WEBVTT
1
00:00:00.760 --> 00:00:05.360
Time to take the next step with
Looney libis. Welcome back to the next
2
00:00:05.400 --> 00:00:08.880
step. We are running through,
slide by slide how to put together an
3
00:00:08.880 --> 00:00:12.960
amazingly great pitch deck. And we
are at the last slide of content.
4
00:00:13.000 --> 00:00:16.960
We are at slide twelve of this
deck. I am staring at the Insubuco
5
00:00:17.000 --> 00:00:22.519
slide deck and this final important slide
is the ask. You got to end
6
00:00:22.519 --> 00:00:25.960
a pitch with an ask. There's
no point in pitching if there's if you're
7
00:00:26.000 --> 00:00:29.160
not asking for anything now, if
you're not raising money, if you just
8
00:00:29.239 --> 00:00:33.640
closed your round and you don't need
any money, then ask for something else.
9
00:00:34.039 --> 00:00:38.439
Ask for connections to customers, ask
for help in recruiting your next hire,
10
00:00:38.920 --> 00:00:42.359
ask for something, or just ask
for more money. But typically what
11
00:00:42.399 --> 00:00:45.280
you see in a pitch deck isn't
ask for money. Usually there's an open
12
00:00:45.399 --> 00:00:48.520
round. That's why the pitch decks
are being shared in the first place.
13
00:00:49.000 --> 00:00:53.520
And so what do you have on
your ask slide? Typically another big number
14
00:00:53.960 --> 00:00:58.320
right again, eighty point font,
maybe hundred point font. The one in
15
00:00:58.320 --> 00:01:00.240
this pitch decks one hundred and eight
point. It says two hundred and fifty
16
00:01:00.240 --> 00:01:07.040
thousand dollars. It's a big number, it should say underneath what it is,
17
00:01:07.439 --> 00:01:11.840
two hundred fifty thousand dollars Series A
series seed, preferred equity, safe
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note, convertible note, something to
let the audience understand that this is the
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raise and what the form of the
raise is. And then most importantly,
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00:01:21.640 --> 00:01:25.959
underneath that two three, four or
five bullet points listing what that money is
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going to get spent on. We
call that the use of funds. And
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then sometimes there's a little bit more
on here. So looking at this one
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00:01:32.879 --> 00:01:37.120
specific slide in front of me,
it's two hundred fifty thousand dollars, it
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says Series A preferred shares. It
has evaluation underneath there, and then underneath
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that is something that's really important again, it says seventy five thousand dollars committed.
26
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That is what we would call momentum. That is some proof that other
27
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investors care about this company. And
you're not asking the investor in the audience
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to be the first check. You're
not asking them to do due diligence on
29
00:01:59.680 --> 00:02:02.640
a that no one else has ever
said yes to. Seventy five thousand dollars
30
00:02:02.680 --> 00:02:06.879
committed implies that there are other investors
out there. We don't know how many.
31
00:02:07.159 --> 00:02:09.599
Doesn't say how many, but there's
at least one other investor out there
32
00:02:09.919 --> 00:02:15.120
that believes in this company enough that
they've written a check. And so what
33
00:02:15.159 --> 00:02:19.520
the investor will imply from that is
that there's someone they can talk to.
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There's someone that if they asked,
you, can you please connect me to
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00:02:23.400 --> 00:02:27.280
whoever committed that money, you will
say yes, and they will have a
36
00:02:27.319 --> 00:02:30.960
conversation and hopefully that will speed up
the process of this next investor joining in.
37
00:02:31.879 --> 00:02:36.000
And there's more and more investors.
