Being able to express your business idea in a clear, concise and coherent way is how entrepreneurs attract investment, new partners and talent. Pitching a new business to an audience, however, especially a large room full of potential partners, can be incredibly intimidating. Moreover, trying to fit everything you know and want to say about your idea in a short pitch, without sounding like a southern cattle auctioneer, is always a challenge.
It all comes down to delivery.
Last week, my fellow Startup.SC cohort entrepreneurs and I delivered our first public business pitch to a standing room full of business leaders, students and potential investors. After several weeks of preparation and practice, the room was buzzing with excitement and anticipation.
I was apprehensive about this first presentation. Startup.SC focuses on web-based startup companies, but my new business idea, Naked Cask, runs under a more traditional model (with technology support). To overcome these expectations and sell the crowd on my new idea, I focused less on the business and more on these simple tactics.
1. Demonstrate your passion.
I am a fairly passionate guy, especially when talking about something as exciting as startups and business — not to mention craft beer, the basis for my new business idea. For me, demonstrating passion comes easy, but for others not so much. As an observer, mentor and judge, I have seen numerous pitches fall flat because the entrepreneur failed to deliver even an ounce of passion through their pitch.
Being passionate does not require you to be as animated as Robin Williams circa 1977. Simply showing a little enthusiasm for your idea, and even dropping the simple line, “I am passionate about this,” is all you really need.
2. Tell the story.
Most pitches follow a format of problem, solution, plan. They are predictable and tiresome. What I remember most about the best pitches I have heard are the incredible personal stories involved with identifying the problem and finding the solution. It is through personal narrative that an entrepreneur connects to the audience, and it is through that connection, in that brief amount of time, that they earn respect and confidence.
Of course, time is limited, so your story needs to be completely pertinent to your idea. Do not waste this valuable time with stories that do not support your idea or credibility.
3. Focus on team and execution.
The greatest business ideas are worthless if not executed properly. For this reason, your pitch needs to emphasize the value that you and your team add to the project, and more important your ability to see the idea through to fruition. Again, this involves weaving a pertinent and personal story into the narrative while effectively and concisely demonstrating your team’s experience and background.
4. Have a good idea.
Of course, a pitch is nothing without a worthy idea. I purposely put this point last, however, as great entrepreneurs and pursuasive pitches can convince an audience that even a small problem is worth solving. For the most part, if investors are sold on you, your team and your passion and commitment to see ideas through, they will find a way to get involved, regardless of the idea.
There is no shortage of amazing resources for pitching investorsavailable to entrepreneurs. What I have found, however, is that whether you are pitching an idea to single person or standing-room-only venue, consider yourself as an entertainer performing a one man/woman monologue. Like every great monologue, every word and every emphasis is strategically and effectively crafted to have the highest impact on the story. Your pitch is no different.
Master these concepts and you will capture the room’s attention, garner the respect and confidence you deserve, and hopefully find the partners you need to take your business to the next level.
Have you successfully pitched a business? Please share your tips with others in the comments section below.
Russian Gamer Brothers Are the Newest Hidden Billionaires
Russian-born Igor and Dmitry Bukhman are seeking growth to challenge Tencent and Activision.
Almost two decades ago, in a remote Russian city best known for its butter and linen, two brothers shared a bedroom and a Pentium 100-powered computer they used to code their first game.
Wall Street wants a piece of what they’ve built since.
Playrix has met with some of the biggest banks “and visited their skyscrapers,” said Dmitry Bukhman, 34, citing meetings with dealmakers at Goldman Sachs Group Inc. and Bank of America Corp. For now, though, “we are focused on growing the business.”
He and Igor Bukhman, 37, are the brains behind Playrix Holding Ltd., the creator of popular games similar to Candy Crush, including Fishdom and Gardenscapes, with more than 30 million daily users from China to the U.S. and annual sales of $1.2 billion, according to Newzoo. That makes the company one of the top 10 iOS and Google Play app developers by revenue, data from researcher AppAnnie show, putting Playrix in the same league as Tencent Holdings Ltd., NetEase Inc. and Activision Blizzard Inc.
Today, each brother is worth about $1.4 billion, according to the Bloomberg Billionaires Index. They haven’t previously appeared in a global wealth ranking.
Their road to riches started in 2001 in the city of Vologda, almost 300 miles (483 kilometers) north of Moscow, where Igor learned from a university professor that he could sell software online. He decided to try with Dmitry, who was still in high school at the time.
“We had no experience, no business understanding whatsoever—everything we could imagine was writing games,” Igor said.
The U.S. is Playrix’s biggest market, followed by China and Japan, the brothers said in a recent interview in Tel Aviv, where they spend some of their time. The two remotely manage about 1,100 employees, including personnel at its Ireland headquarters and developers in Russia, Ukraine and Belarus.
“For $3 billion we won’t sell”
The brothers’ first product was a game akin to Xonix in which players must use a cursor to open pieces of a hidden picture before being struck by flying balls. They wrote it during a summer break and generated $60 in the first month and later $100 a month, about half of the average salary in Vologda.
