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Warsaw Startup Night Düsseldorf, April 19th 2018

Warsaw Startup Night Düsseldorf, April 19th 2018

Vidar Andersen

April 19, 2018
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  1. DÜSSELDORF 

    APRIL 19TH 2018
    WARSAW
    STARTUP
    NIGHT
    POLNISCHE INSTITUT DÜSSELDORF

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  2. AGENDA
    • About NRW & Germany
    • The Three Pitches
    • How to take your company to Germany

    (Q&A)
    • You pitch (5 minutes) & Get Feedback
    1300 - 1700 

    APRIL 19TH 2018

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  3. MORE
    VIDARANDERSEN.COM
    VIDAR ANDERSEN
    • STARTUP FOUNDER
    • EDUCATOR
    • INNOVATION ADVISOR
    FOUNDING PRINCIPAL
    +ANDERSEN & ASSOCIATES

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  4. SOME OF THE PEOPLE
    I HAVE PITCHED
    IN PERSON
    AROUND THE WORLD

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  5. SOME OF THE PLACES
    I HAVE BEEN
    FEATURED
    AROUND THE WORLD

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  6. I HAVE
    TRAINED
    OVER 620
    STARTUPS 

    HOW TO PITCH

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  7. STARTUP

    SUCCESS
    IN GERMANY

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  8. WHY
    GER
    MA
    NY
    WHY COME HERE?

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  9. 28% 

    OF EURO AREA ECONOMY
    #1
    economy

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  10. WORLD CLASS

    UNIVERSITIES
    free
    education

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  11. STRONG INDUSTRY
    33 GLOBAL F500
    33

    F500

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  12. THE HEART
    OF EUROPE

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  13. BIOTECH
    & PHARMA
    CLUSTERS

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  14. ENERGY &
    ENVIRONMENT
    CLUSTERS

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  15. FINANCE
    CLUSTERS

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  16. MEDICINE

    & HEALTH
    CLUSTERS

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  17. TECHNOLOGY

    & INNOVATION
    CLUSTERS

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  18. TRANSPORT

    & LOGISTICS
    CLUSTERS

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  19. STARTUP
    CLUSTERS
    #1

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  20. NUMBER 2
    IN STARTUP DEALS

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  21. VC FINANCING
    ON THE RISE

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  22. MOST ACTIVE
    VC IN GERMANY

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  23. INTERNATIONAL VC
    ALREADY INVEST HERE

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  24. NOTABLE
    ACQUISITIONS

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  25. Parstream → Cisco
    October 2015
    Undisclosed
    6Wunderkinder → Microsoft
    June 2015
    €100 - 200 million
    Quandoo → Recruit
    March 2015
    €202.5 million
    Fyber (SponsorPay) → RNTS
    October 2014
    $150 million

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  26. TeamViewer → Permira
    May 2014
    €830 million
    Sociomantic → Dunnhumby
    April 2014
    €150 million
    Trivago → Expedia (sold only part)
    December 2012
    €477 million.
    DailyDeal → Google
    September 2011
    €82.8 million

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  27. Bigpoint → Summit Partners 

    and TA Associates
    April 2011
    €272.6 million
    brands4friends → eBay
    December 2010
    €150 million

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  28. Ferratum
    February 2015
    €110.8 million.
    Rocket Internet
    October 2014
    €6.5 Billion
    Zalando
    October 2014
    €5.3 billion

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  29. trivago
    December 2016
    €4 Billion

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  30. WHY
    NRW?
    THE SECRET SAUCE

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  31. DENSITY
    POTENTIAL CUSTOMERS
    50M
    PEOPLE

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  32. DENSITY
    POTENTIAL PARTNERS
    10
    GLOBAL
    F500
    COMPANY F500 CITY
    Deutsche Telekom 89 Bonn
    Deutsche Post DHL 98 Bonn
    Lufthansa 248 Cologne
    Bayer 187 Leverkusen
    E.ON 16 Duesseldor
    f
    Metro 72 Duesseldor
    f
    Franz Haniel 272 Duisburg
    RWE 124 Essen
    ThyssenKrupp 122 Essen
    Bertelsmann 492 Guetersloh

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  33. DENSITY
    POTENTIAL CUSTOMERS
    747.000