Do that odds of you getting the
38
00:02:36.080 --> 00:02:39.520
number that's on this page is correct. That said, let's talk about this
39
00:02:39.560 --> 00:02:44.000
big number at the top. There's
one number that if I see this number,
40
00:02:44.000 --> 00:02:46.719
because it's the most popular number that
shows up, it makes me think
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00:02:46.800 --> 00:02:51.719
that there's no financial model. It
makes me think that you just picked a
42
00:02:51.840 --> 00:02:55.000
number that you thought was a reasonable
amount to raise with no idea about whether
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00:02:55.039 --> 00:03:00.479
that's actually how much money you need
in order to do what you justst over
44
00:03:00.520 --> 00:03:04.960
the last eleven slides, that number
is a half a million dollars. Now,
45
00:03:04.960 --> 00:03:09.000
I was just reviewing pitch decks from
Africa, and typically the pitch decks
46
00:03:09.000 --> 00:03:14.280
in Africa have a lower raise because
the cost of starting the company in Africa's
47
00:03:14.319 --> 00:03:16.800
lower I don't remember the actual numbers. At twenty two, twenty three,
48
00:03:16.879 --> 00:03:22.120
twenty four pitches, half of them
asked for half a million dollars. When
49
00:03:22.159 --> 00:03:25.520
I go to angel groups in Seattle, about half the time they're asking for
50
00:03:25.560 --> 00:03:29.919
half a million dollars. It just
seems to be a number that's pulled out
51
00:03:29.919 --> 00:03:32.159
of a hat. Now when I
see someone say they need four hundred and
52
00:03:32.159 --> 00:03:36.879
fifty thousand dollars, well, now
I know they've sweated the details of figuring
53
00:03:36.919 --> 00:03:39.000
out what they need, because if
they didn't, they would have just rounded
54
00:03:39.000 --> 00:03:42.919
it up to half a million.
If they asked for five hundred and fifty
55
00:03:42.919 --> 00:03:46.080
thousand dollars same thing, then I
know there's something behind it. If it's
56
00:03:46.120 --> 00:03:50.879
six hundred or seven hundred thousand,
makes me think they probably did the work.
57
00:03:51.680 --> 00:03:53.319
And then if it's eight hundred,
I start to question if that's a
58
00:03:53.360 --> 00:03:57.719
real number again, or or if
they just need They know they need more
59
00:03:57.719 --> 00:04:00.560
than half million, but don't know
where it is. That financial slide before
60
00:04:00.680 --> 00:04:04.759
was supposed to provide some proof that
you've done a financial model, but then
61
00:04:04.759 --> 00:04:08.439
it all goes downhill. If you
pick a half million dollars as your race,
62
00:04:09.039 --> 00:04:11.240
and maybe you do need a half
million dollars, but if you do,
63
00:04:12.520 --> 00:04:15.840
ask for five twenty five if you
really need a half a million,
64
00:04:15.399 --> 00:04:19.399
and round up the other direction,
or again four to fifty if it's just
65
00:04:19.480 --> 00:04:25.079
shy of five hundred, And that's
it for the ask a number, some
66
00:04:25.319 --> 00:04:28.920
terms, some use of funds,
and then you just go to the last
67
00:04:28.920 --> 00:04:30.399
slide. And I won't make you
a week to hear about the last slide,
68
00:04:30.399 --> 00:04:35.199
because the last slide is just take
your opening slide, make a copy,
69
00:04:35.800 --> 00:04:39.399
bring it all the way to the
back, and then where you had
70
00:04:39.439 --> 00:04:42.519
your name, put your name in
your email addressing, your phone number,
71
00:04:42.920 --> 00:04:46.319
maybe Twitter, maybe Facebook, other
ways to contact you. Take out the
72
00:04:46.399 --> 00:04:49.319
date, you don't need that again. Take out that tagline, you don't
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00:04:49.319 --> 00:04:54.079
need that again either. This is
now your title slide, but with contact
74
00:04:54.079 --> 00:04:57.920
information. Sometimes the word thank you
shows up, sometimes the word questions show
75
00:04:58.000 --> 00:05:00.839
up. But really all it needs
to do is replicate the first slide with
76
00:05:00.920 --> 00:05:05.519
some contact information so that if this
was emailed out or shared from investor to
77
00:05:05.600 --> 00:05:10.279
investor, that they can get in
contact with you. And that's it.
78
00:05:10.639 --> 00:05:14.759
That is your pitch deck, except
for one more thing. Then we'll talk
79
00:05:14.800 --> 00:05:15.639
about that next week.
1
00:00:00.760 --> 00:00:05.360
Time to take the next step with
Looney libis. Welcome back to the next
2
00:00:05.400 --> 00:00:08.880
step. We are running through,
slide by slide how to put together an
3
00:00:08.880 --> 00:00:12.960
amazingly great pitch deck. And we
are at the last slide of content.
