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Angel-Backed Companies More Likely to Succeed, Says Harvard Study

cgseo — Tue, 27 Apr 2010 20:30:00 +0000

A new study published by professors at the Harvard Business School shows that angel-backed companies are more likely to succeed and show more growth than those funded by venture firms alone. Researched and written by William Kerr and Josh Lerner, the report found that companies with angel funding see between 30% and 50% higher growth figures in terms of website traffic, are more likely to survive for four years, and are also in a better position to receive further rounds of funding. Sponsor Angel investing itself has seen large growth over the last several months with the creation of various organizations, events, firms and legislation to spur it on. We've discussed the Open Angel Forum series of events, the creation of "Super Angel" firms , the curated Venture Hacks AngelList , as well as current legislation both helping and hurting angel investments. Angel investing has become more common, and as this report shows, this is largely due to the value and success it tends to breed. But why are angel investments the secret sauce for some companies? As the report points out, its the intangibles that angels bring to the table that could be playing a large role in company success. "Access to capital per se may not be the most important value-added that angel groups bring. Some of the 'softer' features, such as angels' mentoring or business contacts, may help new ventures the most," the report says. One of the other reasons that companies could tend to be more successful with angel funding is because of the human face placed on the investments. Angels are usually investing in companies at an early stage, and are investing their own capital in the company. Entrepreneurs may be more likely to work that extra bit harder when they know they are playing with the personal cash of an actual person, not the collected funds of an entire firm without a human name. The reputation of the angel could play a large role as well, both for the attitude of the people running the company, and for the audience they are looking to attract. Most angels tend to be successful entrepreneurs themselves, and thus are likely well known in the startup scene. The chance to sit and talk with these investors, let alone receiving funding from them, is likely a treat for most entrepreneurs, so they may be more likely to be more careful with their money. Additionally, when the public hears of a new startup that may not immediately interest them, the mention of particular angel investors can change their mind. As angel investors mature, they build their own personal portfolio of companies they noticed and provided early funds for, so when company XYZ launches with angel funding from an influential angel investor, that alone can attract people to the product. I know personally that I have looked into startups I otherwise would have largely ignored simply because an important angel investor was certain they'd be a hit. "Some of the 'softer' features, such as angels' mentoring or business contacts, may help new ventures the most." - Harvard Business School report Since some companies receive early financing rounds from angels, it is also logical to assume that when working with a limited amount of cash, the entrepreneurs may be more focused on doing more with less. A company that bursts out of the gate with large amounts of VC firm funding may spend it slightly more haphazardly, whereas a company running on limited angel funds may adopt leaner practices and take baby steps toward success and future funding. As the report mentioned above, the "softer" features provided by the angels are also a large help to the companies. In his email newsletter yesterday, angel investor Jason Calacanis discussed loyalty and how he goes to bat for the people who are loyal to him and his companies. He mentioned that whenever he invests in a company, he immediately becomes an evangelist for that company and it's founders, doing all he can to promote it. This may not be the same for all angels, but when influential investors like Jason get behind your company, they do their best to make sure good things happen. I would be interested to see similar data from this report that compares companies with solely angel funding versus those with more traditional VC firm funding mixed in. The influence of angel investors is significant, but I would think the angels alone are not enough to create more successful businesses at a higher rate. But the lesson here is, if your startup has the opportunity to include some angel investors (especially at the early stages), it would seem like a wise decision to go ahead with. Photo by Flickr user Brooke Anderson . Discuss

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Angel-Backed Companies More Likely to Succeed, Says Harvard Study

