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The Pitch with Peter Evans - Entrepreneurship 101
Essential Elements for Investors!




                                                         Presented By:!

                                                         Peter Evans !
                                                         Senior MaRS Advisor!
                                                             @techmarketer!


                                                              http://ca.linkedin.com/in/peterevansprofile!




                                                                                                            Pg 1!
© 2011 Peter Evans, MaRS Discovery District!
Vision                 |   Talent    |      Money




                                                            Other
                                                            People’s
                                                            Money
                                                            Fundamentally Changes Everything!




                                                                                         Pg 2!
© 2011 Peter Evans, MaRS Discovery District!
The Entrepreneur/Investor Paradox!
Entrepreneurs & Investors Take Different Approaches!



                Entrepreneurs!                   Investor!

                 Getting to!                   Getting to!

                   YES!                         NO!
                                                             Pg 3!
© 2011 Peter Evans, MaRS Discovery District!
Finding the Right Match!
Matching the Venture to the Investor!


                                Capacity!                                                     Team!
                                Has funds !                                                  Skills & "
                                to invest!                                                Track Record!


                                                      Compatible!      Platform!
   Successful!                                                                                                 Market!
                                                       Match of !      Significant "
     Track !                                                                                                 Sizable and "
                                                      Size/Stage/!   Technological"
    Record!                                                                                                  Addressable!
                                                      Geography!      Advantage!
                              The Right!                                               The Right!
                               Investor!                                              Investment!


              Friendly!                                                       Traction!
             No directly!                      Strategic!                       Early "                   IP &!
             competitive!                      Relevant!                     Customers"               Bus. Model !
            investments!                        Portfolio!                                           Entry Barriers!




 Entrepreneurs want…!                                                   Investors want...!
                                                                                                                             Pg 4!
© 2011 Peter Evans, MaRS Discovery District!
Getting to Yes: 3 Levels of Engagement!




            Emotional!                         Rational!   Financial!




                                                                        Pg 5!
© 2011 Peter Evans, MaRS Discovery District!
Components of the Investor Pitch!


       #1!                                        #3!
   Real!                                        Unique!
 Problem!                                      Advantage!



       #2!                                       #4!
Attractive                                     Compelling
 Market!                                       Investment!


                                                             Pg 6!
© 2011 Peter Evans, MaRS Discovery District!
Pacing the Pitch!
   Selling your story in 12 minutes!



                       #1!                          #2!                      #3!                 #4!
                   Real!                          Attractive            Unique! Compelling
                 Problem!                          Market!             Advantage! Investment!
Start!                                                                                                      End!

                     (3 min)!                       (4 min)!                (3 min)!             (2 min)!




   © 2011 Peter Evans, MaRS Discovery District!           *Note: Elapsed times are guidelines only            Pg 7!
Answering the “So What?”!
Focusing a Problem that Matters!




                         1!
         Real!
       Problem!


                                               Pg 8!
© 2011 Peter Evans, MaRS Discovery District!
Creating Impact!
                The Company & It’s Solution – Elevator Style!

       Introduction                                     !  Core Value Proposition: Use a single
                                                           sentence:!

                                                        !  Unique Benefit: Focus on one single aspect
                                                           of what you do (aka…”the big idea”)!

  Start!               Real Problem!           Min 3!   !  Metaphors: Provide a cognitive connection
                                                           (the movie pitch) i.e. ”we’re the x of the y
                                                           business.” !

                                                        !  Proxies: “We’re x meets y”….!

                                                        !  Emotion: Create a visceral response (why
                                                           are things still done this way?)!
Key Message: We’re fixing the insanity of the status quo!
                                                                                                          Pg 9!
© 2011 Peter Evans, MaRS Discovery District!
Defining the Problem!
                Paint a picture of who has this pain!

       Introduction                                     !  Current State: Show the insanity of how
                                                           customers address the issue today!

                                                        !  Historical Evolution: What’s changed in
                                                           the customer’s mindset !

  Start!               Real Problem!           Min 3!   !  Personas: Describe the main players in
                                                           your market you address!

                                                        !  Pictures: Every picture tells a story!
              Problem




Key Message: We’re solving real pain…not “nice to haves”!
                                                                                                     Pg 10!
© 2011 Peter Evans, MaRS Discovery District!
Your Solution to the Rescue!
                Describe WHAT you do and HOW you do it!

       Introduction                                     !  Product: What is it? "
                                                           (screen shots, product photos)!
                             Solution
                                                        !  Functionality: The Who + Do!

                                                        !  Benefits: High level value!
  Start!               Real Problem!           Min 3!
                                                        !  Category: Where do you play?!

                                                        !  Stage: What is the readiness of the solution? !
              Problem




Key Message: Our solution is novel and easy to understand!
                                                                                                       Pg 11!
© 2011 Peter Evans, MaRS Discovery District!
What’s Been Achieved to Date?!
                Show your ability to succeed: On lots of sweat…little $!

       Introduction                                     !  Founded (Year)!

                             Solution
                                                        !  Employees (FT/PT) Offices!
                                                        !  Product Release(s)!
                                                        !  Beta Users/Unique Views/ Registrations!
  Start!               Real Problem!           Min 3!   !  Paying Customers!
                                                        !  Partners (Technology/Channel)!

              Problem                                   !  Certifications/Industry Awards!
                                                        !  Media Coverage!
                                   Traction             !  Patents!

Key Message: Our team is committed and can execute!
                                                                                                     Pg 12!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!




                                   Changing the Way Dentists Detect & Treat Tooth Decay




                                    Investor Presentation:                                   October 20th, 2010
                                                                                          MaRS Angel Breakfast
                                    Quantum Dental Technologies                             Lisa Crossley, CEO




                                                                                                                  Pg 13!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!




                               Existing Tooth Decay Diagnostics
                               Gold standard detection methods (visual & x-ray)
                               fundamentally unchanged for decades.               Tooth Decay Detected



                                                                                                         Pg 14!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!