4
00:00:13.000 --> 00:00:16.960
We are at slide twelve of this
deck. I am staring at the Insubuco
5
00:00:17.000 --> 00:00:22.519
slide deck and this final important slide
is the ask. You got to end
6
00:00:22.519 --> 00:00:25.960
a pitch with an ask. There's
no point in pitching if there's if you're
7
00:00:26.000 --> 00:00:29.160
not asking for anything now, if
you're not raising money, if you just
8
00:00:29.239 --> 00:00:33.640
closed your round and you don't need
any money, then ask for something else.
9
00:00:34.039 --> 00:00:38.439
Ask for connections to customers, ask
for help in recruiting your next hire,
10
00:00:38.920 --> 00:00:42.359
ask for something, or just ask
for more money. But typically what
11
00:00:42.399 --> 00:00:45.280
you see in a pitch deck isn't
ask for money. Usually there's an open
12
00:00:45.399 --> 00:00:48.520
round. That's why the pitch decks
are being shared in the first place.
13
00:00:49.000 --> 00:00:53.520
And so what do you have on
your ask slide? Typically another big number
14
00:00:53.960 --> 00:00:58.320
right again, eighty point font,
maybe hundred point font. The one in
15
00:00:58.320 --> 00:01:00.240
this pitch decks one hundred and eight
point. It says two hundred and fifty
16
00:01:00.240 --> 00:01:07.040
thousand dollars. It's a big number, it should say underneath what it is,
17
00:01:07.439 --> 00:01:11.840
two hundred fifty thousand dollars Series A
series seed, preferred equity, safe
18
00:01:11.879 --> 00:01:17.599
note, convertible note, something to
let the audience understand that this is the
19
00:01:17.680 --> 00:01:21.560
raise and what the form of the
raise is. And then most importantly,
20
00:01:21.640 --> 00:01:25.959
underneath that two three, four or
five bullet points listing what that money is
21
00:01:25.959 --> 00:01:29.920
going to get spent on. We
call that the use of funds. And
22
00:01:29.959 --> 00:01:32.760
then sometimes there's a little bit more
on here. So looking at this one
23
00:01:32.879 --> 00:01:37.120
specific slide in front of me,
it's two hundred fifty thousand dollars, it
24
00:01:37.200 --> 00:01:42.519
says Series A preferred shares. It
has evaluation underneath there, and then underneath
25
00:01:42.560 --> 00:01:46.519
that is something that's really important again, it says seventy five thousand dollars committed.
26
00:01:47.400 --> 00:01:49.799
That is what we would call momentum. That is some proof that other
27
00:01:49.879 --> 00:01:56.000
investors care about this company. And
you're not asking the investor in the audience
28
00:01:56.200 --> 00:01:59.640
to be the first check. You're
not asking them to do due diligence on
29
00:01:59.680 --> 00:02:02.640
a that no one else has ever
said yes to. Seventy five thousand dollars
30
00:02:02.680 --> 00:02:06.879
committed implies that there are other investors
out there. We don't know how many.
31
00:02:07.159 --> 00:02:09.599
Doesn't say how many, but there's
at least one other investor out there
32
00:02:09.919 --> 00:02:15.120
that believes in this company enough that
they've written a check. And so what
33
00:02:15.159 --> 00:02:19.520
the investor will imply from that is
that there's someone they can talk to.
34
00:02:20.000 --> 00:02:23.240
There's someone that if they asked,
you, can you please connect me to
35
00:02:23.400 --> 00:02:27.280
whoever committed that money, you will
say yes, and they will have a
36
00:02:27.319 --> 00:02:30.960
conversation and hopefully that will speed up
the process of this next investor joining in.
37
00:02:31.879 --> 00:02:36.000
And there's more and more investors.
