middle line:90% begin at the end of the story. 00:57:56.250 --> 00:57:59.050 align:middle line:84% You could decide you're going to make a cold call. 00:57:59.050 --> 00:58:02.210 align:middle line:84% They get about 200 of those a week. 00:58:02.210 --> 00:58:03.470 align:middle line:90% They don't ever take them. 00:58:03.470 --> 00:58:06.810 align:middle line:90% Those calls go in the dumpster. 00:58:06.810 --> 00:58:08.530 align:middle line:84% So maybe you look about and say I 00:58:08.530 --> 00:58:11.690 align:middle line:84% can find somebody who knows this venture capitalist 00:58:11.690 --> 00:58:15.330 align:middle line:84% and ask them for an introduction. 00:58:15.330 --> 00:58:18.150 align:middle line:84% That person, if they already know the venture capitalist, 00:58:18.150 --> 00:58:21.330 align:middle line:84% will have enough lights on to say is this a good fit? 00:58:21.330 --> 00:58:24.650 align:middle line:84% You have a software practice, and he only 00:58:24.650 --> 00:58:26.930 align:middle line:90% invests in health care. 00:58:26.930 --> 00:58:30.970 align:middle line:90% Sorry, not a good fit. 00:58:30.970 --> 00:58:33.250 align:middle line:90% Into the dumpster. 00:58:33.250 --> 00:58:36.250 align:middle line:84% So if it is a good fit, then the next question-- 00:58:36.250 --> 00:58:38.850 align:middle line:84% and they're too sophisticated to tell you this-- 00:58:38.850 --> 00:58:41.080 align:middle line:84% is are you going to make me look bad? 00:58:41.080 --> 00:58:43.420 align:middle line:84% Because if I send my friend, the venture capitalist, 00:58:43.420 --> 00:58:45.880 align:middle line:84% somebody who's a complete weenie, 00:58:45.880 --> 00:58:48.560 align:middle line:90% then I lose social capital. 00:58:48.560 --> 00:58:50.300 align:middle line:84% So if you're going to make me look bad, 00:58:50.300 --> 00:58:54.560 align:middle line:84% that one goes in the dumpster as well. 00:58:54.560 --> 00:58:57.840 align:middle line:84% But if not, then I might make the introduction. 00:58:57.840 --> 00:59:00.040 align:middle line:90% That happens about twice a week. 00:59:00.040 --> 00:59:04.000 align:middle line:84% So if you can do that, it's better. 00:59:04.000 --> 00:59:05.480 align:middle line:90% OK? 00:59:05.480 --> 00:59:06.920 align:middle line:90% All right. 00:59:06.920 --> 00:59:08.620 align:middle line:90% What do investors care about? 00:59:08.620 --> 00:59:11.560 align:middle line:84% Well, your technology, how many schools 00:59:11.560 --> 00:59:15.980 align:middle line:84% you went to, maybe getting back more than they invested. 00:59:15.980 --> 00:59:17.080 align:middle line:90% Hmm. 00:59:17.080 --> 00:59:22.040 align:middle line:84% They will have some questions, but all of those things 00:59:22.040 --> 00:59:25.960 align:middle line:84% are just proxies for the two big questions-- 00:59:25.960 --> 00:59:27.720 align:middle line:90% the two big questions. 00:59:27.720 --> 00:59:31.840 align:middle line:84% And mind you, you can have five speakers talk to you about how 00:59:31.840 --> 00:59:33.260 align:middle line:90% to put together a pitch deck. 00:59:33.260 --> 00:59:36.080 align:middle line:84% You'll get at least seven or eight opinions, 00:59:36.080 --> 00:59:40.790 align:middle line:84% but the two big questions which you must never lose sight of-- 00:59:40.790 --> 00:59:46.670 align:middle line:84% how will you make money, and how will I make money? 00:59:46.670 --> 00:59:48.870 align:middle line:84% That's really what I want to know. 00:59:48.870 --> 00:59:51.175 align:middle line:84% And if it looks like you don't have any idea how you're 00:59:51.175 --> 00:59:52.550 align:middle line:84% going to make money, I'm not even 00:59:52.550 --> 00:59:54.170 align:middle line:84% going to ask you the second question. 00:59:54.170 --> 00:59:57.910 align:middle line:90% What's the point? 00:59:57.910 --> 01:00:01.610 align:middle line:84% So under "How will you make money," 01:00:01.610 --> 01:00:04.890 align:middle line:84% they will ask you questions like what's broke that you fixed, 01:00:04.890 --> 01:00:07.590 align:middle line:84% why is your solution better, are you en route to finding 01:00:07.590 --> 01:00:08.410 align:middle line:90% customers? 01:00:08.410 --> 01:00:09.730 align:middle line:90% Tell me about your team. 01:00:09.730 --> 01:00:10.810 align:middle line:90% Who's doing marketing? 01:00:10.810 --> 01:00:13.730 align:middle line:84% Do you have a sales paradigm that you're operating? 01:00:13.730 --> 01:00:15.430 align:middle line:90% Do you have manufacturers? 01:00:15.430 --> 01:00:18.050 align:middle line:90% How about IP protection? 01:00:18.050 --> 01:00:19.490 align:middle line:84% If you make a success out of this, 01:00:19.490 --> 01:00:21.750 align:middle line:84% can somebody come along and steal it from you? 01:00:21.750 --> 01:00:24.510 align:middle line:84% Those are all subordinate to the question, 01:00:24.510 --> 01:00:27.270 align:middle line:90% how will you make money? 01:00:27.270 --> 01:00:28.830 align:middle line:90% How will I make money? 01:00:28.830 --> 01:00:32.150 align:middle line:90% Now, that turns into deal terms. 01:00:32.150 --> 01:00:33.090 align:middle line:90% Guess I'll invest. 01:00:33.090 --> 01:00:36.130 align:middle line:84% I only need to own 97% of your company. 01:00:36.130 --> 01:00:37.290 align:middle line:90% How do you feel about that? 01:00:37.290 --> 01:00:39.930 align:middle line:90% 01:00:39.930 --> 01:00:43.410 align:middle line:84% What's the probability that you'll have a profitable exit? 01:00:43.410 --> 01:00:45.410 align:middle line:90% Stuff like that. 01:00:45.410 --> 01:00:46.430 align:middle line:90% So far, so good? 01:00:46.430 --> 01:00:49.370 align:middle line:90% 01:00:49.370 --> 01:00:50.320 align:middle line:90% Yes. 01:00:50.320 --> 01:00:52.070 align:middle line:84% AUDIENCE: Should we be talking about exit? 01:00:52.070 --> 01:00:52.863 align:middle line:90% BOB JONES: Oop. 01:00:52.863 --> 01:00:53.530 align:middle line:90% AUDIENCE: Sorry. 