    SME

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  34. DENSITY
    POTENTIAL PARTNERS
    #1 IN
    HIDDEN
    CHAMPS
    STATE RANK AMOUNT
    NRW 1 293
    Baden Wutteberg 2 277
    Bayern 3 211
    Hessen 4 119
    Rheinland Pfalz 5 59
    TOTAL 1.147

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  35. REGULAR FLIGHTS
    SILICON VALLEY
    TEL AVIV
    NRW
    CHINA
    JPN
    CGN + DUS

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  36. 3:20h
    3h
    4:30h
    4:20h
    2h
    1:50h
    4h
    FAST TRAINS

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  37. EMERGING
    VIABLE CLUSTER
    MAJOR
    STARTUP
    HUB
    #1
    #2

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  38. LOCAL VC
    PRESENT HERE
    &MORE

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  39. MAJOR VC
    ALREADY INVEST HERE
    &MORE

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  40. CONNECTING
    SMB WITH STARTUPS
    DIGITAL
    HUBS

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  41. OFFICE SPACE
    PLENTIFUL

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  42. LOW COST
    & QUALITY OF LIFE

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  43. COMMUNITY
    VIBRANT & CONNECTED
    &MUCH MORE

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  44. NOTABLE
    NRW
    EXITS
    STARTUP ACQUISITIONS

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  45. DAILY ONLINE DEALS
    FOR CONSUMER GOODS

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  46. DAILYDEAL
    COLOGNE, NRW
    FOUNDED 2009 - EXIT 2011
    €83 MILLION

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  47. BIG DATA ANALYTICS 

    ONLINE PLATFORM

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  48. PARSTREAM
    COLOGNE, NRW
    FOUNDED 2011 - EXIT 2015
    €XXX MILLION

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  49. ONLINE 

    SHOPPING PORTAL

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  50. HITMEISTER
    COLOGNE, NRW
    FOUNDED 2007 - EXIT 2016
    €XXX MILLION

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  51. SECURE 

    COMMUNICATIONS

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  52. SECUSMART
    DUSSELDORF, NRW
    FOUNDED 2007 - EXIT 2014
    €XXX MILLION

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  53. GOOGLE SEARCH 

    FOR HOTEL DEALS

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  54. TRIVAGO
    DUSSELDORF, NRW
    FOUNDED 2005 - PART-EXIT 2012
    €477 MILLION

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  55. TRIVAGO
    DUSSELDORF, NRW
    TAKEN PUBLIC DEC. 2016
    $ +4 BILLION
    IPO

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  56. GLOBAL CAMPUS
    DUSSELDORF 2018

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  57. WHO’S
    NEXT?
    NRW CONTENDERS

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  58. SILICON VALLEY TECH
    MADE IN NRW

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  59. ARANGO DB
    COLOGNE, NRW
    ArangoDB is a multi-model mostly-memory database with a
    flexible data model for documents and graphs. It is designed 

    as a “general purpose database”, offering all the features 

    you typically need for modern web applications

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  60. NRW FINTECH

    FUNDED BY NYC VC

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  61. AUXMONEY
    DUSSELDORF, NRW
    auxmoney is an online peer-to-peer loan marketplace,

    a “Lender’s Club” in Europe

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  62. FROM DUS TO

    SAN FRANCISCO

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  63. SHOP.CO
    DUSSELDORF, NRW

    The Universal Online Shopping Cart

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  64. NRW HELPS
    SOFTWARE EAT WORLD

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  65. GIANT SWARM
    COLOGNE, NRW
    Simple Microservice Infrastructure,
    built for developers

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  66. NRW STARTUP
    TAKES ON AWS

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  67. GRIDSCALE
    COLOGNE, NRW
    Cloud Servers per Drag & Drop

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  68. A JET.COM FOR EUROPE

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  69. CROWDFOX
    COLOGNE, NRW
    Online members marketplace

    cheaper than Amazon

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  70. INTERNET OF THINGS (IOT)
    PLATFORM

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  71. CUMULOCITY
    DUSSELDORF, NRW
    IoT Services for Consumer Products

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  72. CUMULOCITY
    DUSSELDORF, NRW
    FOUNDED 2013

    EXIT 27.03.2017
    €XXX MILLION

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  73. WORLD FAMOUS &

    CONTROVERSIAL

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  74. EYEO
    COLOGNE, NRW
    “Making the Internet better for everyone -

    Starting with bad ads”

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  75. FROM CGN TO

    SAN FRANCISCO TOO

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  76. QUINTLY
    COLOGNE, NRW
    The professional social media benchmarking 

    and analytics solution

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  77. WELCOME!
    NRW
    A GREAT PLACE FOR
    STARTUPS

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  78. PITCHINGMASTERCLASS.COM
    PITCHING
    MASTERCLASS

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  79. FIRST
    THING
    FIRST

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  80. ASK YOURSELF 

    ARE YOU A STARTUP
    OR A NEW COMPANY?