Do that odds of you getting the
38
00:02:36.080 --> 00:02:39.520
number that's on this page is correct. That said, let's talk about this
39
00:02:39.560 --> 00:02:44.000
big number at the top. There's
one number that if I see this number,
40
00:02:44.000 --> 00:02:46.719
because it's the most popular number that
shows up, it makes me think
41
00:02:46.800 --> 00:02:51.719
that there's no financial model. It
makes me think that you just picked a
42
00:02:51.840 --> 00:02:55.000
number that you thought was a reasonable
amount to raise with no idea about whether
43
00:02:55.039 --> 00:03:00.479
that's actually how much money you need
in order to do what you justst over
44
00:03:00.520 --> 00:03:04.960
the last eleven slides, that number
is a half a million dollars. Now,
45
00:03:04.960 --> 00:03:09.000
I was just reviewing pitch decks from
Africa, and typically the pitch decks
46
00:03:09.000 --> 00:03:14.280
in Africa have a lower raise because
the cost of starting the company in Africa's
47
00:03:14.319 --> 00:03:16.800
lower I don't remember the actual numbers. At twenty two, twenty three,
48
00:03:16.879 --> 00:03:22.120
twenty four pitches, half of them
asked for half a million dollars. When
49
00:03:22.159 --> 00:03:25.520
I go to angel groups in Seattle, about half the time they're asking for
50
00:03:25.560 --> 00:03:29.919
half a million dollars. It just
seems to be a number that's pulled out
51
00:03:29.919 --> 00:03:32.159
of a hat. Now when I
see someone say they need four hundred and
52
00:03:32.159 --> 00:03:36.879
fifty thousand dollars, well, now
I know they've sweated the details of figuring
53
00:03:36.919 --> 00:03:39.000
out what they need, because if
they didn't, they would have just rounded
54
00:03:39.000 --> 00:03:42.919
it up to half a million.
If they asked for five hundred and fifty
55
00:03:42.919 --> 00:03:46.080
thousand dollars same thing, then I
know there's something behind it. If it's
56
00:03:46.120 --> 00:03:50.879
six hundred or seven hundred thousand,
makes me think they probably did the work.
57
00:03:51.680 --> 00:03:53.319
And then if it's eight hundred,
I start to question if that's a
58
00:03:53.360 --> 00:03:57.719
real number again, or or if
they just need They know they need more
59
00:03:57.719 --> 00:04:00.560
than half million, but don't know
where it is. That financial slide before
60
00:04:00.680 --> 00:04:04.759
was supposed to provide some proof that
you've done a financial model, but then
61
00:04:04.759 --> 00:04:08.439
it all goes downhill. If you
pick a half million dollars as your race,
62
00:04:09.039 --> 00:04:11.240
and maybe you do need a half
million dollars, but if you do,
63
00:04:12.520 --> 00:04:15.840
ask for five twenty five if you
really need a half a million,
64
00:04:15.399 --> 00:04:19.399
and round up the other direction,
or again four to fifty if it's just
65
00:04:19.480 --> 00:04:25.079
shy of five hundred, And that's
it for the ask a number, some
66
00:04:25.319 --> 00:04:28.920
terms, some use of funds,
and then you just go to the last
67
00:04:28.920 --> 00:04:30.399
slide. And I won't make you
a week to hear about the last slide,
68
00:04:30.399 --> 00:04:35.199
because the last slide is just take
your opening slide, make a copy,
69
00:04:35.800 --> 00:04:39.399
bring it all the way to the
back, and then where you had
70
00:04:39.439 --> 00:04:42.519
your name, put your name in
your email addressing, your phone number,
71
00:04:42.920 --> 00:04:46.319
maybe Twitter, maybe Facebook, other
ways to contact you. Take out the
72
00:04:46.399 --> 00:04:49.319
date, you don't need that again. Take out that tagline, you don't
73
00:04:49.319 --> 00:04:54.079
need that again either. This is
now your title slide, but with contact
74
00:04:54.079 --> 00:04:57.920
information. Sometimes the word thank you
shows up, sometimes the word questions show
75
00:04:58.000 --> 00:05:00.839
up. But really all it needs
to do is replicate the first slide with
76
00:05:00.920 --> 00:05:05.519
some contact information so that if this
was emailed out or shared from investor to
77
00:05:05.600 --> 00:05:10.279
investor, that they can get in
contact with you. And that's it.
78
00:05:10.639 --> 00:05:14.759
That is your pitch deck, except
for one more thing. Then we'll talk
79
00:05:14.800 --> 00:05:15.639
about that next week.