01:00:53.530 --> 01:00:57.370 align:middle line:84% Should we be talking about exit during a pitch session? 01:00:57.370 --> 01:00:59.610 align:middle line:90% BOB JONES: My opinion is no. 01:00:59.610 --> 01:01:03.810 align:middle line:84% My opinion is that they think they know a lot more about that 01:01:03.810 --> 01:01:05.930 align:middle line:90% than you do. 01:01:05.930 --> 01:01:09.410 align:middle line:84% And so if you come in and say I expect an exit in two years 01:01:09.410 --> 01:01:15.170 align:middle line:84% at a 4x multiple of our EBITDA, they're going to say, yeah, 01:01:15.170 --> 01:01:15.670 align:middle line:90% yeah. 01:01:15.670 --> 01:01:18.350 align:middle line:90% [LAUGHS] 01:01:18.350 --> 01:01:18.850 align:middle line:90% 01:01:18.850 --> 01:01:23.110 align:middle line:84% In conversations after your initial pitch, you may say look, 01:01:23.110 --> 01:01:26.690 align:middle line:84% I have a few precedent examples of companies like ours 01:01:26.690 --> 01:01:28.850 align:middle line:90% who've been acquired recently. 01:01:28.850 --> 01:01:30.610 align:middle line:90% And here's a range. 01:01:30.610 --> 01:01:33.970 align:middle line:84% And I'm just providing you that as background information 01:01:33.970 --> 01:01:37.280 align:middle line:84% because there's so many hurdles you have to clear before you get 01:01:37.280 --> 01:01:39.913 align:middle line:84% there, but they are nevertheless thinking to themselves, 01:01:39.913 --> 01:01:41.580 align:middle line:84% nobody's ever going to buy this company. 01:01:41.580 --> 01:01:47.160 align:middle line:84% I'll never get out of my investment, implicitly. 01:01:47.160 --> 01:01:50.020 align:middle line:84% OK, what kind of capital are you looking for? 01:01:50.020 --> 01:01:50.620 align:middle line:90% How much? 01:01:50.620 --> 01:01:52.260 align:middle line:90% How far that take you? 01:01:52.260 --> 01:01:55.480 align:middle line:84% How long before you've built a good business? 01:01:55.480 --> 01:01:57.820 align:middle line:84% And of course, how will our firm make money? 01:01:57.820 --> 01:01:59.380 align:middle line:90% What's in it for me? 01:01:59.380 --> 01:02:02.040 align:middle line:90% 01:02:02.040 --> 01:02:05.180 align:middle line:84% We're doing verbal presentations tonight, 01:02:05.180 --> 01:02:08.120 align:middle line:84% but still, a few words about pitch decks. 01:02:08.120 --> 01:02:12.320 align:middle line:84% Many entrepreneurs use too much jargon, put decks together 01:02:12.320 --> 01:02:15.800 align:middle line:84% that are too long and too technical. 01:02:15.800 --> 01:02:18.120 align:middle line:84% The best decks describe the problem 01:02:18.120 --> 01:02:20.760 align:middle line:90% in the first slide or two. 01:02:20.760 --> 01:02:24.960 align:middle line:84% They focus on the unmet need and how they are meeting it 01:02:24.960 --> 01:02:27.800 align:middle line:84% and show some proof or support for the value 01:02:27.800 --> 01:02:30.160 align:middle line:90% that they're creating. 01:02:30.160 --> 01:02:34.440 align:middle line:84% In our prototype, we save the hospital this amount of money, 01:02:34.440 --> 01:02:39.490 align:middle line:84% and we save the end user this amount of whatever. 01:02:39.490 --> 01:02:42.830 align:middle line:90% 01:02:42.830 --> 01:02:45.070 align:middle line:84% Actually, I can give you an example of that. 01:02:45.070 --> 01:02:49.510 align:middle line:84% I did a 90-day stretch as a temporary CEO for a friend 01:02:49.510 --> 01:02:54.270 align:middle line:84% of mine who had a device that was used in the catheter labs 01:02:54.270 --> 01:02:55.750 align:middle line:90% in hospitals. 01:02:55.750 --> 01:02:59.590 align:middle line:84% Atrial ablation, if you know the space. 01:02:59.590 --> 01:03:02.150 align:middle line:90% And it was pretty cool. 01:03:02.150 --> 01:03:05.270 align:middle line:84% And what we found was that the docs looked at it 01:03:05.270 --> 01:03:07.950 align:middle line:84% and said I've got to have it because it 01:03:07.950 --> 01:03:10.830 align:middle line:84% allowed them to do a better job with the surgeries. 01:03:10.830 --> 01:03:12.610 align:middle line:90% Surgeries were more brief. 01:03:12.610 --> 01:03:14.630 align:middle line:90% Patient recovery was quicker. 01:03:14.630 --> 01:03:16.490 align:middle line:90% Patients were the beneficiaries. 01:03:16.490 --> 01:03:19.550 align:middle line:90% The docs wanted it. 01:03:19.550 --> 01:03:22.310 align:middle line:84% But the patients weren't going to pay for the device, 01:03:22.310 --> 01:03:24.910 align:middle line:84% and the docs weren't going to pay for the advice. 01:03:24.910 --> 01:03:28.590 align:middle line:84% We had to go downstairs to talk to the people 01:03:28.590 --> 01:03:32.070 align:middle line:84% in the purchasing department, who promptly gave us 01:03:32.070 --> 01:03:36.040 align:middle line:84% a bunch of stuff about-- well, we're the Mass General. 01:03:36.040 --> 01:03:38.980 align:middle line:84% You should give it to us for free so you can include us 01:03:38.980 --> 01:03:44.060 align:middle line:84% in your customer list, to which my reaction was nice try, guys. 01:03:44.060 --> 01:03:46.320 align:middle line:84% How do you feel about predatory practices? 