                                                                     The Canary Console

                                    by Quantum Dental Technologies




                                Canary interactive software and
                                    printed patient reports




                                                                                          Pg 15!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!


                                Company Overview
                                 What we do
                                 !  Quantum Dental Technologies has developed a new platform which uses a low-
                                    powered laser to detect tooth decay earlier and more accurately than conventional
                                    technologies, allowing dentists to treat & heal the teeth instead of “drill, fill & bill”.

                                 Milestones
                                 !  Product - Dental Clinic model designed, first commercial units manufactured
                                 !  Customers - Over 50 pre-orders secured
                                 !  IP - Strong patent portfolio
                                 !  Clinical - First Health-Canada approved clinical trial completed, second trial in
                                    progress, providing independent validation of safety & efficacy
                                 !  Partnerships – Relationships with key global distributors and major multinational
                                    strategic partners

                                 Financing
                                 !  $3.3M raised to date, seeking an additional $2.5M to reach breakeven
                                 !  Funds: Sales/marketing to support launch; large-scale mfg; final reg. approvals




                                                                                                                                 Pg 16!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!


                                 Market Problem

                                  Dentists’ Concerns         Limitations of Current      Patients’ Concerns
                                                               Detection Methods

                                 !  Need to increase         !  High false positives /   !  Discomfort during
                                    revenues, leverage          false negatives             x-rays
                                    office staff to reduce   !  Can’t detect early       !  X-ray exposure
                                    costs                       tooth decay              !  Painful and costly
                                 !  Need to attract new      !  Can’t detect decay on       restorations
                                    patients                    all tooth surfaces       !  Weakened tooth
                                 !  Need new                 !  Interference from           structure
                                    diagnostic tools that       orthodontics
                                    provide more
                                    accurate detection
                                    of tooth decay




                                                                                                                 Pg 17!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!


                                  Value Proposition
                                  Value to the Dentist
                                  !  Attract new patients: with state of the art
                                     technology and a minimally invasive
                                     approach
                                  !  More patient visits: more frequent visits
                                     for patients enrolled in remineralization
                                     programs
                                  !  Reduce costs: scans can be performed
                                     by other staff (hygienists, assistants)
                                  !  Affordable: flexible leasing options
                                     provide immediate profitability

                                  Value to Patients & Insurers
                                  !  Reduce costly & painful restorations




                                                                                   Pg 18!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!


                                 What it is – Canary Console
                          !  Show product with call outs



                                   Laser & Intra-oral Camera
                                                                     Console



                                               Eye Shield


                                                    Handpiece




                                                                CA Patent # 2314691
                                                                US Patent # 6584341




                                                                                      Pg 19!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!


                                 What it is - Screenshot
                                               Odontogram




                              Menu
                             Options
                                                               Camera
                                                                Image




                                               Canary Number




                                                                        Pg 20!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Quantum Dental!


                                The Life Cycle of Tooth Decay
                                      Healthy                          Early                Advanced
                                       Tooth                        Enamel Decay           Enamel Decay



                                                 Demineralization


                                                 Remineralization




                             Remineralization Therapies         The Canary System Scan   X-Ray, Drill Fill & BIll




                                                                                                                    Pg 21!
© 2011 Peter Evans, MaRS Discovery District!
Opportunity Awaits!
 Lots of Room in the Market to Scale a Business!




                               2!
            Attractive
             Market!


                                                   Pg 22!
© 2011 Peter Evans, MaRS Discovery District!
Sizeable Market Opportunity!
                      It’s Very Big …And you Can Get To It!
                                                             !  Size: What’s being spent today on problem?
                                                                Build from ground up. Can the market
     Market Size                                                support multiple players?!
                                                             !  Addressability: What’s the reasonable
                                                                market you can serve? !
                                                             !  Trends: Focus on Formative Forces
                                                                (PESTLEC) –Is the problem getting worse or
                                                                growing over time?!
Min 3!              Attractive Market!              Min 7!
                                                             !  Charts: Keep it visual and engaging!
                                                             !  Segments: Going Niche or broad?!
                                                             !  Global: Identify other markets!
                                                             !  Proof: Use 3rd Party reports!
                                                             !  Thought Leadership: Are you using primary
                                                                research to gain insight?!
    Key Message: We have unique insight into the market!
                                                                                                        Pg 23!
     © 2011 Peter Evans, MaRS Discovery District!
Early Customers/Prospects!
                      Nothing really happens till somebody sells something!

     Market Size                                             !  Status: Closed vs. Prospects and "
                                                                Paid vs. Free Trial !
                                                             !  Categorize: Key segments etc.!
                                                             !  Contextualize: Why they bought!
Min 3!              Attractive Market!              Min 7!   !  Personify: Describe customer personas!
                                                             !  Logos: Create Visual appeal (not clutter)!

              Customers                                      !  Evangelists: Customer quotes to validate
                                                                market pain and size !



    Key Message: We have buyers who must have our solution !
                                                                                                             Pg 24!
     © 2011 Peter Evans, MaRS Discovery District!
Making Money!
                      Where does the growth and profit come from?!

     Market Size                                             !  Key Metrics: Pricing, Avg. Deal Size,
                                                                Registrations/Subs., Churn, LTV etc.
                    Revenue Model                               Note: Cost to Acquire is perhaps the
                                                                most overlooked and important metric!
                                                             !  Channels: What are the downstream
Min 3!              Attractive Market!              Min 7!
                                                                costs to sell and service the customer (is
                                                                this built in?)!
                                                             !  Competition: Is your model sustainable if
              Customers
                                                                competitors start stealing share? Have
                                                                you factored in potential of downward
                                                                price pressure over time? !