“We thought, ‘If one game makes $100, we can write several dozen of them and make a lot of money,”’ Igor said.
Their second game, featuring an animated character designed by an outsourced artist, brought in $200 a month. Their copycat of Tetris brought in $700 a month, but the brothers shut that down after learning that the game was protected by a license. In 2004, when the business reached $10,000 of monthly revenue, they registered a legal entity, rented space for an office in the basement of a book warehouse and hired other staff to accelerate production.
In the early years, they sold casual games through sites such as majorgeeks.com or download.com, before moving to bigger platforms like Yahoo! and AOL. Then, within the past decade, games started moving first to Facebook and then smartphones. Many of them were available for free, with users paying only for certain in-game features.
Playrix makes most of its money from in-app purchases and the brothers mostly shun advertising, which detracts from the user experience. Ads generate less than 3 percent of revenue, Dmitry said.
“It was a major challenge for us to switch to developing free-to-play games—that’s totally different DNA,” Dmitry said. “Free-to-play games aren’t games that you develop, release and move on to making another one. They are services that need to be supported constantly as users are waiting for regular updates.”
Playrix succeeded in this transition, achieving worldwide recognition over the past three years with Gardenscapes and its sequel, Homescapes, a new variety of match-3 puzzle in which a player completes rows of at least three elements to pass levels and progress through an animated storyline—in this case, helping a butler named Austin renovate a house with a garden.
“Austin engages in dialog with you, you help him to select ways to decorate the mansion, you dive into the history of this character and become related with him,” Dmitry said. “This genre variety we introduced—match-3 with meta game—became very successful, and other companies started copying us.”
“Playrix is certainly responsible for the first major innovation in the match-3 genre since King Digital Entertainment Plc seemingly had the market locked down with Candy Crush,” said Newzoo analyst Tom Wijman. “Playrix managed to add a layer of complexity and ‘meta game’ to the match-3 genre without driving away casual mobile players.”
The company employs several full-time script writers who work on Austin’s dialog, and it’s always improving the games, Dmitry said.
“It’s like apps, like Spotify—people can use them for years,” he said. “More and more people are getting accustomed that it’s perfectly normal. Why not pay $5 to get pleasure from playing a game on a smartphone rather than watching videos or listening to music?”
While Playrix hasn’t introduced a new title since 2017, the company recently acquired several gaming studios to expand into new genres, Igor said, declining to disclose which studios until it releases games developed by them later this year.
Successful titles attract whales. Activision Blizzard acquired King Digital in 2015 for $5.9 billion, and a year later Tencent led investors in an $8.6 billion deal to acquire a majority stake in “Clash of Clans” maker Supercell Oy.
Could Playrix be next? In February, the Information reported that it could be sold for $3 billion, citing Chinese firms iDreamSky Technology Holdings and FunPlus Game Co. as potential suitors.
The brothers dismissed the report.
“For $3 billion we won’t sell,” Dmitry said with a smile, while acknowledging that Playrix had been discussing strategic options as recently as last year, noting its meetings with Wall Street banks.
Their goal, for now, is to become a “top-tier gaming company,” that rivals Activision Blizzard and Electronic Arts in the West, and NetEase Inc. and Tencent in China, Igor said.
“We want to grow as big as they are, using developer talent from our region—the former USSR and Eastern Europe,” he said.
There’s no magic number that would compel the Bukhmans to sell the company, because they say money is secondary to doing what they love.
“Some may think that when you have a lot of money, everything becomes different and more interesting, you start doing different things,” Dmitry said. “But no. We just keep working.”
KPMG RELOCATING IN STAMFORD, ADDING 110 JOBS
KPMG LLP plans to add 110 jobs over the next five years in a new Stamford office.
The audit, tax and advisory firm recently signed a long-term lease and plans to renovate space in the former UBS building at 677 Washington Boulevard, which it expects to occupy next spring. KPMG has had a presence in Stamford for nearly 40 years, where it currently employs 315 professionals at its location at 3001 Summer St. The firm’s Hartford office has 231 employees.
“KPMG’s commitment to growing its operations and creating jobs in Connecticut is a testament to our top-notch workforce and unbeatable quality of life,” Gov. Dannel Malloy said. “It is an encouraging sign that world-class companies are continually choosing to set up or expand operations in our state.”
The Connecticut Department of Economic and Community Development is supporting the business expansion in Stamford with a $3 million grant in arrears for leasehold improvements, equipment and other project-related costs. Portions of the grant will be released when certain job-creation milestones are met.
THE 7 MOST IN-DEMAND TECH JOBS FOR 2018
The 7 most in-demand tech jobs for 2018
CIO | Jun 6, 2018
From data scientists to data security pros, the battle for the best in IT talent will wage on next year. Here’s what to look for when you’re hiring for the 7 most in-demand jobs for 2018 — and how much you should offer based on experience.
Source: Computer World
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