01:03:46.320 --> 01:03:48.620 align:middle line:90% [LAUGHS] No. 01:03:48.620 --> 01:03:52.100 align:middle line:84% But all of those jokers had had at least two courses 01:03:52.100 --> 01:03:54.805 align:middle line:84% in the previous year on negotiation, which 01:03:54.805 --> 01:03:57.180 align:middle line:84% you will learn about in the session immediately following 01:03:57.180 --> 01:03:59.140 align:middle line:90% this one. 01:03:59.140 --> 01:04:01.100 align:middle line:84% What I had to do was figure out-- 01:04:01.100 --> 01:04:06.920 align:middle line:84% how could I thread a path that would show the users, 01:04:06.920 --> 01:04:09.660 align:middle line:84% the patients were beneficiaries, the docs wanted it, 01:04:09.660 --> 01:04:11.820 align:middle line:90% and the hospital would want it? 01:04:11.820 --> 01:04:15.580 align:middle line:84% And what I figured out was that I would do a surgery 01:04:15.580 --> 01:04:18.160 align:middle line:84% and set the OR up the way I wanted. 01:04:18.160 --> 01:04:19.620 align:middle line:84% Then you'd come in and do a surgery 01:04:19.620 --> 01:04:21.820 align:middle line:90% and you'd rearrange the OR. 01:04:21.820 --> 01:04:24.900 align:middle line:84% So there was lag time between my procedure 01:04:24.900 --> 01:04:27.220 align:middle line:90% and yours-- frequently, an hour. 01:04:27.220 --> 01:04:30.060 align:middle line:84% Our device shortened that enormously. 01:04:30.060 --> 01:04:33.450 align:middle line:84% So what I ended up saying to the purchasing department 01:04:33.450 --> 01:04:39.530 align:middle line:84% was the cath lab is one of the few places in the hospital that 01:04:39.530 --> 01:04:41.130 align:middle line:90% actually makes money. 01:04:41.130 --> 01:04:42.850 align:middle line:84% And the amount of money you make is 01:04:42.850 --> 01:04:46.050 align:middle line:84% completely dependent on how many procedures you do. 01:04:46.050 --> 01:04:51.210 align:middle line:84% My device will allow you to do one more procedure per day. 01:04:51.210 --> 01:04:53.550 align:middle line:84% And if I have the arithmetic right, 01:04:53.550 --> 01:04:56.090 align:middle line:84% it will pay for itself in six weeks 01:04:56.090 --> 01:05:00.050 align:middle line:84% and be profitable for the rest of your life. 01:05:00.050 --> 01:05:03.530 align:middle line:90% And we went. 01:05:03.530 --> 01:05:08.890 align:middle line:84% So that's support or proof of value. 01:05:08.890 --> 01:05:13.130 align:middle line:84% And here's a URL that you should check out at your convenience. 01:05:13.130 --> 01:05:14.550 align:middle line:90% OK, remember what I said. 01:05:14.550 --> 01:05:16.350 align:middle line:84% Your innovation solves a problem. 01:05:16.350 --> 01:05:18.730 align:middle line:90% Tell us a story. 01:05:18.730 --> 01:05:22.650 align:middle line:90% So start with an anecdote. 01:05:22.650 --> 01:05:24.410 align:middle line:84% I may leave this up on the screen 01:05:24.410 --> 01:05:28.770 align:middle line:84% while the next volunteers come down and talk. 01:05:28.770 --> 01:05:32.710 align:middle line:84% We've identified customers who will happily 01:05:32.710 --> 01:05:35.070 align:middle line:90% pay to solve this problem. 01:05:35.070 --> 01:05:38.030 align:middle line:84% Here's why they think our solution is better. 01:05:38.030 --> 01:05:40.530 align:middle line:84% We have a prototype, and we need to scale it up, 01:05:40.530 --> 01:05:42.730 align:middle line:84% or we are already in the marketplace, 01:05:42.730 --> 01:05:46.130 align:middle line:84% but we don't have the capital to expand the manufacturing. 01:05:46.130 --> 01:05:49.330 align:middle line:84% Whatever it is, here's why we are raising capital. 01:05:49.330 --> 01:05:53.910 align:middle line:84% What questions may I answer for you? 01:05:53.910 --> 01:05:59.670 align:middle line:84% Note that I say almost nothing about the technology. 01:05:59.670 --> 01:06:01.730 align:middle line:84% The question is how will I make money? 01:06:01.730 --> 01:06:04.270 align:middle line:90% How will you make money? 01:06:04.270 --> 01:06:06.990 align:middle line:90% Yeah? 01:06:06.990 --> 01:06:09.470 align:middle line:90% Your turn. 01:06:09.470 --> 01:06:11.750 align:middle line:84% Let's get a few more stars up here. 01:06:11.750 --> 01:06:12.550 align:middle line:90% You're game? 01:06:12.550 --> 01:06:13.050 align:middle line:90% Great. 01:06:13.050 --> 01:06:14.787 align:middle line:90% Come on down. 01:06:14.787 --> 01:06:17.649 align:middle line:90% [APPLAUSE] 01:06:17.649 --> 01:06:21.470 align:middle line:90% 01:06:21.470 --> 01:06:24.130 align:middle line:90% Thank you. 01:06:24.130 --> 01:06:24.630 align:middle line:90% Check. 01:06:24.630 --> 01:06:27.990 align:middle line:90% 01:06:27.990 --> 01:06:30.450 align:middle line:84% Tell us your name, tell us a little about your business, 01:06:30.450 --> 01:06:32.238 align:middle line:84% and then we'll do a three-minute pitch. 01:06:32.238 --> 01:06:32.780 align:middle line:90% AUDIENCE: OK. 01:06:32.780 --> 01:06:33.760 align:middle line:90% Hi, I'm Ghita. 01:06:33.760 --> 01:06:35.300 align:middle line:90% Good evening. 01:06:35.300 --> 01:06:36.940 align:middle line:90% A bit about my business. 01:06:36.940 --> 01:06:42.260 align:middle line:84% So we do SaaS recommendations to help people better optimize 01:06:42.260 --> 01:06:47.580 align:middle line:84% their tech stack and work more efficiently and save more time. 01:06:47.580 --> 01:06:50.320 align:middle line:84% BOB JONES: And we are prospective investors, 01:06:50.320 --> 01:06:52.100 align:middle line:90% customers, employees? 01:06:52.100 --> 01:06:54.260 align:middle line:90% Tell us who you are pitching to. 01:06:54.260 --> 01:06:55.460 align:middle line:90% AUDIENCE: Investors. 