    Key Message: We’ve validated our revenue model and can !
    demonstrate how it will allow us to scale the business !
                                                                                                             Pg 25!
     © 2011 Peter Evans, MaRS Discovery District!
Acquiring Customers!
                       The most visible proof there’s a market for your solution !
                                                             !  Visibility: Critical to success.. "
     Market Size                                                what’s your unique story?!
                                                             !  Lead Generation Programs: What
                    Revenue Model                               marketing approaches will you use (stay high
                                                                level – categorize)!
                                                             !  Sales Model: Direct vs. Channel (Do you
                                                                have partners? Have you built a wave for
Min 3!              Attractive Market!              Min 7!      channels to ride?) !
                                                             !  Systems: Do you have an infrastructure to
                                                                scale (CRM/Inbound Mktg. Platforms etc.)!
              Customers                                      !  Testing: Do you have capability to test value
                                                                prop./offers?!
                             Marketing & Sales               !  Stages: Do you have the ability to pivot from
                                                                launch to growth to maturity?!
    Key Message: We have programs, systems and talent to !
    drive visibility, lead gen. and close deals!
                                                                                                           Pg 26!
     © 2011 Peter Evans, MaRS Discovery District!
Case Study: Wave Accounting!




                                        Changing the business of small business accounting.




                                                                              November 9th, 2010!
                                        Kirk Simpson, President & CEO
                                                                              MaRS Angel Breakfast"




                                                                                                      Pg 27!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Wave Accounting!


                                               The Market Opportunity
                                  Wave is at the forefront of some powerful trends:
                                 1.  The explosion in SaaS
                                     •  primary driver is accessibility anywhere
                                     •  collaboration                                  Free Agent
                                     •  auto-backup
                                                                                         Nation
                                 2.  Paper to digital
                                     •  lose the shoebox by bringing in digital            28.5 million
                                        copies of the transaction                       in North America!
                                 3.  Wireless
                                     •  turn downtime into productive time         Strong desire to be organized,
                                     •  increase automation                        lack competency in this area
                                                                                   but looking for control.
                                 4.  Collaborative Consumption
                                     •  show me what my peers are spending so I
                                        can make better decisions


                             Confidential – Wave Accounting Inc., 2010                                          2




                                                                                                                    Pg 28!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Wave Accounting!


                                               Recent Successes




                                             !  1.8 million users in 2 years –   !  2 million + users
                                                4.2 million after 4 years        !  Monthly fee for use
                                             !  Sold for $170 million (17
                                                times rev or $140 per user) to
                                                Intuit in 2009




                             Confidential – Wave Accounting Inc., 2010                                    3




                                                                                                              Pg 29!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Wave Accounting!


                                               Revenue Model

                              Targeted Offers & Research

                              !  Wave will embed targeted offers
                                 within the app based on users’ data
                                 (never against personally
                                 identifiable information) – Telus now
                                 a customer


                              !  Selling aggregated research about
                                 what’s happening in this key market




                             Confidential – Wave Accounting Inc., 2010   4




                                                                             Pg 30!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Wave Accounting!



                                                Revenue Model

                                       Premium Products                                      Tax Returns
                                                                                             Web-based tax preparation (for a fee)
                                       Additional modules available for a fee
                                       (built by Wave or through 3rd party integrations)

                                              !  Payroll (in discussions with several U.S.
                                                 and Canadian providers)
                                              !  CRM
                                              !  Receipt entry (shoeboxed)
                                              !  Email learning




                              Confidential – Wave Accounting Inc., 2010                                                              5




                                                                                                                                         Pg 31!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Wave Accounting!



                                               Go to Market Strategy

                                                                                   CAPTURE                               RETAIN
                                                                         !  PR – already featured in the       !  Integration Stickiness
                                                                            Financial Post and Profit             Auto-syncing banking data
                                                                            Magazine. U.S. PR through             every night
                                         November                           Hoffman.
                                                                                                               !  Communication:
                                                                         !  Social media and blog to drive        Informative, insightful weekly



                                             16
                                                                            SEO                                   emails
                                                                         !  Partnerships, i.e. Freshbooks,     !  Offers: Value-added,
                                                                            banks, accounting firms               contextual, time sensitive
                                                                                                                  offers
                                               LAUNCH                    !  Vertical Communities: Custom
                                                                            chart of accounts for 40+          !  Collaboration tools with
                                                                            industries                            internal and external
                                                                                                                  advisors (i.e., accountant)
                                                                         !  Advertising: Google Adwords,
                                                                            Facebook Ads, LinkedIn DirectAds   !  Focus on customer service




                             Confidential – Wave Accounting Inc., 2010                                                                          6




                                                                                                                                                    Pg 32!
© 2011 Peter Evans, MaRS Discovery District!
You are in the Best Position to Win!
Many of the essential pieces are in place !




                         #3!
         Unique!
        Advantage!


                                               Pg 33!
© 2011 Peter Evans, MaRS Discovery District!
Partners!
                Show how you can punch above your weight !

                                                         !  Role: What value will they add to your solution
         Partners                                           Research/Development/Sales/Support etc.!
                                                         !  Reputation: Do you you have the right players
                                                            in the market you are serving? !
                                                         !  Category Fit: Do they have sufficient market
                                                            power?!
  Min 8!           Unique Advantage!           Min 10!   !  Executive Sponsorship: Do you have buy in
                                                            from key people inside the channel? !
                                                         !  Incentives: Is the partner aligned financially to
                                                            support you?!
                                                         !  Longer Term: Is there competitive threat or
                                                            potential M&A?!

Key Message: Important market players buy into our !
vision and want to work with us!
                                                                                                           Pg 34!
© 2011 Peter Evans, MaRS Discovery District!
Technology/IP!
                Creating barriers to entry!

                                                         !  Technology: Validate how you are different?
          Partners                                          How much market lead do you have? What
                                                            degree of leverage and scale do they create?!
                                                         !  Process: Are there unique process elements
                                                            of how your technology works?!
                                                         !  Licenses: Are there 3rd party components of
  Min 8!           Unique Advantage!           Min 10!      your solution that are licensed? Do you have
                                                            an exclusive right to the technology? !
                                                         !  Patents: What is the focus of the patent and
                 Technology/IP                              what stage are you at? (provisional filing,
                                                            patent granted) – Not a bad idea to mention
                                                            any name brand attorneys you work with.!

