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Perfecting Your Pitch, Part Three: The Overview Overview

By: John Hoult
Part three of Garage.com's master class on the art of a pitch: Bill Joos tells you how to wow them with your overview presentation.

Every sale travels along a continuum from baiting the hook to feeding the fish. Whether you're selling an idea or a widget, you first must catch consumers' interest -- entice them to bite. To transform those consumers into regular customers, you must provide nourishment -- feed those fish with information, customer service, and a great product.

In his three-part battle plan to get venture-capital funding, Garage.com pitch master Bill Joos focuses first on baiting the hook -- a great elevator pitch -- and then on feeding potential prospects a nourishing snack -- a succinct killer business summary. The real meal, though, only comes once the big fish have decided to fund you. Before you get to "yes," you have to meet with the VCs and give what Joos calls the "overview presentation." This little show gives potential investors enough information to make the enlightened decision to fund your company without overloading them. If they're interested, they'll ask for more.

"Pitching is an art," says Joos, "But there is science to it too. And science tells us that one week after your pitch, the VCs will remember only 10% of what you told them." Joos calls this pitch decay, and it's a grim obstacle to any sale. As Joos puts it, "You can highlight the 10% that matters most, or you can let them figure it out for themselves. You choose."

Pitch decay underscores one of Joos's favorite themes: brevity. He insists that overview presentations comprise about 12 slides -- the dirty dozen. "You may think it's impossible to condense your message into a dozen slides," he says. "It's not only possible, it's imperative. We have clients who are changing the molecular structure of insulin, who are reinventing the world of encryption. No matter how complex the technology, we've never exceeded 14 slides. You must boil it down."

And while you try to hide your nerves, remember to have fun. "This is a bizarre thing," Joos says. "You won't always enjoy the game -- nobody does -- but you have to look like you're functioning and enjoying the challenge. You'll have the highest highs and the lowest lows as an entrepreneur, sometimes on the same day."

Joos recommends dividing your presentation into these rough chapters: summary, market, solution, team, use of funds, and recap. Here's his quick outline on how to wow investors with your overview presentation.

Summary

Start by saying, "If you only remember three things about our business plan, you should remember these ..." Adapt your elevator pitch, including your mission statement, business idea, and call to action. In one or two slides, tell them what you're going to tell them, give a quick sketch of your business, and let them know what kind of money you're looking for. "Don't make it a secret," says Joos. "VCs hate a striptease. Tell them what you are up front: 'We're a hardware solution designed to help cache better on servers, and we're looking for a round of about $5 million.'"

Market

"Lead with the problem," Joos advises, "and follow with the opportunity." Describe the need your business will meet, and then explain how you will transform that need into a business opportunity. Back up your case with market research. The more granular and consumer-focused -- the better it will be.

From Issue | December 1969

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