01:06:55.460 --> 01:06:56.070 align:middle line:90% BOB JONES: OK. 01:06:56.070 --> 01:06:57.580 align:middle line:84% AUDIENCE: Raising capital at the moment. 01:06:57.580 --> 01:06:58.538 align:middle line:90% BOB JONES: You're rich. 01:06:58.538 --> 01:07:00.980 align:middle line:90% 01:07:00.980 --> 01:07:03.660 align:middle line:90% OK, three minutes. 01:07:03.660 --> 01:07:05.700 align:middle line:90% Take it away. 01:07:05.700 --> 01:07:06.420 align:middle line:90% AUDIENCE: OK. 01:07:06.420 --> 01:07:09.220 align:middle line:84% How many of you, by show of hands, are following up with 01:07:09.220 --> 01:07:11.240 align:middle line:90% what's going on in tech lately? 01:07:11.240 --> 01:07:13.780 align:middle line:90% 01:07:13.780 --> 01:07:14.320 align:middle line:90% Awesome. 01:07:14.320 --> 01:07:20.020 align:middle line:84% How many of you actually adopted any AI tools lately? 01:07:20.020 --> 01:07:21.430 align:middle line:90% Great. 01:07:21.430 --> 01:07:23.440 align:middle line:84% And how did you find out about them? 01:07:23.440 --> 01:07:26.580 align:middle line:84% If you just don't mind shouting out, 01:07:26.580 --> 01:07:29.390 align:middle line:84% how did you discover these AI tools? 01:07:29.390 --> 01:07:30.842 align:middle line:90% AUDIENCE: Social media. 01:07:30.842 --> 01:07:32.746 align:middle line:90% AUDIENCE: Mm-hmm. 01:07:32.746 --> 01:07:34.960 align:middle line:90% AUDIENCE: Newsletters. 01:07:34.960 --> 01:07:37.090 align:middle line:90% AUDIENCE: OK. 01:07:37.090 --> 01:07:37.590 align:middle line:90% Awesome. 01:07:37.590 --> 01:07:42.290 align:middle line:84% So social media and newsletters are the responses we got. 01:07:42.290 --> 01:07:48.430 align:middle line:84% So AI is democratizing how we create software. 01:07:48.430 --> 01:07:52.570 align:middle line:84% And it's soon going to be just as fast as writing a tweet. 01:07:52.570 --> 01:07:56.930 align:middle line:84% And the problem with that is that it's creating 01:07:56.930 --> 01:08:02.090 align:middle line:90% this faster way of us-- 01:08:02.090 --> 01:08:04.370 align:middle line:84% well, it's moving so fast that we are not 01:08:04.370 --> 01:08:08.010 align:middle line:84% able to keep up with what's new and what's actually good to help 01:08:08.010 --> 01:08:12.050 align:middle line:90% us do our job right or not. 01:08:12.050 --> 01:08:15.730 align:middle line:84% And that's changing how discovery of these software 01:08:15.730 --> 01:08:17.370 align:middle line:90% tools are done-- 01:08:17.370 --> 01:08:20.130 align:middle line:84% by mentioning social media or someone 01:08:20.130 --> 01:08:22.330 align:middle line:84% told me about it or a newsletter. 01:08:22.330 --> 01:08:24.149 align:middle line:90% There's a new way of discovery. 01:08:24.149 --> 01:08:27.210 align:middle line:84% And we haven't built a solution for it until, well, Techbible. 01:08:27.210 --> 01:08:29.120 align:middle line:90% That's what I'm building. 01:08:29.120 --> 01:08:30.840 align:middle line:84% And it's a place where you go and find 01:08:30.840 --> 01:08:34.520 align:middle line:84% people's tech stacks that are similar to your job 01:08:34.520 --> 01:08:35.660 align:middle line:90% role, your industry. 01:08:35.660 --> 01:08:37.260 align:middle line:84% And you can see what they've used, 01:08:37.260 --> 01:08:40.540 align:middle line:84% what objectives they reach with the stacks that they've used. 01:08:40.540 --> 01:08:42.720 align:middle line:84% And you can also just simply, because you 01:08:42.720 --> 01:08:50.200 align:middle line:84% enter your tech stack, get all of the use cases 01:08:50.200 --> 01:08:52.680 align:middle line:84% that you can automate within all the tasks 01:08:52.680 --> 01:08:55.359 align:middle line:84% that you can automate within your job role. 01:08:55.359 --> 01:08:57.000 align:middle line:84% I forgot that you guys are investors 01:08:57.000 --> 01:08:59.640 align:middle line:84% for a second over there because you 01:08:59.640 --> 01:09:02.439 align:middle line:90% look like my target audience. 01:09:02.439 --> 01:09:03.859 align:middle line:90% How will I be making money? 01:09:03.859 --> 01:09:08.640 align:middle line:84% So we want to be a transparent platform. 01:09:08.640 --> 01:09:12.479 align:middle line:84% So all the revenue will be made through affiliate revenue 01:09:12.479 --> 01:09:17.640 align:middle line:84% and by other-- as well as team accounts. 01:09:17.640 --> 01:09:21.420 align:middle line:84% So companies can optimize better what their employees are doing 01:09:21.420 --> 01:09:24.359 align:middle line:84% because we can tell them what currently, in those tasks 01:09:24.359 --> 01:09:27.790 align:middle line:84% from the employees, will be automated. 01:09:27.790 --> 01:09:36.790 align:middle line:84% And we're raising $500,000 to expand the platform and expand 01:09:36.790 --> 01:09:40.710 align:middle line:84% our database and hire more engineers. 01:09:40.710 --> 01:09:43.710 align:middle line:90% A little bit about the team-- 01:09:43.710 --> 01:09:46.109 align:middle line:90% I'm actually a sole founder. 01:09:46.109 --> 01:09:48.670 align:middle line:84% I'm also my own distribution channel, 01:09:48.670 --> 01:09:50.229 align:middle line:84% with over half a million followers 01:09:50.229 --> 01:09:52.050 align:middle line:90% just around software tools. 01:09:52.050 --> 01:09:55.370 align:middle line:84% I'm also a technical, so I built the platform from scratch. 01:09:55.370 --> 01:10:02.710 align:middle line:84% And we have made over $80k in revenue last year just from some 01:10:02.710 --> 01:10:06.495 align:middle line:84% beta user accounts and by working with small businesses. 