Key Message: We’ve nailed a problem that is hard to solve. !
It will be hard for competitors to catch up!
                                                                                                            Pg 35!
© 2011 Peter Evans, MaRS Discovery District!
Team & Advisors!
                The capabilities to execute on the plan!

                                                         !  Company Background: List experience in
          Partners                                          terms of key companies each team member
                                                            worked for. List “pedigrees” (notable exits).!
                    Team & Advisors                      !  Planned Hires: Speak briefly to what
                                                            primary role they will play in the venture!
                                                         !  Achievement: Focus on a key aspect of
  Min 8!           Unique Advantage!           Min 10!      their experience that uniquely qualifies them
                                                            for the venture!
                                                         !  New Hires: Where applicable, speak to any
                 Technology/IP                              key people you may be hiring to build out
                                                            the team!

Key Message: We have assembled the right mix of people who
understand our target customers and the dynamics of the marketplace.
We have “know how” and “know who.”!
                                                                                                           Pg 36!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Verold!




                                               Automating 3D!
                                                      Jad Yaghi!
                                                Co-Founder and CEO!
                                                Jad.yaghi@verold.com!




                                                                        Pg 37!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Verold!


                                                            Competitors!


                                                                  Manual Tools !   Automated!   Other Scanners!


                                Rapid Asset Creation!      !!                         !!


                                No Special Hardware!       !!          !!             !!


                                Ready to Animate !         !!          !!


                                Any Size Object!           !!          !!             !!


                                Full Automation!           !!                                      !!

                                Simple to Use!             !!




                                                   Note: Other visuals such as 2x2’s can also be used here        Pg 38!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Verold!


                                                            IP Portfolio!

                                •    R&D conducted top German University (Computer Graphics Lab!

                                •    Concepts, high level methods by our CTO, Matthew Sloly!

                                •    Key Patents:!


                                 IP Developed by Verold!              Licensed IP!

                                 Work-flow for automated creation of   Automatic retargeting of 3D meshes!
                                 animation-ready 3D models!
                                                                      Animation content transfer!
                                 Multi-user real-time 3D model
                                                                      Automated Rigging!
                                 reconstruction!
                                                                      3D City reconstruction from images!




                                                                                                            Pg 39!
© 2011 Peter Evans, MaRS Discovery District!
Case Study: Verold!

                                                                    Team/Advisors!
                                        Name!                     Position!            Background!
                                        Matthew Sloly!            Co-Founder &         •  Internationally recognized digital artist with work in the
                                                                  CTO!                    collection of the National Gallery of Canada!
                                                                                       •  Co-Invented majority of the IP being commercialized!

                                        Jad Yaghi!                Co-Founder &         •  Serial entrepreneur with over eight years management
                                                                  CEO!                    experience in startup environments!
                                                                                       •  Previously Strategy Consultant with Monitor!

                                        Oliver Schiffers!         CMO!                 •  Founded two online and VR companies 1996 and 1998!
                                                                                       •  10 years experience, Senior Consultant and Head of
                                                                                          Marketing Strategy in ICT, Sapient!

                                        Alexander Oganov! Business                     •  Angel InvestorSuccessfully invested in 32 early stage
                                                                  Development!            companies!


                                        Nils Martins!             3D Engine            •  Virtual Reality Center, Aachen!
                                                                  Developer!           •  4 years geometry processing and game engine
                                                                                          development!

                                        Dr. Leif Kobbelt!         Chief Computer •  Computer scientist at RWTH Aachen!
                                                                  Scientist!     •  Geometry Processing!



                                                     Advisory Board!
                                                     Chris Cole (Co-founder of Mathematica, ActiveWorlds, consultant Disney Imagineering)          !   !!
                                                     Robert Quance (entrepreneur in Residence, MaRS)!
                                                     Georgy Oganov (Chief strategist at Gaz-Prom, former Russian ambassador)!




                                                                                                                                                            Pg 40!
© 2011 Peter Evans, MaRS Discovery District!
There is Upside for Investors!
Presenting the Offer for Investment!




                         #4!
    Compelling!
    Investment!


                                               Pg 41!
© 2011 Peter Evans, MaRS Discovery District!
How You Will Make Money!
                Key Metrics that Explain the Bottom Line for Investors!

              Financials                              !  Key Numbers: Revenues, Expenses,
                                                         EBITDA, Customers, Headcount !
                                                      !  Burn Rate: What is the net cash out
                                                         month!
                                                      !  Assumptions: Be prepared to defend
Min 10!          Compelling Investment!        End!
                                                         them !
                                                      !  Scenarios: Be able to speak to impact of
                                                         various scenarios (i.e. Cost of Acquisition
                                                         is x% higher than forecast or lack of
                                                         conversion from free to premium)!

Key Message: Our venture clearly offers a superior return for our investors.!

                                                                                                       Pg 42!
© 2011 Peter Evans, MaRS Discovery District!
The Ask!
                Value & Deal Structure/Terms & Use of Funds!
                                                      !  Investment Structure/Terms: Type of Instrument
                                                         (Convertible Debt, Equity) and what are the terms
              Financials
                                                         of the deal !
                                                      !  Amount: What’s been raised and what is left in the
                                                         round? Use of Proceeds: What milestones will
                                                         you achieve (with the investors money)!
                                                      !  Runway: What amount of time does the current
Min 10!          Compelling Investment!        End!      money buy (can you hit breakeven or is a new
                                                         round required?) !
                                                      !  Pipeline: Be prepared to speak to who is
                                                         committed so far and who are you approaching.
                          Offer Details                  You must show momentum – “herd dynamics.”!
                                                      !  Valuation: Be careful about “premature”
                                                         discussions regarding pre-money value – don’t
                                                         price from the podium! !

Key Message: Our structure and terms should meet your investment criteria!
                                                                                                              Pg 43!
© 2011 Peter Evans, MaRS Discovery District!
Sample Slide!




                                               Pg 44!
© 2011 Peter Evans, MaRS Discovery District!
Sample Slide!




