PES University EIE 1 Module M8 PDF

Module M8 – Selling your Idea/Product and Pitching Essentials of Innovation & Entrepreneurship (EIE) - I EIE 1 M8-Selling your Idea/Product and Pitching  EIE - I Business Model Canvas (BMC) 8 ...

Module M8 – Selling your Idea/Product and Pitching Essentials of Innovation & Entrepreneurship (EIE) - I EIE 1 M8-Selling your Idea/Product and Pitching  EIE - I Business Model Canvas (BMC) 8  Today’s Topics Selling your Idea / Pitching Product 2 EIE 1 M8-Selling your Idea/Product and Pitching Top 5 Entrepreneurship Lessons From Most Successful Entrepreneurs EIE 1 M8-Selling your Idea/Product and Pitching  Selling your Idea / Product Centre for Innovation and Entrepreneurship (CIE) EIE 1 M8-Selling your Idea/Product and Pitching Market for start ups EIE 1 M8-Selling your Idea/Product and Pitching  Market Logical/Physical place where Buyers/Sellers interact Buyers/Sellers -> Consumer/Producer There are at least two roles in a market: Seller Buyer Value Proposition delivered to customer/market EIE 1 M8-Selling your Idea/Product and Pitching  Types of Market Type of Market changes EVERYTHING Sales, Marketing and Business development differs radically by market type Market Sales Customers Finance Market Size Sales Model Needs Ongoing Capital Cost of Entry Margins Adoption Time to Launch Type Sales Cycle Profitability Competitive Barriers Positioning EIE 1 M8-Selling your Idea/Product and Pitching  Types of Market Existing Resegmented New Market Clone Market Market Market Existing Market – Maybe existing product (new features) or a new product – E.g. New sedan car, say Toyota Etios Resegmented Market – Redraw market segments to better address customer needs – E.g. Sports Utility Vehicle (SUV), when it was 1st introduced New Market – Cheaper/good enough; can create a new class of customer/product – Innovative/never existed before (e.g. Electric/Autonomous cars, etc) Clone Market – Modify/adopt existing market for a different country/geography (e.g. Ola) EIE 1 M8-Selling your Idea/Product and Pitching  Simple Value Chain EIE 1 M8-Selling your Idea/Product and Pitching Marketing in the age of AI EIE 1 M8-Selling your Idea/Product and Pitching  Market Segments Geographic India v. Global Demographics Teenagers v. Adults Consumer v. Business Car driver v. Taxi Operator Type of Industries Food, Retail, Manufacturing, etc EIE 1 M8-Selling your Idea/Product and Pitching  Market Size For all the effort and risk taken by a Quantifies the financial potential of your startup, makes sense to chase a big business. ‘market’ opportunity Helps refine Business Model Canvas hypotheses: Big (Large) Size AND (High) Growth – Very small market size may not be worth pursuing. Market sizing: not all science but some – May be difficult to gain traction in a very big market. art as well Two measurements: Market size (& type) crucial for startups – Money (Rs/$/etc) – Units People or Consumption (e.g., room-nights, kilowatt hours, etc.) EIE 1 M8-Selling your Idea/Product and Pitching TAM, SAM, Target Market EIE 1 M8-Selling your Idea/Product and Pitching  TAM SAM - Total Addressable Market - Served Addressable Market Quantifies entire chain of A value proposition rarely applies buyer/seller relationships in to an entire TAM. your market Opportunity to sharpen your Usually very broad focus on a particular part of the market Easiest to estimate Examples: Examples: ○ Mobile healthcare apps for ○ Mobile healthcare apps seniors ○ Renewable Energy ○ Renewable energy storage ○ Health & fitness ○ Health & fitness at work EIE 1 M8-Selling your Idea/Product and Pitching Target Market One more level of refinement Often a demographic target Examples: ○ Mobile healthcare apps for elders/seniors, targeting retirement homes ○ Renewable energy storage targeting Mfg & Auto industries ○ Health/fitness at work, employees aged 25-40, in $500M+ rev companies EIE 