01:10:06.495 --> 01:10:07.370 align:middle line:90% BOB JONES: Time's up. 01:10:07.370 --> 01:10:08.203 align:middle line:90% AUDIENCE: That's it. 01:10:08.203 --> 01:10:10.850 align:middle line:90% [APPLAUSE] 01:10:10.850 --> 01:10:12.892 align:middle line:90% 01:10:12.892 --> 01:10:14.350 align:middle line:84% BOB JONES: It's terrible, isn't it? 01:10:14.350 --> 01:10:15.670 align:middle line:90% AUDIENCE: Oh, my god. 01:10:15.670 --> 01:10:19.310 align:middle line:84% BOB JONES: [CHUCKLES] Well, imagine giving a 90-minute 01:10:19.310 --> 01:10:20.050 align:middle line:90% lecture. 01:10:20.050 --> 01:10:21.575 align:middle line:90% [CHUCKLING] 01:10:21.575 --> 01:10:22.950 align:middle line:84% Not like anybody you know, right? 01:10:22.950 --> 01:10:23.930 align:middle line:90% OK. 01:10:23.930 --> 01:10:25.170 align:middle line:90% Your comments. 01:10:25.170 --> 01:10:28.230 align:middle line:84% What are your thoughts, your reactions 01:10:28.230 --> 01:10:30.070 align:middle line:90% as prospective investors? 01:10:30.070 --> 01:10:33.050 align:middle line:90% 01:10:33.050 --> 01:10:33.670 align:middle line:90% Hang on. 01:10:33.670 --> 01:10:34.347 align:middle line:90% Got one up here. 01:10:34.347 --> 01:10:35.430 align:middle line:90% Let's take this one first. 01:10:35.430 --> 01:10:38.230 align:middle line:90% Go ahead, sir. 01:10:38.230 --> 01:10:38.730 align:middle line:90% Uh-oh. 01:10:38.730 --> 01:10:42.530 align:middle line:90% 01:10:42.530 --> 01:10:46.570 align:middle line:84% I was just saying while he's fixing that, let's take you. 01:10:46.570 --> 01:10:49.550 align:middle line:84% AUDIENCE: OK, so who are your customers? 01:10:49.550 --> 01:10:51.110 align:middle line:90% How big is your market? 01:10:51.110 --> 01:10:54.030 align:middle line:84% And why would they be interested in this? 01:10:54.030 --> 01:10:56.150 align:middle line:84% BOB JONES: Ooh, stake through my heart. 01:10:56.150 --> 01:10:57.690 align:middle line:90% AUDIENCE: Great question. 01:10:57.690 --> 01:11:00.890 align:middle line:84% AUDIENCE: Also, great pitch [INAUDIBLE]. 01:11:00.890 --> 01:11:03.930 align:middle line:90% AUDIENCE: Thank you. 01:11:03.930 --> 01:11:07.430 align:middle line:90% Well, how big is the market? 01:11:07.430 --> 01:11:10.772 align:middle line:84% According to just January, actually, stats from the world-- 01:11:10.772 --> 01:11:12.730 align:middle line:84% BOB JONES: Actually, don't answer that question 01:11:12.730 --> 01:11:15.890 align:middle line:84% because what we're trying to do is improve the pitch. 01:11:15.890 --> 01:11:18.430 align:middle line:84% And his point was based on your talk, 01:11:18.430 --> 01:11:21.050 align:middle line:84% we have no idea if the market is 12 people in all 01:11:21.050 --> 01:11:24.040 align:middle line:84% of North America or it's thousands of people everywhere 01:11:24.040 --> 01:11:26.300 align:middle line:84% who are clamoring for this solution. 01:11:26.300 --> 01:11:28.660 align:middle line:90% So duly noted. 01:11:28.660 --> 01:11:30.738 align:middle line:84% Rather than the answer to the question, 01:11:30.738 --> 01:11:31.780 align:middle line:90% do you want to try again? 01:11:31.780 --> 01:11:33.040 align:middle line:90% Is your mic working? 01:11:33.040 --> 01:11:35.000 align:middle line:84% AUDIENCE: No, I can just shout it out. 01:11:35.000 --> 01:11:35.560 align:middle line:90% Is that OK? 01:11:35.560 --> 01:11:36.852 align:middle line:90% AUDIENCE: Yeah, I'll repeat it. 01:11:36.852 --> 01:11:39.600 align:middle line:90% 01:11:39.600 --> 01:11:40.640 align:middle line:90% AUDIENCE: OK, OK. 01:11:40.640 --> 01:11:46.320 align:middle line:84% So if you have a platform for tech stack, 01:11:46.320 --> 01:11:49.020 align:middle line:84% I didn't understand why you need engineers. 01:11:49.020 --> 01:11:52.760 align:middle line:84% And are you going to improve on the tech stack or you're just 01:11:52.760 --> 01:11:55.120 align:middle line:84% going to list the tech stacks on the platform? 01:11:55.120 --> 01:11:58.455 align:middle line:84% What is the engineering challenge here? 01:11:58.455 --> 01:11:59.080 align:middle line:90% AUDIENCE: Yeah. 01:11:59.080 --> 01:12:03.180 align:middle line:84% So the challenge is to identify without you entering them. 01:12:03.180 --> 01:12:06.800 align:middle line:84% So people are listing them right now, and they're quite public. 01:12:06.800 --> 01:12:09.720 align:middle line:84% The challenge is for us to build a better 01:12:09.720 --> 01:12:13.800 align:middle line:84% way to identify what that tech stack is and verify it. 01:12:13.800 --> 01:12:16.960 align:middle line:84% One of the biggest benefits that we've heard from the users 01:12:16.960 --> 01:12:21.200 align:middle line:84% right now is that they can see what people have used and kept 01:12:21.200 --> 01:12:22.180 align:middle line:90% in their tech stack. 01:12:22.180 --> 01:12:23.130 align:middle line:90% It's not bullshit. 01:12:23.130 --> 01:12:26.030 align:middle line:84% Once they stop using it, they'll remove it. 01:12:26.030 --> 01:12:28.390 align:middle line:84% And that's trusted information that you really 01:12:28.390 --> 01:12:31.790 align:middle line:84% can't get anywhere else at the moment. 01:12:31.790 --> 01:12:34.015 align:middle line:90% Yeah. 01:12:34.015 --> 01:12:34.890 align:middle line:90% BOB JONES: All right. 01:12:34.890 --> 01:12:37.490 align:middle line:84% I would like to get somebody else up here as well, 01:12:37.490 --> 01:12:42.030 align:middle line:84% but you dropped a little tidbit at the end, 01:12:42.030 --> 01:12:47.390 align:middle line:84% almost as a throwaway, which should have been within about 01:12:47.390 --> 01:12:52.390 align:middle line:84% your first 20 or 30 seconds, which was that you already have 01:12:52.390 --> 01:12:56.090 align:middle line:84% $80,000 in revenue, and I can't remember the number, 01:12:56.090 --> 01:12:57.990 align:middle line:90% but an awful lot of followers. 