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  81. A STARTUP IS A
    TEMPORARY
    ORGANISATION IN
    SEARCH OF A SCALABLE
    & REPEATABLE BUSINESS
    MODEL OPERATING IN
    AN ENVIRONMENT OF 

    EXTREME UNCERTAINTY

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  82. A COMPANY IS A
    PERMANENT
    ORGANISATION
    DESIGNED TO EXECUTE A
    PROVEN REPEATABLE &
    SCALABLE BUSINESS
    MODEL IN A PREDICTABLE
    AND STABLE
    ENVIRONMENT

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  83. BOTH
    AWESOME
    BUT
    DIFFERENT

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  84. EXECUTION
    SCALABILITY

    FINANCING
    DIFFERENT

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  85. THIS CONTENT IS FOR
    STARTUPS
    IF YOU ARE A COMPANY
    WRITE A BUSINESS PLAN

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  86. INVESTORS DO NOT EXIST
    TO GIVE YOU PERMISSION
    TO START ANYTHING
    OR TO MAKE GOLD
    OUT OF YOUR CRAP IDEAS
    NOR YOUR SH!TTY TEAM

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  87. REALITY TODAY

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  88. AN INVESTMENT IS A
    NEXT STEP AFTER
    FIRST HAVING DONE
    SOME INTERESTING
    SH!T ON YOUR OWN

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  89. INVESTORS 

    ARE COMMODITIES
    YOU ARE 

    THE PRIZE

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  90. SO STOP
    SUCKING UP
    TO INVESTORS

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  91. WARNING
    WARNING
    WARNING

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  92. STARTUP PITCH
    COMPETITIONS ARE
    SUCCESS THEATRE
    BULLSH!T

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  93. BUT
    WHERE ELSE ARE
    YOU GOING TO GET
    THE TRAINING

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  94. NEVER MISTAKE
    PITCH COMPETITIONS
    FOR PITCHING
    INVESTORS
    EVER

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  95. TL;DR
    THE ONE SINGLE TAKE-AWAY

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  96. TL;DR - THE ONE THING
    Answer these two simple questions:


    “WHAT PROBLEM ARE YOU SOLVING &
    WHAT SOLUTION DO YOU OFFER?”

    You must be able to tell this in one or two short sentences
    AT ALL TIMES - even in your sleep

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  97. GUT CHECK
    What PROBLEM do you solve

    & HOW are you SOLVING it?

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  98. REALITY CHECK
    What is the VC investor looking for?

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  99. WHAT WE PITCH
    Problem / Need, Solution, Market Size,
    Goto Market, Team, Competition,
    Financials, Ask, BLA BLA BLA ETC

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  100. WHAT THE VC HEARS
    1. Is there money to be made here?
    2. Are these the right people who will
    make me money?
    3. How much money can we make
    here (with these people)?

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  101. REALITY CHECK
    A VC WILL INVEST

    IF AND ONLY IF

    TEAM IS COMPLETE & RIGHT,
    TOTAL MARKET SIZE IS
    BIG (REALLY F*ING BIG)

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  102. VENTURE
    CAPITALIST (VC)
    VS
    BUSINESS

    ANGEL

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  103. THREE

    TYPES
    OF 

    PITCHES

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  104. THE THREE PITCHES
    1.The High-Concept Pitch
    2.The Elevator Pitch
    3.The Pitch Deck

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  105. PITCH PROGRESSION
    1. A high concept pitch gets people’s
    attention, an incentive to let you keep talking
    2. An elevator pitch convinces investors to
    ask for and read your deck
    3. A deck sells investors on taking a meeting
    4. A meeting will lead to a funding decision

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  106. HIGH-CONCEPT
    PITCH
    “Summarises the company’s business on the
    back of a business card” - Sequoia Capital

