At Hatchery last May 21, the panel of venture capitalists was generous as ever with their feedback to the presenters , especially when it comes to making sure they all raised their most important points in 5 minutes. GK Training’s CEO Michael Hoeppner also critiqued the presentation skills of each presenter.
For those not yet familiar with the presentation format, presenters are required to present their deck, making sure to raise the following 11 points:: your team; what your product/service does; what issue/pain is it looking to solve/address; what is the solution; what is the addressable market; what is the competitive landscape; any current customer/client/pilot pipeline; what is the revenue stream/source; what are your financial projections; how much are you looking for in investment and and what will you do with the money, how will it be spent.
Slide Bean, Style Scan, Tourlandish and WeLeet presented to Angela Lee of 37 Angels (center-agnostic, invests up to $250,000), Bill Reinisch of Paladin Capital (stage-agnostic); Sachin Jade of Klifer Capital (healthcare and financial tech); and Josh Siegel of RubiconVC (from anywhere in the world).
It’s tough enough to squeeze all your significant points, but presenters did try. From Costa Rica, Slide Bean is a cloud-based platform that lets you create presentations. Offline use, it charges $5 per month. Crucial feedback from the VCs to the startups: How will you acquire users and how does it perform? Slippery slope to target universities but can work on enterprise level; give examples of use cases. Be specific about target market. Determine its value. Follow the Dropbox business model.
Tourism is a $200-billion industry, but even more titillating is how 50 percent of booked tours and/or hotel were done last minute. That’s what Tourlandish thinks and why it’s an on-demand mobile-only marketplace for travelers to discover and book local activities and experience the very last minute.
Launching in NYC this weekend, it claims that you can book in seconds. They are monetizing the site via 15-25% and long-term distribution. But is there really business to be made? VCs’ feedback: How many last-minute transactions happen? Why is it 24 hours? Why is your competition narrow? Ask yourself…how many vendors and how many users?
StyleScan and WeLeet also presented their startups.
StyleScan is a fashion app and website that gives you a styling experience from head to toe. It shows you how to style each piece several ways.
WeLeet is a community and a marketplace for people who work from home or shared spaces to find the best people to work with and the best places to work with them.