01:12:57.990 --> 01:12:59.990 align:middle line:90% How many followers? 01:12:59.990 --> 01:13:01.670 align:middle line:90% AUDIENCE: Almost half a million. 01:13:01.670 --> 01:13:06.330 align:middle line:84% BOB JONES: OK, so hold that thought just for a second. 01:13:06.330 --> 01:13:10.170 align:middle line:84% What did you think of the way she deployed the first 45 01:13:10.170 --> 01:13:12.450 align:middle line:90% seconds by asking you questions? 01:13:12.450 --> 01:13:16.950 align:middle line:84% How many of you, and how many of you? 01:13:16.950 --> 01:13:17.850 align:middle line:90% OK, I'll be harsh. 01:13:17.850 --> 01:13:21.260 align:middle line:84% My reaction is that was a colossal waste of time. 01:13:21.260 --> 01:13:24.405 align:middle line:84% AUDIENCE: Yeah, we're just a little too shy any time-- 01:13:24.405 --> 01:13:25.280 align:middle line:90% BOB JONES: I'm sorry. 01:13:25.280 --> 01:13:26.180 align:middle line:90% Say that again. 01:13:26.180 --> 01:13:29.480 align:middle line:84% AUDIENCE: I am a little too shy to engage, personally. 01:13:29.480 --> 01:13:30.460 align:middle line:90% BOB JONES: Well, right. 01:13:30.460 --> 01:13:36.080 align:middle line:84% Well, and if you sit and listen to 10 pitches a day, 01:13:36.080 --> 01:13:40.020 align:middle line:84% you will be astonished how repetitive they are. 01:13:40.020 --> 01:13:41.920 align:middle line:90% Oh, we have a world-class team. 01:13:41.920 --> 01:13:47.840 align:middle line:84% [SNORES] Oh, there's a gazillion people in China. 01:13:47.840 --> 01:13:50.080 align:middle line:84% And if we could sell one sock to each of them, 01:13:50.080 --> 01:13:51.740 align:middle line:84% we'd have a trillion-dollar business. 01:13:51.740 --> 01:13:53.480 align:middle line:90% And just 10% of that-- 01:13:53.480 --> 01:13:54.380 align:middle line:90% [SNORES] 01:13:54.380 --> 01:13:57.820 align:middle line:90% So they're just so repetitive. 01:13:57.820 --> 01:14:02.120 align:middle line:84% So lead with I'm in this market, I know it well, 01:14:02.120 --> 01:14:04.020 align:middle line:84% I have almost a half million followers, 01:14:04.020 --> 01:14:07.300 align:middle line:84% and we have 80,000 in revenue already for something which is, 01:14:07.300 --> 01:14:09.700 align:middle line:84% frankly, purely in the prototype stage. 01:14:09.700 --> 01:14:11.380 align:middle line:90% I'm on to something here. 01:14:11.380 --> 01:14:15.040 align:middle line:84% I'm raising a little bit of capital, probably not $500,000, 01:14:15.040 --> 01:14:18.000 align:middle line:84% to go out and validate the market, test it out, 01:14:18.000 --> 01:14:20.250 align:middle line:84% find where the unmet customer needs is, 01:14:20.250 --> 01:14:23.410 align:middle line:84% and to devise a launch strategy so that I can start with 01:14:23.410 --> 01:14:25.310 align:middle line:84% the people who are clamoring for it, 01:14:25.310 --> 01:14:28.890 align:middle line:84% and then expand to whom I need to promote. 01:14:28.890 --> 01:14:30.530 align:middle line:90% Better? 01:14:30.530 --> 01:14:31.490 align:middle line:90% AUDIENCE: Much better. 01:14:31.490 --> 01:14:32.797 align:middle line:90% Should have recorded that. 01:14:32.797 --> 01:14:34.630 align:middle line:84% BOB JONES: Well, it's probably on the video. 01:14:34.630 --> 01:14:34.950 align:middle line:90% All right. 01:14:34.950 --> 01:14:35.990 align:middle line:90% Give her a hand, please. 01:14:35.990 --> 01:14:38.945 align:middle line:90% [APPLAUSE] 01:14:38.945 --> 01:14:45.330 align:middle line:90% 01:14:45.330 --> 01:14:48.490 align:middle line:84% I think we have time for one more. 01:14:48.490 --> 01:14:50.830 align:middle line:90% And then I have a summary slide. 01:14:50.830 --> 01:14:52.830 align:middle line:84% Well, you were brave enough to come down before. 01:14:52.830 --> 01:14:56.210 align:middle line:84% And I did offer you a bite of the apple a second time for-- 01:14:56.210 --> 01:15:01.050 align:middle line:84% so we salute you for your courage. 01:15:01.050 --> 01:15:02.430 align:middle line:90% This will be take 2. 01:15:02.430 --> 01:15:05.090 align:middle line:90% 01:15:05.090 --> 01:15:06.030 align:middle line:90% Three minutes? 01:15:06.030 --> 01:15:06.647 align:middle line:90% Yep. 01:15:06.647 --> 01:15:09.230 align:middle line:84% AUDIENCE: Do I get a couple of minutes describing my business? 01:15:09.230 --> 01:15:11.710 align:middle line:84% BOB JONES: Nope, we already know it, unless you've changed it. 01:15:11.710 --> 01:15:12.090 align:middle line:90% AUDIENCE: No. 01:15:12.090 --> 01:15:12.673 align:middle line:90% BOB JONES: OK. 01:15:12.673 --> 01:15:14.770 align:middle line:90% [CHUCKLING] 01:15:14.770 --> 01:15:16.030 align:middle line:90% Hey, you're entrepreneurs. 01:15:16.030 --> 01:15:17.690 align:middle line:90% Pivot. 01:15:17.690 --> 01:15:19.470 align:middle line:90% So all right. 01:15:19.470 --> 01:15:21.405 align:middle line:90% Go. 01:15:21.405 --> 01:15:22.030 align:middle line:90% AUDIENCE: Yeah. 01:15:22.030 --> 01:15:27.590 align:middle line:84% So the US has a million pregnancies a year. 01:15:27.590 --> 01:15:34.750 align:middle line:84% And this is more than $1 billion doled out by insurance companies 01:15:34.750 --> 01:15:37.950 align:middle line:84% as reimbursement for ultrasound scans. 01:15:37.950 --> 01:15:44.150 align:middle line:84% And 8% of these are high risk pregnancies. 