                                               Pg 45!
© 2011 Peter Evans, MaRS Discovery District!
A Recap: The 4 Components of the Pitch!


       #1!                                        #3!
   Real!                                        Unique!
 Problem!                                      Advantage!



       #2!                                       #4!
Attractive                                     Compelling
 Market!                                       Investment!


                                                             Pg 46!
© 2011 Peter Evans, MaRS Discovery District!
7 Signals…you need to send!
What a Great Pitch should Communicate!


  1. Honesty……........................ !Gives straight answers to investor questions!
  2. Credibility…..........................Demonstrates customer insight/thought leadership!
  3. Resourcefulness……………!Can make an investor’s dollar go far as a startup !
 4. Logic …………….……………Makes wise, pragmatic decisions!
 5. Passion……………………….Genuine commitment & ability to excite!
 6. Humility……………………….Team is coachable and will listen to advice !
 7. Leadership……………………Has the ability to attract and lead a winning team!




                                                                                          Pg 47!
© 2011 Peter Evans, MaRS Discovery District!
Winning Bonus Points with Investors!
Some secrets!

!  Storify!
   Create a way to engage the investor!

!  Personify!
   Investors are in the people business…!

!  Simplify!
   Use frameworks and avoid jargon !

!  Disnify!
   Use graphics where they make sense !

!  Verify!
   Can you finish this sentence? “As evidenced by…”!

                                                      Pg 48!
© 2011 Peter Evans, MaRS Discovery District!
Our Thanks to MaRS Clients
  Lisa Crossley                                Kirk Simpson             Jad Yagani
  CEO                                          President & CEO          CEO
  Quantum Dental Technologies                  Wave Accounting          Verold
  www.thecanarysystem.com                      www.waveaccounting.com   www.verold.com




                                                                                         Pg 49!
© 2011 Peter Evans, MaRS Discovery District!
Peter Evans, Senior MaRS Advisor!
                                         @techmarketer!   http://ca.linkedin.com/in/peterevansprofile!




                                                                                                        Pg 50!
© 2011 Peter Evans, MaRS Discovery District!

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The Pitch with Peter Evans - Entrepreneurship 101

