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3 July 2009
Cool Runnings - Great Video on Cool Businesses
Watch video on "cool businesses" with basic but useful tips. Featuring businesses such as Big Ass Fans, Zappos and Skull Candy. Visit the site and click on "Cool Runnings" and then select the episode you want to watch. http://businessonmain.msn.com/
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19 June 2009
Upstart Launching StartUP Network
Upstart Business Incubator is launching the StartUP Network for people with the desire and potential to build a business with potential for sales in excess of $3m pa within 5 years of launch. Members of the network will benefit from attending monthly networking events with likeminded people, help to find a business idea or technology which excites them, help to develop an existing idea, access to mentors and connections to potential team members and business partners. The StartUP Network is also the recommended entry point for all those who are keen to participate in the Entrepreneur Development Programme. People interested in joining this free network who have entrepreneurial flair and are committed to progress and action, are invited to contact Lisa McCarthy on 03 4677013 or email lisam@upstart.org.nz for further information.
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1 May 2009
Creating YOUR Elevator Pitch
What Is An Elevator Pitch?
This is the 30-60 second business description of what you do and why someone should work with you. It's called an "Elevator Pitch" because it describes the challenge: "How would you explain your business or make a sale if fate placed you in an elevator with your dream prospect and you only had the time it takes to get from the top of the building to the bottom?"
Why Is Having an Elevator Pitch So Important?
You only have 30-60 seconds to make a powerful first impression. The attention span of the average person is just 30 seconds before their mind starts wandering. The other reason is people have less time today. You need to grab them quickly or lose them forever.
7 Questions YOUR "Elevator Pitch" Must Answer:1. What pain are you trying to solve for your customers?2. What is your product or service?
3. Who is your market? Briefly discuss who you are selling the product or service to. What industry is it? How large of a market do they represent?
4. What is your revenue model? More simply, how do you expect to make money?
5. Who is behind the company? "Bet on the jockey, not the horse" is a familiar saying among Investors. Tell them a little about you and the people who are or will work with you to build your business and what they have accomplished.
6. Who is your competition? Don't have any? Think again. Briefly discuss who they are and what they have accomplished. Successful competition is an advantage-they are proof your business model and/or concept work.
7. What is your competitive advantage? Simply being in an industry with successful competitors is not enough. You need to effectively communicate how your company is different and why you have an advantage over the competition. A better distribution channel? Key partners? Proprietary technology?
How to Craft Your Killer Elevator Pitch
- Write down what pain or what problem you are trying to solve for your customers. Try writing it at least 10-20 different ways. Don't edit yourself at all. You will edit later. This first step is for generating ideas.
- Write a very short story that illustrates what you do for people. If necessary, the story can be long. You will boil it down later. Paint a picture with words.
- Write down your objective or goal. You may have a different goal depending on your audience, so write your objective or goal with your audience in mind, and be prepared to adapt which pitch you use according to who is in front of you.
- Write 10-20 action statements. This is a statement or question designed to spur the action associated with your goal.
- Record yourself.
- Let it sit. Come back to what you've written with fresh eyes and ears the next day or later on in the same day.
- Highlight the good stuff. Listen and read through what you've recorded and written. Then either highlight or circle the phrases that hook you with clear, powerful, and visual words. Obviously not all the words will fall into these categories. You still need connector words, but you want them to be as few as possible.
· Put the best pieces together. Again you'll want to write down several versions of this much tighter pitch. Tell us what you do and why people should want to do business with you. Include elements from your story if you can fit it in.
· Record these new ones.
· Do a final edit cutting as many unnecessary words as possible. Rearrange words and phrases until it sounds just right. Again, the goal is 30-60 seconds maximum.
· Dress Rehearsal. Run it by as many people as you can get to listen to you. Get feedback from colleagues, clients you trust, friends and family.
· Done for now. Take your final elevator pitch and write it down. Memorize and practice it until it just slides off your tongue naturally.
· Continue to improve. Over time, always be on the listen for phrases that you think could make your elevator pitch more clear and impactful. And then test it out. Every once in a while you will probably benefit by starting from scratch because things always change: you, your business, your goals, and your clients' needs.
Mark Twain once said he would have written a shorter letter if he had have had more time. Saying as much as you can in the least amount of words takes time and practice.
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23 April 2009
Deals on Decline
The number of young company private financing deals undertaken in New Zealand fell away significantly in 2008 with 26 deals completed compared to 46 in 2007, according to the Company Finance Private Finance index. While absolute dollar investment was not significantly affected during the year - in 2008, the 26 deals had a combined value of $22.9 million compared to 2007's 46 deals with a combined value of $24.2 - two clear trends have been seen. Firstly. a greater proportion of 2008's deals were second round finance or later, with only $4m of new capital being introduced to companies during the year. This is a significant change from the 2007 year where nearly $16m was invested in new deals. Secondly, the market in 2008 saw a significant slow down in activity in the last two quarters of the year. Of the $22.9m invested in the year, only $5m was invested in the last two quarters. Since 2006 when the data began being collected, Auckland has been the driver of early stage investment with 60 percent of the deals originating in the Auckland region. Next highest is Dunedin with 12% followed by Wellington with 11%, and Christchurch with 7%. Software and services account for 47 % of the deals completed. The next largest sector was pharmaceuticals, biotechnology and life sciences with 11% of the deals. The average size of the deals by investment stage were: seed - $242,083, start-up - $766,977, early expansion - $1.23m and expansion - $1.1m. Source: NZ Young Company Finance February 2009.
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1 April 2009
$3m Contract for Dunedin Based Company
Based on an article by Chris Morris: Otago Daily Times 24/3/09
Dunedin based company "Innovative Learning", headed by Dr Mike Reid, is joining forces with two international partners in a $3m deal to help fight the spreading "epidemic" of autism. Two new certificate programmes will be launched this year as the result of a partnership between Innovative Learning and Antioch University in Santa Barbara, USA; and will also be distributed by Ludlow Street Healthcare in the UK.
The programmes aimed to improve the care given to those diagnosed with a range of autism spectrum disorders (ASD) by upskilling those who came into contact with them - including teachers, carers, GPs and other health professionals.
The certificates offer a combination of online learning and practical community-based exercises, and will be available worldwide with the first programme being rolled out in May 2009. Fees are yet to be finalised but is expected to earn the company about $3m in the first year, rising as the number of enrolments increases.
Innovative Learning was founded in 2006 and is one of the companies receiving support from Dunedin's Upstart Business Incubator Programme. The company employs two staff in Dunedin and nine in Santa Ynez, California. Dr Reid now divides his time between USA and Dunedin.