01:15:44.150 --> 01:15:48.630 align:middle line:84% So we build ultrasound devices which enable these high risk 01:15:48.630 --> 01:15:51.710 align:middle line:90% pregnancies to scan from home. 01:15:51.710 --> 01:15:53.870 align:middle line:84% Doctors love it because it reduces 01:15:53.870 --> 01:15:55.630 align:middle line:90% the stress on the patients. 01:15:55.630 --> 01:15:58.630 align:middle line:84% Hospitals love it because it costs them less. 01:15:58.630 --> 01:16:02.070 align:middle line:84% And insurance companies love it because the hospital uses 01:16:02.070 --> 01:16:05.190 align:middle line:90% a cheaper reimbursement code. 01:16:05.190 --> 01:16:08.090 align:middle line:90% So yeah, it's good all around. 01:16:08.090 --> 01:16:11.990 align:middle line:84% And for us, this means this means an $80 million 01:16:11.990 --> 01:16:15.230 align:middle line:90% market per year. 01:16:15.230 --> 01:16:17.340 align:middle line:90% BOB JONES: Stop right there. 01:16:17.340 --> 01:16:19.500 align:middle line:84% Was that automatically just fabulous 01:16:19.500 --> 01:16:21.488 align:middle line:90% compared to what he did before? 01:16:21.488 --> 01:16:23.280 align:middle line:84% I don't think you need to say another word. 01:16:23.280 --> 01:16:25.360 align:middle line:84% I don't mean to cut you short, but-- 01:16:25.360 --> 01:16:26.620 align:middle line:90% [APPLAUSE] 01:16:26.620 --> 01:16:28.580 align:middle line:90% --huge improvement. 01:16:28.580 --> 01:16:29.200 align:middle line:90% All right. 01:16:29.200 --> 01:16:29.980 align:middle line:84% AUDIENCE: Used the mic correctly. 01:16:29.980 --> 01:16:31.720 align:middle line:84% BOB JONES: And he used the mic correctly. 01:16:31.720 --> 01:16:35.560 align:middle line:84% [LAUGHS] Jeez, you might be our poster child or something. 01:16:35.560 --> 01:16:36.500 align:middle line:90% This is great. 01:16:36.500 --> 01:16:38.000 align:middle line:90% So a quick comment or two. 01:16:38.000 --> 01:16:42.385 align:middle line:90% What did he do right? 01:16:42.385 --> 01:16:42.892 align:middle line:90% Come on. 01:16:42.892 --> 01:16:44.600 align:middle line:84% You guys sat right there and watched him. 01:16:44.600 --> 01:16:47.660 align:middle line:90% What did he do right this time? 01:16:47.660 --> 01:16:50.528 align:middle line:84% AUDIENCE: He was talking about customers [INAUDIBLE]. 01:16:50.528 --> 01:16:51.320 align:middle line:90% BOB JONES: Hang on. 01:16:51.320 --> 01:16:54.180 align:middle line:84% Let's capture you for the people in Zoom land. 01:16:54.180 --> 01:16:57.160 align:middle line:84% AUDIENCE: So I believe he wants to focus on customers 01:16:57.160 --> 01:17:04.420 align:middle line:84% [INAUDIBLE] insurance and people who would be using this process. 01:17:04.420 --> 01:17:10.480 align:middle line:84% And I believe he explained all the [INAUDIBLE] 01:17:10.480 --> 01:17:14.660 align:middle line:84% for potential users who actually would be paying for this 01:17:14.660 --> 01:17:17.450 align:middle line:90% and why should [INAUDIBLE]. 01:17:17.450 --> 01:17:21.610 align:middle line:84% BOB JONES: Did you understand, from his talk this time, 01:17:21.610 --> 01:17:25.890 align:middle line:84% who his target user is and their problem? 01:17:25.890 --> 01:17:28.410 align:middle line:84% And you could actually incorporate 01:17:28.410 --> 01:17:30.050 align:middle line:90% a little more emotional stuff. 01:17:30.050 --> 01:17:34.090 align:middle line:84% Think about the woman who is a high risk pregnancy. 01:17:34.090 --> 01:17:37.170 align:middle line:84% Frequently, that requires bed rest, 01:17:37.170 --> 01:17:39.650 align:middle line:84% minimizing stress, all of the things 01:17:39.650 --> 01:17:42.490 align:middle line:84% which are the absolute antithesis of what you find when 01:17:42.490 --> 01:17:45.890 align:middle line:90% you have to go to the hospital. 01:17:45.890 --> 01:17:48.810 align:middle line:90% So there's how many? 01:17:48.810 --> 01:17:50.070 align:middle line:90% 200,000? 01:17:50.070 --> 01:17:51.290 align:middle line:90% AUDIENCE: Yeah. 01:17:51.290 --> 01:17:53.330 align:middle line:84% BOB JONES: 200,000 of these people out there. 01:17:53.330 --> 01:17:56.270 align:middle line:84% And because going to the hospital is so stressful, 01:17:56.270 --> 01:17:58.810 align:middle line:84% they don't go to the hospital, which makes their high risk 01:17:58.810 --> 01:18:01.170 align:middle line:84% pregnancy even more high risk, which 01:18:01.170 --> 01:18:04.010 align:middle line:84% is calamitous for the patient and expensive 01:18:04.010 --> 01:18:05.730 align:middle line:90% for the insurance company. 01:18:05.730 --> 01:18:09.410 align:middle line:90% And the current solutions-- 01:18:09.410 --> 01:18:13.602 align:middle line:90% you could just tear this one up. 01:18:13.602 --> 01:18:16.060 align:middle line:84% AUDIENCE: I just want to say I like the way you took steps. 01:18:16.060 --> 01:18:17.580 align:middle line:84% It's as if a graph was displayed. 01:18:17.580 --> 01:18:18.760 align:middle line:84% BOB JONES: Yeah, it's a flowchart. 01:18:18.760 --> 01:18:19.280 align:middle line:90% AUDIENCE: Yeah. 01:18:19.280 --> 01:18:19.780 align:middle line:90% BOB JONES: It is. 01:18:19.780 --> 01:18:21.920 align:middle line:84% It's a flowchart, which should be second nature 01:18:21.920 --> 01:18:23.440 align:middle line:90% to all of you guys. 01:18:23.440 --> 01:18:27.400 align:middle line:84% Tell the story in a linear fashion so that they can't help 01:18:27.400 --> 01:18:29.720 align:middle line:90% but follow you. 01:18:29.720 --> 01:18:30.887 align:middle line:90% Great. 