  • 2. Essential Elements for Investors! Presented By:! Peter Evans ! Senior MaRS Advisor! @techmarketer! http://ca.linkedin.com/in/peterevansprofile! Pg 1! © 2011 Peter Evans, MaRS Discovery District!
  • 3. Vision | Talent | Money Other People’s Money Fundamentally Changes Everything! Pg 2! © 2011 Peter Evans, MaRS Discovery District!
  • 4. The Entrepreneur/Investor Paradox! Entrepreneurs & Investors Take Different Approaches! Entrepreneurs! Investor! Getting to! Getting to! YES! NO! Pg 3! © 2011 Peter Evans, MaRS Discovery District!
  • 5. Finding the Right Match! Matching the Venture to the Investor! Capacity! Team! Has funds ! Skills & " to invest! Track Record! Compatible! Platform! Successful! Market! Match of ! Significant " Track ! Sizable and " Size/Stage/! Technological" Record! Addressable! Geography! Advantage! The Right! The Right! Investor! Investment! Friendly! Traction! No directly! Strategic! Early " IP &! competitive! Relevant! Customers" Bus. Model ! investments! Portfolio! Entry Barriers! Entrepreneurs want…! Investors want...! Pg 4! © 2011 Peter Evans, MaRS Discovery District!
  • 6. Getting to Yes: 3 Levels of Engagement! Emotional! Rational! Financial! Pg 5! © 2011 Peter Evans, MaRS Discovery District!
  • 7. Components of the Investor Pitch! #1! #3! Real! Unique! Problem! Advantage! #2! #4! Attractive Compelling Market! Investment! Pg 6! © 2011 Peter Evans, MaRS Discovery District!
  • 8. Pacing the Pitch! Selling your story in 12 minutes! #1! #2! #3! #4! Real! Attractive Unique! Compelling Problem! Market! Advantage! Investment! Start! End! (3 min)! (4 min)! (3 min)! (2 min)! © 2011 Peter Evans, MaRS Discovery District! *Note: Elapsed times are guidelines only Pg 7!
  • 9. Answering the “So What?”! Focusing a Problem that Matters! 1! Real! Problem! Pg 8! © 2011 Peter Evans, MaRS Discovery District!
  • 10. Creating Impact! The Company & It’s Solution – Elevator Style! Introduction !  Core Value Proposition: Use a single sentence:! !  Unique Benefit: Focus on one single aspect of what you do (aka…”the big idea”)! Start! Real Problem! Min 3! !  Metaphors: Provide a cognitive connection (the movie pitch) i.e. ”we’re the x of the y business.” ! !  Proxies: “We’re x meets y”….! !  Emotion: Create a visceral response (why are things still done this way?)! Key Message: We’re fixing the insanity of the status quo! Pg 9! © 2011 Peter Evans, MaRS Discovery District!
  • 11. Defining the Problem! Paint a picture of who has this pain! Introduction !  Current State: Show the insanity of how customers address the issue today! !  Historical Evolution: What’s changed in the customer’s mindset ! Start! Real Problem! Min 3! !  Personas: Describe the main players in your market you address! !  Pictures: Every picture tells a story! Problem Key Message: We’re solving real pain…not “nice to haves”! Pg 10! © 2011 Peter Evans, MaRS Discovery District!
  • 12. Your Solution to the Rescue! Describe WHAT you do and HOW you do it! Introduction !  Product: What is it? " (screen shots, product photos)! Solution !  Functionality: The Who + Do! !  Benefits: High level value! Start! Real Problem! Min 3! !  Category: Where do you play?! !  Stage: What is the readiness of the solution? ! Problem Key Message: Our solution is novel and easy to understand! Pg 11! © 2011 Peter Evans, MaRS Discovery District!
  • 13. What’s Been Achieved to Date?! Show your ability to succeed: On lots of sweat…little $! Introduction !  Founded (Year)! Solution !  Employees (FT/PT) Offices! !  Product Release(s)! !  Beta Users/Unique Views/ Registrations! Start! Real Problem! Min 3! !  Paying Customers! !  Partners (Technology/Channel)! Problem !  Certifications/Industry Awards! !  Media Coverage! Traction !  Patents! Key Message: Our team is committed and can execute! Pg 12! © 2011 Peter Evans, MaRS Discovery District!
  • 14. Case Study: Quantum Dental! Changing the Way Dentists Detect & Treat Tooth Decay Investor Presentation: October 20th, 2010 MaRS Angel Breakfast Quantum Dental Technologies Lisa Crossley, CEO Pg 13! © 2011 Peter Evans, MaRS Discovery District!
  • 15. Case Study: Quantum Dental! Existing Tooth Decay Diagnostics Gold standard detection methods (visual & x-ray) fundamentally unchanged for decades. Tooth Decay Detected Pg 14! © 2011 Peter Evans, MaRS Discovery District!
  • 16. Case Study: Quantum Dental! The Canary Console by Quantum Dental Technologies Canary interactive software and printed patient reports Pg 15! © 2011 Peter Evans, MaRS Discovery District!
  • 17. Case Study: Quantum Dental! Company Overview What we do !  Quantum Dental Technologies has developed a new platform which uses a low- powered laser to detect tooth decay earlier and more accurately than conventional technologies, allowing dentists to treat & heal the teeth instead of “drill, fill & bill”. Milestones !  Product - Dental Clinic model designed, first commercial units manufactured !  Customers - Over 50 pre-orders secured !  IP - Strong patent portfolio !  Clinical - First Health-Canada approved clinical trial completed, second trial in progress, providing independent validation of safety & efficacy !  Partnerships – Relationships with key global distributors and major multinational strategic partners Financing !  $3.3M raised to date, seeking an additional $2.5M to reach breakeven !  Funds: Sales/marketing to support launch; large-scale mfg; final reg. approvals Pg 16! © 2011 Peter Evans, MaRS Discovery District!
  • 18. Case Study: Quantum Dental! Market Problem Dentists’ Concerns Limitations of Current Patients’ Concerns Detection Methods !  Need to increase !  High false positives / !  Discomfort during revenues, leverage false negatives x-rays office staff to reduce !  Can’t detect early !  X-ray exposure costs tooth decay !  Painful and costly !  Need to attract new !  Can’t detect decay on restorations patients all tooth surfaces !  Weakened tooth !  Need new !  Interference from structure diagnostic tools that orthodontics provide more accurate detection of tooth decay Pg 17! © 2011 Peter Evans, MaRS Discovery District!
  • 19. Case Study: Quantum Dental! Value Proposition Value to the Dentist !  Attract new patients: with state of the art technology and a minimally invasive approach !  More patient visits: more frequent visits for patients enrolled in remineralization programs !  Reduce costs: scans can be performed by other staff (hygienists, assistants) !  Affordable: flexible leasing options provide immediate profitability Value to Patients & Insurers !  Reduce costly & painful restorations Pg 18! © 2011 Peter Evans, MaRS Discovery District!
  • 20. Case Study: Quantum Dental! What it is – Canary Console !  Show product with call outs Laser & Intra-oral Camera Console Eye Shield Handpiece CA Patent # 2314691 US Patent # 6584341 Pg 19! © 2011 Peter Evans, MaRS Discovery District!
  • 21. Case Study: Quantum Dental! What it is - Screenshot Odontogram Menu Options Camera Image Canary Number Pg 20! © 2011 Peter Evans, MaRS Discovery District!