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  107. HIGH CONCEPT PITCH
    Distills a startup’s vision into a single sentence
    The “We are the X for Y” pitch
    The “twitter pitch”
    Perfect tool for fans and investors to spread
    the word about your company

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  108. Be brief: One short sentence
    Be familiar: A 6 year old child should
    understand the words and concepts in
    your pitch
    HIGH CONCEPT PITCH

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  109. THE
    ELEVATOR
    PITCH
    30 seconds to sell a captive audience

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  110. ELEVATOR PITCH
    The major components of the elevator pitch are:


    TRACTION, PRODUCT, TEAM 

    & SOCIAL PROOF

    “An introduction captures an investor’s attention, a great
    elevator pitch gets a meeting.”

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  111. Many investors will ignore your deck and
    ONLY take a meeting if the introduction
    and elevator pitch are good

    Without an introduction, an elevator
    pitch is critical to a successful cold e-mail
    or getting that meeting

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  112. ELEVATOR PITCH
    TRACTION
    PRODUCT
    TEAM
    SOCIAL PROOF
    30 seconds to sell a captive audience

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  113. THE
    PITCH
    DECK
    13 magic slides to a funding decision

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  114. IS YOUR PITCH 

    A DATA PITCH 

    OR A VISION
    PITCH?

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  115. PRE-LAUNCH SELL THE VISION
    LIKE NO TOMORROW - 

    IT’S ALL YOU GOT RIGHT NOW
    POST-LAUNCH BE PREPARED
    PREPARE TO SHOW YOUR
    REAL ACTUAL METRICS

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  116. THE PITCH DECK
    An introduction and elevator pitch are critical to
    getting a meeting
    And the pitch deck is what you send investors and
    what you present in that meeting
    The deck is NOT a Business Plan - SERIOUSLY
    NEVER send an investor a business plan - EVER

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  117. DECK CONTENTS
    1. 

    COVER
    2. 

    MISSION
    3. 

    SUMMARY
    4. 

    TEAM
    5. 

    PROBLEM
    6. 

    SOLUTION
    7. 

    TECH
    8. 

    MARKETING
    9. 

    SALES
    10. 

    COMPETITION
    11.

    MILESTONES
    12.

    CONCLUSION
    13.

    FINANCING




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  118. COVER

    MEMORABLE

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  119. COVER
    LOGO
    TAGLINE
    CONTACT DETAILS
    30PT FONTS OR HIGHER

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  120. MISSION

    WHAT YOU ARE
    STRIVING TO
    ACHIEVE - 

    THE WHY & HOW

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  121. MISSION
    What you will do and how you will do it
    Also: What you will NOT do
    The thing you are striving to accomplish but have yet to complete
    Optionally: Fill white space with logos of customers and testimonials
    What will also guide decision making for you
    e.g. ”Acme Gadgets will create and dominate a new network service
    category that defends web applications from distributed-denial-of-
    service attacks."

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  122. SUMMARY

    SH!T WE
    HAVE DONE

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  123. SUMMARY
    Summarise the key, compelling facts of 

    the company
    You can steal the content from your 

    elevator pitch
    ONLY things you HAVE DONE, not what you
    may or may not do in the future

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  124. TEAM

    BRAG - WHY
    YOU ARE SO F*
    AWESOME

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  125. TEAM
    Highlight the past accomplishments of the team, BRAG
    If your team has been successful before, investors may believe
    it will be successful again (although a logical fallacy)
    Do NOT include positions you intend to fill (save that for the
    Milestones slide)
    Tell a story about how your career has led to the discovery of
    the…
    Put yourself last in team if you must: it seems humble

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  126. PROBLEM
    BE QUICK, BE
    EMOTIONAL

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  127. PROBLEM
    Without yet getting into your product or
    service, describe the nature of the
    problem you address
    Emphasise the pain level and the inability
    of incumbents, the current established
    players, to satisfy the customer need

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  128. SOLUTION

    SHOW -
    DON’T TELL

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  129. SOLUTION
    Introduce your product, and the benefits (which
    should obviously address and fit the market
    problem you just described like hand in glove)
    SHOW DON’T TELL: Include a demo such as a
    screencast, a link to working software, or pictures.
    ONE SLIDE ONLY: This is not your product manual