Learning From Failure: One Startup’s Story of What Went Wrong

cgseo — Mon, 26 Apr 2010 23:05:00 +0000

Devver , maker of developer coding tools and TechStars 2008 graduate, announced last Monday that it would be shutting down after being active for nearly two years. News of a startup closing up shop is never a fun thing to hear about, but fortunately many lessons can be gleaned from the experiences of the entrepreneurs. Today, co-founder Ben Brinckerhoff provided just such lessons with an insightful blog on the Devver journey and why he and co-founder Dan Mayer are choosing to move on. Sponsor An unfortunate truth about startup culture is that a lot of the most valuable lessons are learned when entrepreneurs fail to heed them. Some notice their mistakes early on and can pivot their products and business toward a more successful future, but sometimes they don't realize their mistakes until its too late and there is nothing that can be done. This was the case with Brinckerhoff, Mayer and their startup, Devver, which they say failed to focus enough on one of the most important parts of building a startup: customer development. As Brinckerhoff points out in Monday's blog post, the company assumed they had found their minimum viable product (MVP), and as a result focused more on product development than listening to customers' needs. "You can teach a hacker business, but you can't make him or her get excited about it, which means it may not get the time or attention it deserves." - Ben Brinckerhoff "Our mistake at that point was to go 'heads down' and focus on building the accelerator while minimizing our contact with users and customers (after all, we knew how great it was and time spent talking to customers was time we could be hacking!)," writes Brinckerhoff. "We should have [been] asking, 'Is there an even simpler version of this product that we can deliver sooner to learn more about pricing, market size, and technical challenges?'." Both Brinckerhoff and his co-founder are "technical founders," which means their specialities are on the development side, not the business side. The only other person the pair hired to help out, a fellow software developer, also fits into the technical side of the startup. Brinckerhoff says this may have been one of the hurdles that led to the downfall of the company. "Looking back, it would have been to our advantage to have a third founder who really loved the business aspect of running a startup," writes Brinckerhoff. "Having solely technical founders is non-optimal. You can teach a hacker business, but you can't make him or her get excited about it, which means it may not get the time or attention it deserves." Brinckerhoff also adds that having a split team located in different states contributed to the company's struggles, but it seems to me it was more of a hassle than a reason for failure. Split teams are actually growing in popularity and probability for success, as we discussed earlier in the year with companies like Blank Label and chocri . Devver undoubtedly had issues with its split setup, but its likely that it didn't contribute toward its closing as significantly as the other errors. Regardless of this issue, its clear that the Devver team learned and shared some valuable lessons about the importance of customer development. As Steve Blank noted during his presentation at last week's Startup Lessons Learned conference, startups shouldn't be too eager to product management before customer development. Devver may have jumped the gun a bit in terms of over developing their product, so learn from their mistake and remember to develop your customers before throwing the kitchen sink at them. Discuss

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Learning From Failure: One Startup's Story of What Went Wrong

Marshmallows and Spaghetti: How Kindergartners Think Like Lean Startups

cgseo — Fri, 23 Apr 2010 22:50:00 +0000

As an avid podcast subscriber I have dozens of audio and video programs feeding into iTunes daily, but one recent submission from the TED Talks video podcast caught my eye because of its parallels to lean startups. Tom Wujec, author and fellow at Autodesk, presented at TED 2010 back in February, and his talk, "Build a tower, build a team," is now available online. Wujec conducted a team building experiment with all types of people, from business execs to kindergartners, and the results he presented were surprising, to say the least. Sponsor The activity, known as the marshmallow challenge , was borrowed by Wujec from Peter Skillman, VP of Design at Palm . Small teams are given 18 minutes to build a free-standing structure made of dry spaghetti, one yard of string, one yard of tape and a marshmallow, which must be placed on top. The team wins by creating the tallest structure of all the groups participating. What Wujec discovered is that this simple game revealed some fascinating insights into how groups collaborate. Wujec has conducted this experiment with over 70 groups of "students and designers and architects, even the CTOs of the Fortune 50," he says. Most teams quickly break into roles and plan their structure, and then spend the remaining time building it before quickly and gingerly placing the marshmallow on top as time expires. More often than not, the structure pitifully fails as the marshmallow is added, leaving the team with a pile of spaghetti and no time to try again. "So there are a number of people who have a lot more 'uh-oh' moments than others, and among the worst are recent graduates of business school. They lie, they cheat, they get distracted, and they produce really lame structures," says Wujec. "And of course there are teams that have a lot more 'ta-da' structures, and, among the best, are recent graduates of kindergarten." "Design truly is a contact sport. It demands that we bring all of our senses to the task, and that we apply the very best of our thinking, our feeling and our doing to the challenge that we have at hand." - Tom Wujec Wujec says that business school grads are taught to seek out and execute the one correct solution their challenge, while kindergartners practice the iterative prototype and refine process, much like the methods of lean startups. The kids would build, test and repeat until they found a structure that worked, and most times, he says, they built the tallest and most interesting structures. Another interesting fact uncovered by these experiments is that incentivizing the teams didn't improve their structures, it actually made them worse. When Wujic offered the winning team a $10,000 software prize, not a single group was able to create a standing structure; however, when we returned to the same students later, they understood the need for iteration, and produced structures well above the average height. What startups can take away from the marshmallow challenge is that bigger teams and higher incentives are no substitute for having the right skills and the right process in place. Wujec found that larger teams performed increasing worse than smaller teams, and incentivizing them with a reward did not make up for the fact that they were not using the right process. As Wujec adds, every business challenge has its own "marshmallow," so consider bringing some kindergarten-minded people onto your startup team. Photo by Flickr user John-Morgan . Discuss