  • 22. Case Study: Quantum Dental! The Life Cycle of Tooth Decay Healthy Early Advanced Tooth Enamel Decay Enamel Decay Demineralization Remineralization Remineralization Therapies The Canary System Scan X-Ray, Drill Fill & BIll Pg 21! © 2011 Peter Evans, MaRS Discovery District!
  • 23. Opportunity Awaits! Lots of Room in the Market to Scale a Business! 2! Attractive Market! Pg 22! © 2011 Peter Evans, MaRS Discovery District!
  • 24. Sizeable Market Opportunity! It’s Very Big …And you Can Get To It! !  Size: What’s being spent today on problem? Build from ground up. Can the market Market Size support multiple players?! !  Addressability: What’s the reasonable market you can serve? ! !  Trends: Focus on Formative Forces (PESTLEC) –Is the problem getting worse or growing over time?! Min 3! Attractive Market! Min 7! !  Charts: Keep it visual and engaging! !  Segments: Going Niche or broad?! !  Global: Identify other markets! !  Proof: Use 3rd Party reports! !  Thought Leadership: Are you using primary research to gain insight?! Key Message: We have unique insight into the market! Pg 23! © 2011 Peter Evans, MaRS Discovery District!
  • 25. Early Customers/Prospects! Nothing really happens till somebody sells something! Market Size !  Status: Closed vs. Prospects and " Paid vs. Free Trial ! !  Categorize: Key segments etc.! !  Contextualize: Why they bought! Min 3! Attractive Market! Min 7! !  Personify: Describe customer personas! !  Logos: Create Visual appeal (not clutter)! Customers !  Evangelists: Customer quotes to validate market pain and size ! Key Message: We have buyers who must have our solution ! Pg 24! © 2011 Peter Evans, MaRS Discovery District!
  • 26. Making Money! Where does the growth and profit come from?! Market Size !  Key Metrics: Pricing, Avg. Deal Size, Registrations/Subs., Churn, LTV etc. Revenue Model Note: Cost to Acquire is perhaps the most overlooked and important metric! !  Channels: What are the downstream Min 3! Attractive Market! Min 7! costs to sell and service the customer (is this built in?)! !  Competition: Is your model sustainable if Customers competitors start stealing share? Have you factored in potential of downward price pressure over time? ! Key Message: We’ve validated our revenue model and can ! demonstrate how it will allow us to scale the business ! Pg 25! © 2011 Peter Evans, MaRS Discovery District!
  • 27. Acquiring Customers! The most visible proof there’s a market for your solution ! !  Visibility: Critical to success.. " Market Size what’s your unique story?! !  Lead Generation Programs: What Revenue Model marketing approaches will you use (stay high level – categorize)! !  Sales Model: Direct vs. Channel (Do you have partners? Have you built a wave for Min 3! Attractive Market! Min 7! channels to ride?) ! !  Systems: Do you have an infrastructure to scale (CRM/Inbound Mktg. Platforms etc.)! Customers !  Testing: Do you have capability to test value prop./offers?! Marketing & Sales !  Stages: Do you have the ability to pivot from launch to growth to maturity?! Key Message: We have programs, systems and talent to ! drive visibility, lead gen. and close deals! Pg 26! © 2011 Peter Evans, MaRS Discovery District!
  • 28. Case Study: Wave Accounting! Changing the business of small business accounting. November 9th, 2010! Kirk Simpson, President & CEO MaRS Angel Breakfast" Pg 27! © 2011 Peter Evans, MaRS Discovery District!
  • 29. Case Study: Wave Accounting! The Market Opportunity Wave is at the forefront of some powerful trends: 1.  The explosion in SaaS •  primary driver is accessibility anywhere •  collaboration Free Agent •  auto-backup Nation 2.  Paper to digital •  lose the shoebox by bringing in digital 28.5 million copies of the transaction in North America! 3.  Wireless •  turn downtime into productive time Strong desire to be organized, •  increase automation lack competency in this area but looking for control. 4.  Collaborative Consumption •  show me what my peers are spending so I can make better decisions Confidential – Wave Accounting Inc., 2010 2 Pg 28! © 2011 Peter Evans, MaRS Discovery District!
  • 30. Case Study: Wave Accounting! Recent Successes !  1.8 million users in 2 years – !  2 million + users 4.2 million after 4 years !  Monthly fee for use !  Sold for $170 million (17 times rev or $140 per user) to Intuit in 2009 Confidential – Wave Accounting Inc., 2010 3 Pg 29! © 2011 Peter Evans, MaRS Discovery District!
  • 31. Case Study: Wave Accounting! Revenue Model Targeted Offers & Research !  Wave will embed targeted offers within the app based on users’ data (never against personally identifiable information) – Telus now a customer !  Selling aggregated research about what’s happening in this key market Confidential – Wave Accounting Inc., 2010 4 Pg 30! © 2011 Peter Evans, MaRS Discovery District!
  • 32. Case Study: Wave Accounting! Revenue Model Premium Products Tax Returns Web-based tax preparation (for a fee) Additional modules available for a fee (built by Wave or through 3rd party integrations) !  Payroll (in discussions with several U.S. and Canadian providers) !  CRM !  Receipt entry (shoeboxed) !  Email learning Confidential – Wave Accounting Inc., 2010 5 Pg 31! © 2011 Peter Evans, MaRS Discovery District!
  • 33. Case Study: Wave Accounting! Go to Market Strategy CAPTURE RETAIN !  PR – already featured in the !  Integration Stickiness Financial Post and Profit Auto-syncing banking data Magazine. U.S. PR through every night November Hoffman. !  Communication: !  Social media and blog to drive Informative, insightful weekly 16 SEO emails !  Partnerships, i.e. Freshbooks, !  Offers: Value-added, banks, accounting firms contextual, time sensitive offers LAUNCH !  Vertical Communities: Custom chart of accounts for 40+ !  Collaboration tools with industries internal and external advisors (i.e., accountant) !  Advertising: Google Adwords, Facebook Ads, LinkedIn DirectAds !  Focus on customer service Confidential – Wave Accounting Inc., 2010 6 Pg 32! © 2011 Peter Evans, MaRS Discovery District!
  • 34. You are in the Best Position to Win! Many of the essential pieces are in place ! #3! Unique! Advantage! Pg 33! © 2011 Peter Evans, MaRS Discovery District!
  • 35. Partners! Show how you can punch above your weight ! !  Role: What value will they add to your solution Partners Research/Development/Sales/Support etc.! !  Reputation: Do you you have the right players in the market you are serving? ! !  Category Fit: Do they have sufficient market power?! Min 8! Unique Advantage! Min 10! !  Executive Sponsorship: Do you have buy in from key people inside the channel? ! !  Incentives: Is the partner aligned financially to support you?! !  Longer Term: Is there competitive threat or potential M&A?! Key Message: Important market players buy into our ! vision and want to work with us! Pg 34! © 2011 Peter Evans, MaRS Discovery District!
