Hope you all tuned in with us last night to #PwCxSlush.
Summary of PwCxSlush 2020
For start-ups who are hesitant to approach venture capital funds, there were compelling arguments and insights to help achieve their mission.
Chevron Technology Ventures, Investment Manager for Global Energy Fund, Jesse Teichmann, summarised useful tips including the following to help you prepare.
Think of the goals of the company and what the goals of the investors are.
For example, match 5 company goals with the goals of each of the number of the number of investors, for example, if there are five investors – match a company goal to each investor.
In addition to your elevator pitch, go to a local school or university (we livestreamed our founder’s Alma Mater, Bond University’s Demo Day on LinkedIn) to see what needs to be said in terms of messaging and develop an ear for what works and doesn’t work in terms of messaging to a particular audience of investors.
Have humility about your business model, don’t speak about massive success but break it down into manageable and realistic phases. For example, “Here is where we are with our R&D roadmap, here is where we will be in one year, three years and five years. Here is the mechanisms and the things we will put in place, in terms of mechanically, culturally and sales channels so that’s the concrete and digestible plan you will be investing in, said Chevron Technology Venture’s Jesse Teichmann.
Pirita Näkkäläjärvi of Helen Ventures added that when you wrap up your pitch, answer any questions to help the investor with what information do they need in order to make an investment decision, make sure it’s not only one person speaking but the whole team gets to speak to illustrate team dynamics, be in the same room and pitch with other team members if its virtual to connect with the investors.
The fireside chat with Zoom’s Abe Smith, Head of International Sales and Expansion showed how having a compelling mission to “create happiness” was a mission that drove Zoom’s incredible growth – in April Zoom achieved 300 million daily Zoom users, read that again. That’s per day.
Zoom launched their IPO in 2019 into a crowded space, but they believed they had a better product and an innovative pricing model.
Zoom considered consumer behaviour, trends in the category such as the growth of the gig workforce, distance learning and mobility – the “flexibility and agility in working however you wanted, wherever you wanted” according to Smith.
Zoom take their business seriously, and view it as critical for its customers success.
Early during the COVID-19 lockdowns, Zoom developed a 90 day plan to develop their product and were able to introduce more than 90 features to advance a core value of their product, in this case, security.
As part of their contribution to their community, they allowed their education package free for schools around the world so classrooms from kindergarten to Year 12 could continue uninterrupted.
An issue start-ups are attempting to answer is: How do you scale across borders and internationally?
Smith’s recommended tips for Start-up Success included:
1. Be bold
2. Be happy with yourself and deliver happiness to others
3. Serve your community
4. Be committed
Thank you Serge Reh for moderating this session.
We will also do a wrap up post on the other events we have attended this month including:
1) Asia Pacific Business Forum 2020 hosted by UNESCAP
2) APEC CEO Summit Dialogues
3) Upcoming APEC Voices of the Future Programme; and the
4) Women in Entrepreneurship Workshop hosted by Kampala Foundation.