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Marshmallows and Spaghetti: How Kindergartners Think Like Lean Startups

Volcanoes, Boot Camps, and Other Opportunities for European Startups

cgseo — Thu, 22 Apr 2010 00:00:00 +0000

The grounding of flights in and out of European as a result of the Icelandic volcano Eyjafjallajökull has been a powerful reminder of how much of our global economy relies on air transportation. As we wrote yesterday , the volcanic ash not only impacted the airline industry, but the tech world as well, disrupting business and conference travel alongside product deliveries. European startups, particularly reliant on quick transportation from country-to-country, may be feeling the consequences of restrictions on air travel even more so. Mike Butcher argues in a Techcrunch Europe article , "It seems that Europe's startup economy has been running partly on the spread low-cost airlines for the past 5 years, and without airlines the startups, along with the whole of the general business sector, are going to be badly affected." Sponsor It's unclear how much the volcanic eruption will further challenge business development, or if it will spur innovation and opportunities, particularly around virtual conferencing and alternative transportation planners. Jame Andrews, co-founder of Loco2 , a site promoting sustainable travel, remarks, "Thanks Iceland volcano for helping us to prove the market for alternatives to flying!" Jacek Kelski, founder and director of f3fundit , a blog and business portal aimed at helping support European entrepreneurs, argues that the major hindrance in Europe remains "investor readiness." According to Kelski "there are definitely a lot of good ambitious companies out there. There is a lot of activity all over the continent." But while there seems to be a lot of startup activity, Kelski is less optimistic about investor activity. "We're seeing very little if any VC activity in Europe at the moment, and the majority of funding is coming from angels and larger corporates." To help, f3fundit are holding a "Next Top Startup" competition. Ten finalists will take part in a boot camp June 16 and 17 in Barcelona, Spain, where they will work closely with a team of 25 mentors. One of the companies will be crowned the "Next Top Startup" and win a €25,000 prize. Kelsi hopes f3fundit.com's competition can help provide both the cash and the support for some of the startup community. Hopefully, European volcanic activity will cooperate. Discuss

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Volcanoes, Boot Camps, and Other Opportunities for European Startups

Are Windows of Opportunity Quickly Narrowing for Startups?