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  130. GOD HELP YOU 

    IF YOU HAVE 

    NOTHING 

    TO SHOW

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  131. Solution Presentation Pro Tip:
    You have to prepare for any and all eventualities if you are demoing product -
    Videos will stop working, Internet will disappear, and so on
    ALWAYS have the following prepared in your deck:
    1. Live Demo (link out - skip to next slide if not working)
    2. Video of pre-recorded Live Demo (skip to next slide if not working)
    3. Screenshot sequence of key features in pre-recorded demo (always works)
    Start with 1 and skip ahead towards 3 if everything fails, LIVE in same
    presentation
    Practice the SAME user journey story through your solution for 1, 2 & 3
    DO NOT EVER MENTION SOMETHING NOT WORKING - just move on to next
    option and NO ONE will ever notice that the live demo or video did not work.

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  132. TECHNOLOGY

    HARD FACTS -
    WHAT’S UNDER
    THE BONNET

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  133. TECHNOLOGY
    Elaborate on the technology or methodology you
    have developed to enable your unique approach
    Open Source? Licensed? DIY? Are there hidden costs
    and liabilities? Is the IP yours or someone else’s?
    Maintaining your own software is going to be how
    costly vs using something else?
    If appropriate, mention patent status

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  134. MARKETING
    QUANT -

    NO BULLSH!T
    PROJECTIONS

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  135. MARKETING
    Include market size estimates here or in the Problem
    If you haven’t launched, discuss your plan to acquire
    users or customers, show the expected cost of
    customer acquisition
    If you have launched, include CAC vs CLTV & growth
    rate and activation rates, if appropriate

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  136. mint.com acquisition strategy as pitched

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  137. SALES
    ACTUAL -

    NOT BIZ DEV

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  138. “NO BUSINESS PLAN
    EVER SURVIVES FIRST
    CONTACT WITH
    CUSTOMER”
    STEVE BLANK 

    FATHER OF THE LEAN STARTUP

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  139. SALES
    If you don’t have sales, discuss your business model and
    prospective customers, use a Business Model Canvas
    (BMC) to explain it all in one single slide
    IGNORE the cost of customer acquisition UNLESS you
    have some insight into the issue
    IF you have sales, show off early customer or
    distribution progress: show numbers, logos, testimonials

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  140. SPOT CHECK 

    UNFAMILIAR
    TERMS
    Key Metrics Explained

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  141. For each dollar you spend acquiring a
    customer, how many dollars does it leave
    behind in the whole lifespan you have
    them as a customer?
    CAC = Customer Acquisition Cost
    LTV = Customer Lifetime Value
    A CAC : LTV ratio of 1 : 3 or better = Good
    CAC VS LTV

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  142. • High Churn Rate
    • Low Customer 

    Satisfaction
    • Lack Of Stickiness
    • Recurring Revenue
    • Scalable Pricing
    • Cross-Sell / Up-Sell
    • Additions To Product

    Catalogue
    • Lead-Gen For 3Rd Party
    • Sales Force In The Field
    • Outbound Marketing
    • Unoptimised Campaign
    • Wrong Target Audience
    • Wrong Channel
    • No Network Effects
    • Network Effects
    • Inbound Marketing
    • Free Or Freemium
    • Open Source
    • Free Trial
    • Touchless Conversion
    • Direct Marketing
    • Channels
    • Strategic Partnerships
    CAC LTV
    CAC VS LTV - DRIVING FACTORS

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  143. GROWTH RATE
    “Startups = Growth” by Paul Graham of YC
    What is your growth week over week?
    More than 7% week over week is good

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  144. “30 / 10 / 1” by Fred “AVC” Wilson
    What is the % of all your registered users
    that will use the service or app Monthly /
    Daily / Concurrent (At Any Given Time)?
    30/10/1 or better is good
    ENGAGEMENT RATE

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  145. COHORT ANALYSIS

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  146. SERIOUSLY
    YOU NEED TO UNDERSTAND IT
    COHORTANALYSIS.COM

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  147. SERIOUSLY
    YOU NEED TO UNDERSTAND IT
    CHURN-RATE.COM

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  148. SAAS METRICS - YOU NEED TO 

    UNDERSTAND IT & TRACK IT

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  149. SaaS

    FUNDING
    NAPKIN

    2018

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  150. TAM - Total Available Market

