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The perfect pitch: A guide to effectively sell your ideas Borys Chabursky Strategic Health Innovations.

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Presentation on theme: "The perfect pitch: A guide to effectively sell your ideas Borys Chabursky Strategic Health Innovations."— Presentation transcript:

1 The perfect pitch: A guide to effectively sell your ideas Borys Chabursky Strategic Health Innovations

2 moving ideas forward 2 Objective: Developing the perfect plan The business plan: what usually happens Components of a business plan Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 2)Who should you target? - Exercise 2 3)How do you make your pitch? - Exercise 3 Conclusion Agenda

3 Strategic Health Innovations moving ideas forward 3 Objective: Developing the perfect plan This session will be useful if you are seeking to sell an idea A way to convince hospital management to approve purchase of vital and expensive equipment You are seeking buy-in for an initiative for your department You would like to commercialize an innovative idea Examples can include:

4 Strategic Health Innovations moving ideas forward 4 Objective: Developing the perfect plan The business plan: what usually happens Components of a business plan Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 2)Who should you target? - Exercise 2 3)How do you make your pitch? - Exercise 3 Conclusion Agenda

5 Strategic Health Innovations moving ideas forward 5 It all starts-out like a great story… …disruptive idea developed by innovative researcher interested in meeting… …experienced globally oriented management team that has done 20+ successful IPOs, made a zillion dollars, and is willing to work for options… …to raise a half a zillion dollars based on a $10 kagillion valuation… …in order to launch a company that will one day allow us to retire in luxury, only leaving our island when we fly by private jet to pick up our Nobel prize.

6 Strategic Health Innovations moving ideas forward 6 So, how does the story really end? …idea is more disturbing than disruptive and innovative scientist cant stop developing new research projects… …zillionaires dont work for options – thats why they become zillionaires - so instead we have the younger brother whos never run a company but was great at caring for his gerbil … …relying on pennies from heaven – that would include government grants and occasional busking… …the island has become a metaphor for the isolationist feelings that all genius must suffer when they are misunderstood…

7 Strategic Health Innovations moving ideas forward 7 Objective: Developing the perfect plan The business plan: what usually happens Components of a business plan Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 2)Who should you target? - Exercise 2 3)How do you make your pitch? - Exercise 3 Conclusion Agenda

8 Strategic Health Innovations moving ideas forward 8 Business Plan Executive summary The marketing piece For an investor, determines whether the remainder of the plan will be read Should be kept to 2 to 3 pages Should be completed last

9 Strategic Health Innovations moving ideas forward 9 Business Plan Executive summary A brief summary of the product, technology or service Introduction and description of each component of the business plan Overview

10 Strategic Health Innovations moving ideas forward 10 Business Plan What are the features or functions of the product/ service? Who are the target customers? What is the value proposition? Executive summary Products, technology or service Overview

11 Strategic Health Innovations moving ideas forward 11 Business Plan What is the potential market size for the product/service? What stage of growth is the market in? (early, mature or decline?) What are the market needs? Executive summary Products, technology or service Overview Market analysis

12 Strategic Health Innovations moving ideas forward 12 Business Plan Who are the likely competitors? What are the strengths and weaknesses of potential competitors? To whom could you compare yourself? Executive summary Products, technology or service Implementation schedule Overview Competitive analysis Market analysis

13 Strategic Health Innovations moving ideas forward 13 Business Plan Who are the founder/founders and what are their qualifications, experience and past achievements? Investors would rather fund a B level technology with an A level management team than an A level technology with a B level management team Executive summary Products, technology or service Management team Overview Competitive analysis Market analysis

14 Strategic Health Innovations moving ideas forward 14 Business Plan What are the financial projections for the next 5 years? What are the financial requirements over the next 5 years? What is the exit strategy? Executive summary Products, technology or service Management team Financial planning Overview Competitive analysis Market analysis

15 Strategic Health Innovations moving ideas forward 15 Business Plan What is the detailed short-term implementation plan? What are the major milestones? Who is responsible for the major tasks? Executive summary Products, technology or service Management team Financial planning Implementation schedule Overview Competitive analysis Market analysis

16 Strategic Health Innovations moving ideas forward 16 Objective: Developing the perfect plan The business plan: what usually happens Components of a business plan Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 2)Who should you target? - Exercise 2 3)How do you make your pitch? - Exercise 3 Conclusion Agenda

17 Strategic Health Innovations moving ideas forward 17 Background Case study Dr. Smith, a critical care physician at a large teaching hospital, has noticed that some of the equipment in the ICU needs to be upgraded in order to provide the patients with the best level of service Dr. Smith has heard that hospital management is resistant to spending and is not sure what approach to take to effectively communicate the need for new equipment Challenge A structured pitch to sell the need for new equipment that will overcome managements objections and reservations to fund Dr. Smiths proposal Solution

18 Strategic Health Innovations moving ideas forward What is your story? Understand what it is you are trying to sell Summarize your idea into a structured pitch Exercise 1 Develop a pitch 2. Who should you target? Who should you be making the pitch to? What are you hoping to gain out of the meeting? Exercise 2 Target list 3. Making the pitch 30 second elevator pitch Follow up telephone call Slide presentation pitch Exercise 3 Pitching exercise The process