cgseo — Wed, 21 Apr 2010 21:40:00 +0000

Earlier this week, we reported on the fact that the first quarter of the year saw venture capitalist investments drop from the end of last year , but start at a higher rate than the beginning of 2009. In the article we mentioned the boom and bust cycle that is found in economics, which in America has been marked by the dot-com bust at the turn of the century, and the financial crisis of recent times. These two downturns are part of a cycle of ups and downs seen throughout history, but could they be getting shorter and more frequent? Sponsor Peter Bodine, managing director of Allegis Capital , recently guest blogged on Entrepreneur Corner over at VentureBeat and provides an interesting angle on the current state of venture valuations and how it could signal a quickening boom and bust cycle. As he sees it, the high prices recently placed on a few startups echoe those seen before the dot-com bust. " Blippy , only four months old, is reported to be worth about $38 million. Quora , a massive user-created question-and-answer site that is still beta-testing , was estimated at roughly $86 million in its most recent round. And the buzz is that Foursquare will be worth at least $80 million after it completes the round it's currently negotiating," writes Bodine. "There is a lesson in all this for startups. If you are demonstrating noticeable success, seek additional funding now, not later." Bodine anticipates a drop in VC funding this summer, a time he says is a common slow period for VCs, and warns that startups late to the game could "miss the action" and end up competing with more companies later in the year. The summer is a popular time for incubators, and many companies exit these programs and seek funding in the fall and winter, so Bodine suggests going after capital now if your startup has any measurable progress. VC, M&A and IPO numbers have been suffering in the last few years with the economic crisis and have been difficult to forecast. M&A numbers broke records in the first quarter of 2010, but IPOs continued their near non-existent levels. VCs raised their lowest amount of funding in an opening quarter since 1993, but invested a healthy amount . One could call this atmosphere unstable, but I'm not so sure that it will collapse again in the middle of the year. Following the dot-com bust, the VC market steadily climbed back to the levels we saw in 2007 and 2008 before the housing failure, and I wouldn't be surprised to see similar gradual growth throughout 2010. It is unlikely that the yearly figures at the end of 2010 will be impressive in comparison to earlier years, but this year should be an improvement over the lows seen more recently. There are certainly risks involved with founding a startup and seeking funding in this economy, but hey, what would startups be without taking a few calculated risks in hopes of being rewarded? Photo by Flickr user garymalkn . Discuss

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Are Windows of Opportunity Quickly Narrowing for Startups?

Startups Continue to Hit the Accelerator on Job Creation

cgseo — Wed, 21 Apr 2010 19:10:00 +0000

Throughout the economic downtown of the last few years, which is only now slowly beginning to turn around, there have been few industries that continued to create jobs and support the economy. We've mentioned before (as many others have ) how the government should be doing its best to foster more entrepreneurship, one of the few areas continuing to create jobs, and Wednesday the National Venture Capital Association and StartUpHire.com job board released data supporting these suggestions. Sponsor According to a combined press release from the two organizations, StartupHire.com saw a 16% increase in job postings in the first quarter of 2010 from the end of 2009. The service says over 13,000 new jobs were posted in Q1 at an average of 4,400 per month, but is quick to note that its numbers represent only a fraction of the actual job creating in the industry. "As positive as our job numbers are trending, the aggregate venture-backed job growth is even greater - perhaps double what StartUpHire.com currently captures," says Steve Fredrick, founder of StartUpHire.com. "It is critical that our government recognizes the power of these companies and support venture investment so that we can continue to build more companies and hire more Americans." According to other studies referenced in the press release, public companies that were once venture-backed currently employ 12.1 million people, and current venture-backed companies employ roughly another half million people. NVCA president Mark Heesen believes startups and entrepreneurship are going to play a large role in the nation's path toward financial prosperity. "The start-up company engine continues to churn, serving as a critical source of new jobs and opportunities for thousands of Americans," says Heesen. "Our country's entrepreneurial spirit combined with access to risk capital will continue to drive this economic recovery." Unfortunately, legislation from Washington has been a little schizophrenic in terms of helping startups and entrepreneurship. While a Startup Visa bill that could increase the amount of foreign entrepreneurs creating jobs in America was introduced earlier this year, proposed financial regulations could hamper Angel investing and make it harder for companies to get funding. Hopefully further evidence, like that seen Wednesday from StartUpHire.com, will help to influence legislation to help promote entrepreneurship, and entrepreneurial education. Photo by Flickr user YtseJam Photography . Discuss

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Startups Continue to Hit the Accelerator on Job Creation

