Angel Presentation Do’s and Don’ts (Part 2/4)
Make no mistake entrepreneurs- an Angel presentation is a war: You as the entrepreneur will be challenged from the second you open your mouth. Not only because what you say throughout your presentation will be critiqued from every angle during the follow-up Q&A session (constructive criticism meant to expose bottlenecks, loopholes, etc), but also because it’s immensely difficult to present a short, concise and easy to understand business model articulating the macro (and also the important micro) parts of your venture within 10 minutes (which fly by quite fast- trust me).
Anyone who honestly believes presenting in front of Angels is easy has a screw or two loose because it’s an enormous challenge to clearly articulate (in only 10 minutes) something you’re so steeped in and committed to mentally, emotionally, financially, etc. It’s very hard to take a step back from being totally steeped in your venture from all angles (such as: mission, niche, scalability, competitive advantages, etc) and put yourself in the shoes of those who will be watching you.
This is another part of the war- being humble, dedicated and confident enough in your venture (and what you’re going to say) to be able to literally have an outer body experience. As an entrepreneur who wants to be in the top 10% of all presentations I’ve seen you must literally go through your presentation (fully) in your head at least 15 times as if you’re watching yourself present to you and other Angels in a large mahogany board room. You need to step back, envision yourself presenting, and critique yourself first. From there, you present to other associates in your venture, friends, family, etc. You should run through your presentation at least 20 times (in addition to the 15 in your head) before getting in front of an Angel Group. It may sound crazy/repetitive/pointless but this accomplishes many things:
- You begin to visualize how you want to present your venture (tone, posture, slide deck, additional facts/visuals/stats to incorporate or take out, etc)
- You learn what to say and what not to say through constructive feedback and criticism
- The more you present in preparation for your 10 minutes of fame, the more honed you presentation becomes
- The more you hone your presentation, the more confident you become
- The more confident you become, the more engaging your presentation will be because conviction in a purpose (in this case- getting financing for your venture) is shown subconsciously through your mannerisms whether your realize it or not
Hopefully now you begin to see the steamroll effect that begins to happen (As a side note, if you would like additional information/coaching on this preparation stage (or anything else written in my blog) please don’t hesitate to email me. I’m an entrepreneur myself, thus I’m always willing to help other fellow entrepreneurs- I wouldn’t be where I am without others who’ve invested in me by taking their own personal time to teach me principles such as these). Now back the topic at hand……
Running through your presentation, preparing to deal with follow-up Q&A, etc isn’t the end of the war, it continues: Remember, although there will be an Angel or two who do have specific competencies in the market you’re targeting, the other 20 or so members most likely won’t. Thus, you must tirelessly prepare to go from 1 MPH (articulating the market opportunity and value proposition) to 50 MPH (features, benefits, IP, competitive advantage(s)) to 100 MPH (a clearly articulated SWOT and exit strategy) within 10 minutes. Learning how to do this not only takes insight and being completely steeped in your venture, but it takes time, patience, reflection, honesty with yourself and (most importantly) the collective acknowledgement/acceptance of the critiques/feedback given to you by family, friends and associates.
Each Angel who hears your presentation (whether having competencies in your targeted industry beforehand or not), at the very minimum, should be able to leave the presentation saying “I can relay the basics (macro) of this venture to another person, as well as the features and benefits of their product/service.” But your hope (and goal) should be to have that same person leave your presentation saying “Wow, not only can I relay the basics (macro) to my friend about this venture, but also the small extremely important points (micro) that differentiate this venture from others in the space.”
Here are a couple of additional recommendations:
- Passion throughout your delivery is key- Angels want to be engaged with the vision you have for your venture. The story and picture you paint is paramount first and foremost- without passion your presentation is just like the other hundreds of deals the Angels have passed on over the years.
- Focus on consumer benefits when using your product/service. What does it do? For instance- streamline difficult processes, create a new niche, build upon an existing technology, revolutionize an industry, etc.
- Differentiate from your competition and clearly articulate the competitive advantage(s)/barrier(s) to entry for your venture. For instance- features, benefits, ease of use, strategic partnerships, etc.
- It’s ok to be nervous- you should be. This is an exciting time!! If you aren’t nervous than you’re not going to succeed in front of Angels because you’re not emotionally involved enough in your venture. Angels know you’re nervous- they expect it, just relax and stay loose.
- Do not use slang, jargon or terms only experts in the space will know. Remember, not everyone is a seasoned veteran in your space- imagine you’re speaking to your 80 year old grandmother who’s completely clueless beforehand.
- The 10-10-30 Rule = Use 10 slides, 10 minutes and 30 pt font.
- Under no circumstance should you include ancillary information that doesn’t add value to your presentation. You only have 10 minutes to knock their socks off- every second counts. Four pieces of irrelevant information could easily cost you valuable minutes by causing you to veer off onto an unplanned, irrelevant and ultimately destructive tangent. You need to pack as much clearly articulated information into those 10 minutes as concisely as possible- you cannot afford any unclear or irrelevant information.
Good luck solider, war is undoubtedly tough. But always remember- luck is an accumulation of hard work.
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