1 M8-Selling your Idea/Product and Pitching  Practical Tips Find an industry/market study that fits your biz model If not: build a market model Important to differentiate: ○ Facts, Assumptions, Extrapolation Run multiple scenarios Time frames: Now or 3-5 years EIE 1 M8-Selling your Idea/Product and Pitching Most Successful Marketing Strategies for Startups EIE 1 M8-Selling your Idea/Product and Pitching  The internet revolution changed the travel industry forever. But it didn’t change the whole travel industry. Travel industry’s meetings & events segment is hampered by inefficient business processes and ineffective pricing models that do not leverage modern technology, especially for hotel accommodations. GroupRes is Software as a Service (SaaS) that makes it easy for event guests to reserve a hotel room, while increasing profit for event planners and hotels. EIE 1 M8-Selling your Idea/Product and Pitching Total Addressable Market (TAM) of Served Addressable Market (SAM) Accommodations ($35B) is 31% of “Commissions and Tech fees” Travel & Expenses ($113B) $5.3B (3.5+1.8) or 15% of Accommodations Target Market: $3.5B (commissions) $28 $3.5 $35 $1.8 $18 $6 $26 $29.7 EIE 1 M8-Selling your Idea/Product and Pitching EIE 1 M8-Selling your Idea/Product and Pitching  Activity (Team) - TAM, SAM, TM Identify the TAM, SAM and TM of your startup opportunity Update your BMC EIE 1 M8-Selling your Idea/Product and Pitching  Pitching Centre for Innovation and Entrepreneurship (CIE) EIE 1 M8-Selling your Idea/Product and Pitching EIE 1 M8-Selling your Idea/Product and Pitching  Planning ✔ Why are you doing the talk? Be clear about your purpose ✔ Find out how big your audience is likely to be & what sort of group ✔ Make notes about your subject ✔ Don’t write your talk word for word ✔ Use small pieces of paper and number them ✔ Powerpoint has a notes & timing feature which may help ✔ Time your talk & practice it ✔ Then practice it again EIE 1 M8-Selling your Idea/Product and Pitching Make an Impactful Presentation with Storytelling EIE 1 M8-Selling your Idea/Product and Pitching Think of Threes Tell people what you’re going to say Tell them Tell them what you’ve said EIE 1 M8-Selling your Idea/Product and Pitching Presentation Techniques EIE 1 M8-Selling your Idea/Product and Pitching Techniques 1 Pace of delivery Vary style Move about Vary pitch Use notes Avoid annoying habits Use props, but don‘t overdo it EIE 1 M8-Selling your Idea/Product and Pitching  Do’s ✔ Take a deep breath ✔ Speak clearly ✔ Make small cards to remind yourself of topics (number them!) ✔ Be aware of where your audience is - are you facing all of them? ✔ Smile, have fun ✔ Be yourself and project your personality ✔ Remember - no-one knows how you feel or what you think ✔ Remember - The audience is on your side! EIE 1 M8-Selling your Idea/Product and Pitching  Don’ts ✔ Rush what you’re trying to say – SLOW DOWN ✔ Read off a sheet of paper word for word ✔ Fiddle with things - its irritating! ✔ Use inappropriate language for your audience ✔ Panic EIE 1 M8-Selling your Idea/Product and Pitching  In Summary… ✔ Most talks go according to plan ✔ But, you must actually plan unless you are very experienced ✔ You have the support of your audience ✔ Most common mistakes are avoidable ✔ The world won’t end if it does go wrong – just correct yourself and carry on EIE 1 M8-Selling your Idea/Product and Pitching Example of a pitch deck: Dropbox https://visme.co/blog/best-pitch-decks/ EIE 1 M8-Selling your Idea/Product and Pitching EIE 1 M8-Selling your Idea/Product and Pitching EIE 1 M8-Selling your Idea/Product and Pitching EIE 1 M8-Selling your Idea/Product and Pitching  EIE – I Summary EIE 1 M8-Selling your Idea/Product and Pitching  EIE – Part I Session Feedback Please share your feedback on Mentimeter Join at www.menti.com Use code: xxxx xxxx 45 EIE 1 M8-Selling your Idea/Product and Pitching