Using the Startup Process to Change Disaster Relief

cgseo — Wed, 21 Apr 2010 02:15:00 +0000

In early December a Supernova session entitled, How Startup Companies Can Change the World had presenters brainstorm ways to connect the technology industry with policy makers. Coupled with many of the discussions already taking place in the Gov. 2.0 movement, the session looked at how technologists can contribute to projects they might not normally be associated with. This morning we received news on how one initiative is taking this collaboration further by applying the labor-on-demand service model so common to startups and putting it to use for disaster relief. Sponsor Three months after the earthquake in Haiti, workforce-on-demand service Crowdflower issued the results of its latest initiative with Mission 4636 . Following the quake, Mission 4636 members - in association with open-source disaster technology provider Instedd , refugee microwork provider Samasource and real-time mapping and tracking service Ushahidi - issued a text message short code (4636) for Haitians requiring urgent help. From there, Crowdflower and Samasource's remote labor forces collected, translated and geocoded over 16,000 messages. The messages were then released as an RSS feed and groups like the Red Cross, charity:water, UNDP and FEMA tracked the feeds for messages that pertained to their work specifically. According to the group, at peak volume more than 5,000 Haitian distress messages were processed in one hour. This single stream of information helped ensure that duplicate efforts from these normally fragmented government and NGO groups were kept to a minimum. Said Crowdflower CEO Lukas Biewald, "Harnessing thousands of volunteers would normally create a logistical nightmare, but it is specifically this kind of amorphous virtual labor force that the CrowdFlower platform was built to accommodate." While it's certainly unconventional to see a remote labor force employed for disaster relief of this magnitude, it's not unrealistic to think that this practice might become common in a location where cell tower infrastructure remains intact. Perhaps the bigger question for the startup community is what other world-changing solutions are sitting right under our noses? If you've got examples of how startup processes can improve disaster relief and emergency services let us know in the comments below. Discuss

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Using the Startup Process to Change Disaster Relief

Thinking Inside the Box: Eric Ries On Creating Startups Within Large Organizations

cgseo — Mon, 19 Apr 2010 22:00:00 +0000

Every now and then we hear the story of the entrepreneur who left his or her steady job at a large company to follow their dreams and create a startup, but we aren't all as daring and brave to quit steady work, especially in a time of economic uncertainty. If you have the entrepreneurial itch but aren't in a situation that would allow you to sacrifice your day job, there are still ways you can scratch said itch and bring innovation to a "startup" within a larger company. Sponsor This morning I talked with Eric Ries , the driving force behind the " lean startup " movement, which encourages high efficiency and meticulous metrics tracking within entrepreneurial ventures. Ries, who is often asked to speak on the subject, says he noticed a trend among some of the people attending his talks. Many managers from large companies were coming to his sessions to learn what they could, because, as Ries discovered, the principals of lean startups can exist within larger corporations that are attempting to innovate. "A startup is a human institution designed to create something new under conditions of extreme uncertainty," Ries told ReadWriteWeb. "There is nothing in there about the size of the company, or what industry you're in, or whether you're the manager of a division or if you're two guys in a garage, its just about the conditions in which you operate." As he points out, there are times in larger corporations when divisions are created to work on a new project, and similar rules and guidelines for managing that project which come from startups can be used here as well. Ries says that managers, like entrepreneurs, are taking risks on new ideas, and when they create a new division, they are essentially investing the company's time and money as a VC would invest funds in a startup. "The more I started to work with those managers I started to notice that they were having very familiar sounding arguments," Ries says. "The arguments between a venture-backed entrepreneur and a venture capitalist are almost exactly the same word for word as between these 'intrepreneurs' and their CFOs because the same issues come up." One of the ways larger corporations can implement entrepreneurial innovation into their businesses is to allow for what Ries calls "innovation inside the box," or a fenced off sandbox for experimentation with new products. By creating a place where employees with ideas can test a tweak to a feature, or where new ideas can be built within certain constraints, companies can greatly increase their potential for innovation. "The real value is [this] starts to catalyze change because by changing the way you work you start to accelerate that feedback loop and that can become the basis for making other changes," Ries says. Unfortunately, most larger corporations aren't allowing for this open sandbox of innovation within their companies, and choose to buy up technology and talent from startups. Ries agrees that many entrepreneurs get frustrated working inside a larger company, but he says the combination of these entrepreneurs with a walled off innovation playground could provide for some amazing innovations. Companies could also benefit from the addition of a sandbox by inspiring their existing employees to be innovative, instead of wrangling up entrepreneurs from a startup, which would save them money in the end. "They have this idea that a certain alchemy will happen that 'if I bring these special people into my organization, they will teach my regular people how to be special,' and that's just a formula for breeding resentment," Ries told ReadWriteWeb. "If the people doing the acquiring had more of a theory about how entrepreneurship is supposed to work they could start to think of better ways to plug an acquired company into the larger organization, taking advantage of what they're good at without destroying it." If you're a budding entrepreneur or a manager at a large company, there is an excellent chance to hear from Ries and others on these concepts and others this Friday at the Startup Lessons Learned conference in San Francisco. If you can't make it to the Bay Area, there are simulcasts occurring Friday in nearly 50 cities worldwide, many of which are free or very inexpensive, so RSVP and bask in the lean startup goodness. Photo by Flickr user longhorndave . Discuss

