Why Growth? Pitchfest Workshops at New Inc.
What’s more fun than working with a bunch of world changing tech founders who see themselves as future unicorns?
Working with artist entrepreneurs at New Inc.
In module 1 of a Pitchfest Workshop series, we covered why you might want to grow big, and have huge scale, as an exercise in imagining your impact.
We are here: Module 1: Why Growth
Module 2: Storyline (and business model help)
Module 3: Pitch Practice, Feedback, Development
Pitchfest will help you create a growth narrative for your company. The goal of the workshop: construct your company narrative to get useful and constructive feedback from growth investors. We’re focused on the shortest story, the “short deck.” You’ll need a longer deck if you are actually pursuing investors.
You may decide to pursue a fast growth model, or you may decide to pursue more of a steady state plan for generating revenue – but at least you will have invested time to understand the potential for your business.
Prework: Make sure you have recently spoken to at least 10 potential customers before coming to the Pitchfest to present your idea.
Pitch Practice: 2 minutes each, no visual aids.
Impact. Scale. Envisioning Big Outcomes. If it is clear enough and compelling enough AND BIG ENOUGH it will attract the SCALE AND IMPACT-SEEKING people and resources (VCs, angels, future partners and team members)
What does it mean to seek a 10x return?
My current revenues of _______ would have to grow to ____________ in 5 years to be considered worthy of a venture capital investment.
Trick question – why?
Angel Targeted Returns 5 to 10 times $ in 4 to 8 years
Years to Exit
For some early angels in Facebook, returns = 62,000%
What % of startups fail? ___________
Why Not Growth?
Control. Creative Control. Ownership Stake. Lifestyle.
Smaller market size – but compelling.
Rich vs. King.
The Founder’s Dilemma at HBR.org.
Prep for Next Time:
Purpose. Know why you are driven to do this.
Motivation. Know what drives you? Are you trying to control your own destiny? Or dominate the world? Create a dent in the universe?
Spend time going over VC classic recommendations for how to build a pitch deck:
Sequoia Cooley Co Polaris New York Angels Criteria
For lots of examples PitchEnvy The exact Pitch Strategy I’ve used to Raise $125 MM since 2011.