  • 36. Technology/IP! Creating barriers to entry! !  Technology: Validate how you are different? Partners How much market lead do you have? What degree of leverage and scale do they create?! !  Process: Are there unique process elements of how your technology works?! !  Licenses: Are there 3rd party components of Min 8! Unique Advantage! Min 10! your solution that are licensed? Do you have an exclusive right to the technology? ! !  Patents: What is the focus of the patent and Technology/IP what stage are you at? (provisional filing, patent granted) – Not a bad idea to mention any name brand attorneys you work with.! Key Message: We’ve nailed a problem that is hard to solve. ! It will be hard for competitors to catch up! Pg 35! © 2011 Peter Evans, MaRS Discovery District!
  • 37. Team & Advisors! The capabilities to execute on the plan! !  Company Background: List experience in Partners terms of key companies each team member worked for. List “pedigrees” (notable exits).! Team & Advisors !  Planned Hires: Speak briefly to what primary role they will play in the venture! !  Achievement: Focus on a key aspect of Min 8! Unique Advantage! Min 10! their experience that uniquely qualifies them for the venture! !  New Hires: Where applicable, speak to any Technology/IP key people you may be hiring to build out the team! Key Message: We have assembled the right mix of people who understand our target customers and the dynamics of the marketplace. We have “know how” and “know who.”! Pg 36! © 2011 Peter Evans, MaRS Discovery District!
  • 38. Case Study: Verold! Automating 3D! Jad Yaghi! Co-Founder and CEO! Jad.yaghi@verold.com! Pg 37! © 2011 Peter Evans, MaRS Discovery District!
  • 39. Case Study: Verold! Competitors! Manual Tools ! Automated! Other Scanners! Rapid Asset Creation! !! !! No Special Hardware! !! !! !! Ready to Animate ! !! !! Any Size Object! !! !! !! Full Automation! !! !! Simple to Use! !! Note: Other visuals such as 2x2’s can also be used here Pg 38! © 2011 Peter Evans, MaRS Discovery District!
  • 40. Case Study: Verold! IP Portfolio! •  R&D conducted top German University (Computer Graphics Lab! •  Concepts, high level methods by our CTO, Matthew Sloly! •  Key Patents:! IP Developed by Verold! Licensed IP! Work-flow for automated creation of Automatic retargeting of 3D meshes! animation-ready 3D models! Animation content transfer! Multi-user real-time 3D model Automated Rigging! reconstruction! 3D City reconstruction from images! Pg 39! © 2011 Peter Evans, MaRS Discovery District!
  • 41. Case Study: Verold! Team/Advisors! Name! Position! Background! Matthew Sloly! Co-Founder & •  Internationally recognized digital artist with work in the CTO! collection of the National Gallery of Canada! •  Co-Invented majority of the IP being commercialized! Jad Yaghi! Co-Founder & •  Serial entrepreneur with over eight years management CEO! experience in startup environments! •  Previously Strategy Consultant with Monitor! Oliver Schiffers! CMO! •  Founded two online and VR companies 1996 and 1998! •  10 years experience, Senior Consultant and Head of Marketing Strategy in ICT, Sapient! Alexander Oganov! Business •  Angel InvestorSuccessfully invested in 32 early stage Development! companies! Nils Martins! 3D Engine •  Virtual Reality Center, Aachen! Developer! •  4 years geometry processing and game engine development! Dr. Leif Kobbelt! Chief Computer •  Computer scientist at RWTH Aachen! Scientist! •  Geometry Processing! Advisory Board! Chris Cole (Co-founder of Mathematica, ActiveWorlds, consultant Disney Imagineering) ! !! Robert Quance (entrepreneur in Residence, MaRS)! Georgy Oganov (Chief strategist at Gaz-Prom, former Russian ambassador)! Pg 40! © 2011 Peter Evans, MaRS Discovery District!
  • 42. There is Upside for Investors! Presenting the Offer for Investment! #4! Compelling! Investment! Pg 41! © 2011 Peter Evans, MaRS Discovery District!
  • 43. How You Will Make Money! Key Metrics that Explain the Bottom Line for Investors! Financials !  Key Numbers: Revenues, Expenses, EBITDA, Customers, Headcount ! !  Burn Rate: What is the net cash out month! !  Assumptions: Be prepared to defend Min 10! Compelling Investment! End! them ! !  Scenarios: Be able to speak to impact of various scenarios (i.e. Cost of Acquisition is x% higher than forecast or lack of conversion from free to premium)! Key Message: Our venture clearly offers a superior return for our investors.! Pg 42! © 2011 Peter Evans, MaRS Discovery District!
  • 44. The Ask! Value & Deal Structure/Terms & Use of Funds! !  Investment Structure/Terms: Type of Instrument (Convertible Debt, Equity) and what are the terms Financials of the deal ! !  Amount: What’s been raised and what is left in the round? Use of Proceeds: What milestones will you achieve (with the investors money)! !  Runway: What amount of time does the current Min 10! Compelling Investment! End! money buy (can you hit breakeven or is a new round required?) ! !  Pipeline: Be prepared to speak to who is committed so far and who are you approaching. Offer Details You must show momentum – “herd dynamics.”! !  Valuation: Be careful about “premature” discussions regarding pre-money value – don’t price from the podium! ! Key Message: Our structure and terms should meet your investment criteria! Pg 43! © 2011 Peter Evans, MaRS Discovery District!
  • 45. Sample Slide! Pg 44! © 2011 Peter Evans, MaRS Discovery District!
  • 46. Sample Slide! Pg 45! © 2011 Peter Evans, MaRS Discovery District!
  • 47. A Recap: The 4 Components of the Pitch! #1! #3! Real! Unique! Problem! Advantage! #2! #4! Attractive Compelling Market! Investment! Pg 46! © 2011 Peter Evans, MaRS Discovery District!
  • 48. 7 Signals…you need to send! What a Great Pitch should Communicate! 1. Honesty……........................ !Gives straight answers to investor questions! 2. Credibility…..........................Demonstrates customer insight/thought leadership! 3. Resourcefulness……………!Can make an investor’s dollar go far as a startup ! 4. Logic …………….……………Makes wise, pragmatic decisions! 5. Passion……………………….Genuine commitment & ability to excite! 6. Humility……………………….Team is coachable and will listen to advice ! 7. Leadership……………………Has the ability to attract and lead a winning team! Pg 47! © 2011 Peter Evans, MaRS Discovery District!
  • 49. Winning Bonus Points with Investors! Some secrets! !  Storify! Create a way to engage the investor! !  Personify! Investors are in the people business…! !  Simplify! Use frameworks and avoid jargon ! !  Disnify! Use graphics where they make sense ! !  Verify! Can you finish this sentence? “As evidenced by…”! Pg 48! © 2011 Peter Evans, MaRS Discovery District!
  • 50. Our Thanks to MaRS Clients Lisa Crossley Kirk Simpson Jad Yagani CEO President & CEO CEO Quantum Dental Technologies Wave Accounting Verold www.thecanarysystem.com www.waveaccounting.com www.verold.com Pg 49! © 2011 Peter Evans, MaRS Discovery District!
  • 51. Peter Evans, Senior MaRS Advisor! @techmarketer! http://ca.linkedin.com/in/peterevansprofile! Pg 50! © 2011 Peter Evans, MaRS Discovery District!