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Thinking Inside the Box: Eric Ries On Creating Startups Within Large Organizations

People on the Move in the Social Business Industry: April 18, 2010

cgseo — Sun, 18 Apr 2010 15:45:30 +0000

In an effort to recognize the changes in the social media space, I’ve started this post series ( see archives ) to both track and congratulate folks who get promoted, move, or accept new exciting positions. Please help me congratulate the following folks: Also, my submission form has changed to a new URL, the former Google form was giving me problems, so please use this one going forward . Lots of movement in the social business category, including a few key hires at firms that get the social business landscape and quite a few submissions continuing to come in on the form. Bruce Tempkin , top blogger at Forrester and Analyst departs Forrester, you can find his blog announcement . I’ve admired Bruce’s commitment and quality of work as a fellow colleague, and wish him luck on his next ventures. He really is one of the Star Analysts out there, be sure to connect with him and clinch his sage advice early before he gets totally booked. Dr Natalie Petouhoff “Dr Nat”, is a former colleague at Forrester covering the customer experience and knows the Social CRM landscape and social support. She’s also moved on, you can find her blog , and you should connect with her as she launches her consulting career. Dion Hinchcliffe joins the Dachis Group, one of the leading consulting firms that gets social business. The Dachis Group is poised to become the next system integrator vendor and consulting firm, and I expect them to give the ‘big’ consulting firms a run for their money as they continue to hire talent, thought leaders, and stay nimble and flexible. Steve Gillmor, famed Techcrunch IT editor (and former colleague of mine at PodTech) j oins Salesforce in the strategy team . This is an extremely smart move for Benioff as Salesforce knows success of the chatter and appxchange platform is to connect with the web startups. Steve is a direct and indirect influencer over the startup ecosystem and this lays a big bridge down for Salesforce to take marketshare in the developer ecosystem. Mona Nomura joins MySpace as a social media marketing manager , her online presence will match with the youthful and active MySpace community, a key hire in the regrowth and build of MySpace. Sanjay Dholakia former CMO at Lithium is now heading up Crowd Factory as the CEO , I’ve worked closely with Sanjay and am looking forward to see the next successes he does in the future. Uwe Hook launches BatesHook focusing on business transformation agency by integrating Social Media initiatives. Maria Ogneva joins Biz360 as Director of Social Media Propel and manage online buzz for Biz360, a social media monitoring and measurement platform. Greg Hollings joins FreshNetworks as Head of Community Management Manages and heads up the community management team at busy social media agency. Glenn Conradt joins CoreMedia as Vice President of North American Marketing, Sales and Operations. Dean McBeth joins Wieden + Kennedy as the Old Spice Community Manager focused on using social media to maximize the positive perception of the brand and the effectiveness of campaigns. Ryan Turner joins ZAAZ as Director, Social Media Lead the social media practice at ZAAZ, part of the WPP network. Brett Goodwin joins MyWebGrocer as Senior Account Director focused on sales. Sabrina Suares joins MyWebGrocer as Director, Eastern Sales Talented Bob Garfield joins Fizz as Consultant in Residence, I look forward to the work he does, find his announcement blog post . Ben Grossman joins Oxford Communications as Interactive Strategist Launch concerted social communications group and serve as interactive strategy lead for digital projects from an integrated standpoint. Ariel Sasso joins DataXu as Marketing Communications Manager Growing DataXu’s reputation and presence with integrated marketing, communications and social media initiatives. Tom Edwards joins Red Urban as VP, Digital Strategy & Emerging Technology Digital & Social Media Strategy How to connect with others (or get a job): Several people have been hired because of this blog post series, here’s how you can too: Submit an announcement If you know folks that are moving up in the social media industry, submit to this form Seeking Social Media Professionals? If you’re seeking to connect with community advocates and community managers there are few resources This list, which started with just 8 names continues to grow as folks submit to it. List of Social Computing Strategists and Community Managers for Enterprise Corporations 2008 –Social Media Professionals . Job Resources in the Social Media and Web Industry Web Strategy Jobs powered by Job o Matic (Post a job there and be seen by these blog readers, these affiliate fees pay for my hosting) Read Write Web keeps announcements flowing at Jobwire , although is broader than just social media jobs Facebook group for community manager group in Facebook Jake McKee’s community portal for jobs Chris Heuer’s Social Media Jobs SimplyHired aggregates job listings, as does Indeed ForumOne Jobs for Social Media and Community Teresa has a few jobs, some around community New Media hire has an extensive job database Social Media Headhunter Social media jobs Jobs in social media Altimeter Group’s list of social media consultants and agencies Social Media Strategists and Community Managers for 2010 Hiring? Leave a comment If you’re seeking candidates in the social media industry, many of them are within arms reach, feel free to leave a link to a job description (but not the whole job description, please)