    Theoretical total market size or customer 

    mass with problem today
    SAM - Serviceable Available Market

    Theoretical total market size or customer mass 

    that are able to use / purchase a solution like 

    yours right now
    SOM - Serviceable Obtainable Market 

    Your target market cap or customer base within 

    the next 2-3 years, your credible ambition
    TAM
    SAM
    SOM
    DEFINING MARKET SIZE

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  151. HOW TO FIND MARKET DATA
    JFGI

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  152. BUSINESS MODEL CANVAS

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  153. BACK
    TO THE 

    DECK

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  154. COMPETITION
    THE HONEST
    TRUTH

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  155. COMPETITION
    Describe why users or customers use your product instead of the
    competition’s product
    Describe any competitive advantages that remain after the competition
    decides to copy you exactly, your UNFAIR ADVANTAGES
    Competitive landscape. Be sure to anticipate competitive responses
    (before the VC does and puts you in an embarrassing spot)
    Never deny that you have competitors, no matter how unique you think
    you are. It is OK to compete. Even against giants.
    Are you in an existing market, a re-segmented market, a new market or a
    clone market? Figure it out.

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  156. EXISTING MARKET
    Classic: “Up and to the right”
    Quality
    Economical
    Expensive Discounted
    High
    Low
    CO A
    CO B
    CO D
    MY CO
    CO C
    CO D
    CO A
    CO B CO C
    MY CO

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  157. RE-SEGMENTED MARKET
    Product Comparison Matrix

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  158. CLONED MARKET
    Why and how will
    this work here?
    Show how you
    understand and have
    validated the local
    needs & differences

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  159. NEW MARKET
    “Petal Diagram”

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  160. MILESTONES

    WHEN, WHAT &
    WHY - NO
    PROJECTIONS

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  161. DAVE MCCLURE

    SHAMED SEXUAL HARASSER

    EX-CEO 500 STARTUPS

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  162. SERIOUSLY

    NO F*ING
    PROJECTIONS

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  163. MILESTONES
    DO NOT build a detailed financial model if you don’t have past
    earnings, a significant financial history, or real insights into the
    issue - It’s a bullshit fantasy exercise wasting everybody’s time.
    Instead, include your current status and milestones for the next
    1-3 quarters for product, team, marketing, sales with quarterly and
    cumulative burn rates.
    How are you going to burn the investor’s money in the next 12-16
    months and what experiments do that cover and what do you expect
    to get out of (test & learn) those experiments?

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  164. CONCLUSION
    RINSE, LATHER
    & REPEAT

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  165. CONCLUSION
    This slide can be inspirational, a larger
    VISION of what the company could do if
    these current plans are realised, how
    wonderful a place the world will be.
    Or just repeat a modified version of the
    “Summary” slide.

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  166. FINANCING
    GIVE + ASK

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  167. FINANCING
    How much money you are raising in this round
    How much of your company are you ready to sell in this round
    “We believe we will create significantly more value with an investment of $X and we are
    prepared to sell up to Y% of our company.”
    Dates, amounts, and sources of money raised to date (Cap Table)
    If this is your first round, your valuation is based on thin air - so don’t sweat it: 

    The more important and “real” valuations will come with later rounds
    Remember, you can give different ASK & GIVE to different investors (assume
    everybody talks to everybody) but once your deck is out the door, you’ll be surprised
    where it might end up
    Congratulations - The clock is ticking: You now have about 3 months to close the round

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  168. don’t 

    forget

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  169. TELL A F*ING
    STORY

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  170. AS YOU WOULD
    TO A 6 YEAR OLD

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  171. SEQUENCE OF STORY
    “We have a mission and the team that is taking us there.
    Why? We discovered a large problem and solved it with a
    product that has this amazing technology inside. 


    We’re going to market and sell it to these customers, with
    these advantages over our competitors.


    In particular, we’re working towards these milestones over the
    next few quarters. 


    In conclusion, this is a great investment opportunity right now.”

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  172. Words 7%
    Voice 38%
    Facial Expression 55%


    93% IS HOW YOU SAY IT 


    NOT WHAT YOU SAY

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  173. SO SHOW
    SOME F*ING
    ENTHUSIASM

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  174. LET’S PITCH
    5 MINUTES
    IT’S YOUR TURN NOW

    PITCH & GET FEEDBACK

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  175. LET’S CONNECT
    VIDARANDERSEN.COM
    THANK YOU

    AND GOOD LUCK

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