01:18:30.887 --> 01:18:32.220 align:middle line:90% So give him a round of applause. 01:18:32.220 --> 01:18:33.300 align:middle line:90% That was way better. 01:18:33.300 --> 01:18:34.920 align:middle line:90% [APPLAUSE] 01:18:34.920 --> 01:18:35.520 align:middle line:90% All right. 01:18:35.520 --> 01:18:37.120 align:middle line:90% Thank you. 01:18:37.120 --> 01:18:40.140 align:middle line:84% All right, I'm going to wrap up, my friends, 01:18:40.140 --> 01:18:46.880 align:middle line:84% because as much fun as this is, there's others coming after us. 01:18:46.880 --> 01:18:50.040 align:middle line:90% So we did all this. 01:18:50.040 --> 01:18:51.700 align:middle line:90% Do you have any final questions? 01:18:51.700 --> 01:18:55.500 align:middle line:84% I've got one slide left for summaries, 01:18:55.500 --> 01:19:02.000 align:middle line:84% but do you have any questions you'd like to ask before I say 01:19:02.000 --> 01:19:04.840 align:middle line:90% "in conclusion"? 01:19:04.840 --> 01:19:05.540 align:middle line:90% Yes, sir. 01:19:05.540 --> 01:19:09.480 align:middle line:90% 01:19:09.480 --> 01:19:13.630 align:middle line:84% AUDIENCE: So who usually is-- is the CEO of the company 01:19:13.630 --> 01:19:16.230 align:middle line:84% see this person, and there's only one person or two 01:19:16.230 --> 01:19:19.430 align:middle line:90% who can [INAUDIBLE] pitch? 01:19:19.430 --> 01:19:22.590 align:middle line:84% BOB JONES: The answer is all of the above. 01:19:22.590 --> 01:19:27.190 align:middle line:84% Well, and actually, no, the answer is it depends. 01:19:27.190 --> 01:19:31.830 align:middle line:84% I have never seen an investor make an investment 01:19:31.830 --> 01:19:37.470 align:middle line:84% without being convinced that the CEO can drive the bus. 01:19:37.470 --> 01:19:39.830 align:middle line:84% Having said that, many CEOs are not 01:19:39.830 --> 01:19:44.270 align:middle line:84% as technically sophisticated as their chief technology officer. 01:19:44.270 --> 01:19:49.110 align:middle line:84% And they may not understand the marketing process as thoroughly 01:19:49.110 --> 01:19:51.350 align:middle line:84% as their chief marketing officer. 01:19:51.350 --> 01:19:56.430 align:middle line:84% So sometimes, a team presentation works best, 01:19:56.430 --> 01:20:03.350 align:middle line:84% but doing it without the CEO is a path I have never seen work. 01:20:03.350 --> 01:20:05.150 align:middle line:90% Does that help? 01:20:05.150 --> 01:20:06.310 align:middle line:90% OK. 01:20:06.310 --> 01:20:08.030 align:middle line:90% Who else? 01:20:08.030 --> 01:20:10.390 align:middle line:90% Good question. 01:20:10.390 --> 01:20:14.850 align:middle line:84% That means you guys who are founders are not off the hook. 01:20:14.850 --> 01:20:18.290 align:middle line:90% You will have to do this. 01:20:18.290 --> 01:20:22.050 align:middle line:90% OK, let me wrap it up, then. 01:20:22.050 --> 01:20:26.170 align:middle line:84% Know your audience and know the three things 01:20:26.170 --> 01:20:30.930 align:middle line:84% you want them to remember when you finish your presentation. 01:20:30.930 --> 01:20:32.370 align:middle line:90% Here's a challenge. 01:20:32.370 --> 01:20:36.550 align:middle line:84% I've been working with a fair number of senior managers. 01:20:36.550 --> 01:20:41.810 align:middle line:84% And I said tell me your value proposition. 01:20:41.810 --> 01:20:45.530 align:middle line:90% 3 sentences, 10 seconds. 01:20:45.530 --> 01:20:47.130 align:middle line:90% It's brutal. 01:20:47.130 --> 01:20:48.270 align:middle line:90% It's really hard. 01:20:48.270 --> 01:20:51.050 align:middle line:84% You feel like you're boiling the ocean. 01:20:51.050 --> 01:20:57.130 align:middle line:84% But if you can do that, you have your North Star 01:20:57.130 --> 01:20:59.650 align:middle line:84% on those dark and stormy nights when you're not sure 01:20:59.650 --> 01:21:01.690 align:middle line:84% where you're trying to go with this thing. 01:21:01.690 --> 01:21:04.970 align:middle line:84% If you can do those 3 sentences in 10 seconds, 01:21:04.970 --> 01:21:07.570 align:middle line:90% there's your North Star. 01:21:07.570 --> 01:21:09.690 align:middle line:90% OK? 01:21:09.690 --> 01:21:13.920 align:middle line:84% Show them, your audience, that you understand their problem. 01:21:13.920 --> 01:21:16.980 align:middle line:84% And tell a story about your better solution 01:21:16.980 --> 01:21:22.200 align:middle line:84% so that your audience understands what's in it for me. 01:21:22.200 --> 01:21:24.120 align:middle line:90% Practice. 01:21:24.120 --> 01:21:26.380 align:middle line:84% And by the way, when I first did this slide, 01:21:26.380 --> 01:21:28.400 align:middle line:90% I had five or six bullets. 01:21:28.400 --> 01:21:32.960 align:middle line:84% And I realized I was counseling you to only keep to three things 01:21:32.960 --> 01:21:35.960 align:middle line:84% that you wanted your audience to remember. 01:21:35.960 --> 01:21:40.360 align:middle line:84% I had to redo the slide, but those are the three things 01:21:40.360 --> 01:21:42.240 align:middle line:90% that I want you to remember. 01:21:42.240 --> 01:21:46.420 align:middle line:84% Know your audience, tell them you understand their problem, 01:21:46.420 --> 01:21:48.880 align:middle line:84% show them your better solution, and spend some time 01:21:48.880 --> 01:21:51.320 align:middle line:90% practicing to make this right. 01:21:51.320 --> 01:21:52.867 align:middle line:90% And good luck to you. 01:21:52.867 --> 01:21:53.700 align:middle line:90% Thank you very much. 01:21:53.700 --> 01:21:57.050 align:middle line:90% [APPLAUSE] 01:21:57.050 --> 01:22:10.000 align:middle line:90%