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People on the Move in the Social Business Industry: April 18, 2010

The Art of the Elevator Pitch: 10 Great Tips

cgseo — Sat, 17 Apr 2010 03:00:33 +0000

The elevator door opens. And there stands your ideal investor. It's the chance of a lifetime. But that chance only lasts as long as the elevator ride - you have less than a minute to make an impression. Hopefully, you've got a well-crafted elevator pitch ready to give. The elevator pitch is not the hurried presentation of a full-blown business plan. It's an introduction, an overview and a pitch - and a short one at that - meant to capture the attention of a potential investor. Of course, an elevator ride is a short one. Guides for elevator speeches that say you have one minute surely overestimate the amount of time it takes for an elevator to move from floor to floor. Of course, an elevator speech isn't restricted to elevators. Rather, it comes in handy for any occasion where a concise presentation is appropriate. Sponsor When crafting your pitch there are two key things to keep in mind: its content and its form. In other words, it's not just what you say but how you say it. Here are a 10 tips to keep in mind as you craft your elevator pitch. 1. Keep it short . Be succinct. According to Wikipedia , an adult's attention span is eight seconds, so be sure to give just enough information (and more importantly perhaps the right information) so that after only hearing a sentence or two, someone knows what you do - and if it's a pitch, what you need. 2. Have a hook. As Mel Pirchesky advises , "The objective of the first ten or fifteen seconds is to have your prospective investors want to listen to the next forty-five or fifty seconds differently, more intently than they would have otherwise." 3. Pitch yourself, not your ideas. As Chris Dixon writes , "The reality is ideas don't matter that much. First of all, in almost all startups, the idea changes - often dramatically - over time. Secondly, ideas are relatively abundant." Instead of talking about ideas, highlight what you've done - the concrete accomplishments or skills - rather than some intangible concept or a future goal. 4. Don't forget the pitch. It's easy to get so caught up in the details of who you are that you neglect to mention what you need. What amount of financing are you seeking, for example? 5. Don't overwhelm with technical or statistical terminology . While being able to tout one or two amazing and memorable phrases or figures can be useful, don't fill your elevator speech with numbers or jargon. 6. Practice . Rehearse your elevator pitch so that when the opportunity to give it comes, you can deliver it smoothly. 7. Use the same tactics for print. You can hone your elevator skills by practicing them in writing. Babak Nivi describes the email elevator pitch here . 8. Revise. As your startup moves through various stages, be sure to update and refresh your pitch. 9. Be involved in the startup community before you pitch. Business Insider suggests "Engaging in online discussions, writing insightful blog posts, and participating in the relatively small startup community can earn you a 'strong presence' that gets you noticed by potential investors." Building relationships with investors before pitching to them will help your success. 10. Listen. When seeking to build strong networks, remember it can be just as important to listen as it is to talk. Do you have any other suggestions on crafting an elevator pitch? Feel free to add your tips in the comments below. Discuss

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The Art of the Elevator Pitch: 10 Great Tips