19 Strategic Health Innovations moving ideas forward 19 Your story Who to target Making the pitch What is your idea? Why are you pursuing this idea? State how the equipment you require directly meets the ICUs needs Who are the target patients? Has this idea been proven elsewhere? Identify successful examples How much investment is necessary? Executive summary

20 Strategic Health Innovations moving ideas forward 20 Your story Who to target Making the pitch What is your idea? Why are you pursuing this idea? State how the equipment you require directly meets the ICUs needs Who are the target patients? Has this idea been proven elsewhere? Identify successful examples How much investment is necessary? Executive summary and overview Financial planning Competitive and market analysis

21 Strategic Health Innovations moving ideas forward 21 Your story Who to target Making the pitch Value proposition: What value will this project provide to patients and hospital management? Overcome managements reluctance to invest by highlighting the potential return on investment (ROI) New equipment will: Save $ over the next 5 years by reducing inefficiencies Reduce risks: eliminating misdiagnosis by x % Add to the reputation of the hospital which will attract more funding What is your idea? Why is it important?

22 Strategic Health Innovations moving ideas forward 22 Your story Who to target Making the pitch What is your idea? Value proposition: What value will this project provide to patients and hospital management? Overcome managements reluctance to invest by highlighting the potential return on investment (ROI) New equipment will: Save $ over the next 5 years by reducing inefficiencies Reduce risks: eliminating misdiagnosis by x % Add to the reputation of the hospital which will attract more funding Technology, products or services: Use qualitative and quantitative criteria Why is it important?

23 Strategic Health Innovations moving ideas forward 23 Your story Who to target Making the pitch What is your idea? Why is it important? Who will manage the venture? List the qualifications, experience and past achievements of the originator, principal investor or founder group How critical is the founder to the success of the project? What roles will personnel be assuming in implementing this project? (e.g. a matrix of team members with their position and key activities/responsibilities) Does your experience and background complement this idea?

24 Strategic Health Innovations moving ideas forward 24 Your story Who to target Making the pitch What is your idea? Management team List the qualifications, experience and past achievements of the originator, principal investor or founder group How critical is the founder to the success of the project? What roles will personnel be assuming in implementing this project? (e.g. a matrix of team members with their position and key activities/responsibilities) Does your experience and background complement this idea? Who will manage the venture? Why is it important?

25 Strategic Health Innovations moving ideas forward 25 Your story Who to target Making the pitch A timeline of how you plan to implement your idea Communicate the development of the value proposition by identifying milestones to highlight key dates in the development of the idea. This will allow hospital management to track the projects progress towards providing the potential ROI Identify potential threats and barriers to the implementation and how you plan to overcome them What is your idea? How will you implement the idea? Who will manage the venture? Why is it important?

26 Strategic Health Innovations moving ideas forward 26 Your story Who to target Making the pitch What is your idea? How will you implement the idea? Implementation schedule A timeline of how you plan to implement your idea Communicate the development of the value proposition by identifying milestones to highlight key dates in the development of the idea. This will allow hospital management to track the projects progress towards providing the potential ROI Identify potential threats and barriers to the implementation and how you plan to overcome them Who will manage the venture? Why is it important?

27 Strategic Health Innovations moving ideas forward 27 Your story Who to target Making the pitch Using the four components of an effective pitch, develop a story for Dr. Smith To gain a practical understanding of the process to develop an idea into a marketable sales pitch Goal of exercise Exercise

28 Strategic Health Innovations moving ideas forward 28 Your story Who to target Making the pitch 1)What is your idea? 2)Why is it important? 3)How will you implement your idea? 3)Who will be managing the venture? WORKSHEET 1: What is your story?

29 Strategic Health Innovations moving ideas forward 29 Your story Who to target Making the pitch Know your audience Who? Who are you talking to? Titles, organizational structure, hierarchy & key responsibilities Why? Why are you talking to this person? Why are you relevant to them? Why are they relevant to you? What? What are you hoping to get out of the meeting/pitch?

30 Strategic Health Innovations moving ideas forward 30 Your story Who to target Making the pitch Goal of exercise Exercise Identify the decision makers that you will need to contact in order to sell your idea. List potential objections they may have to your proposition and how you would overcome them To develop a methodology to target and profile decision makers in order to customize your pitch to overcome any objections

31 Strategic Health Innovations moving ideas forward 31 Your story Who to target Making the pitch 3)How can you overcome their objections? 2)What objections might they have? 1)Who are the decision makers? WORKSHEET 2: Who do you target?

32 Strategic Health Innovations moving ideas forward 32 Initial contact: the 30 second elevator pitch Craft a take-away message State the essence of the problem with relevant supporting information Do not get caught up with details Keep it Simple: This device will reduce the ICUs operational costs by… Your story Who to target Making the pitch

33 Strategic Health Innovations moving ideas forward 33 Your story Who to target Making the pitch Initial contact: the 30 second elevator pitch Introduction: We last spoke… Statement of relationship 10 minute pitch: Elaborate on the four components of your story Follow up with a thank- you note Follow up: Telephone pitch

34 Strategic Health Innovations moving ideas forward 34 Your story Who to target Making the pitch Initial contact: the 30 second elevator pitch Follow up: Telephone pitch The slide presentation should highlight: Excellence Innovation Impact (ROI) Provide necessary detail which outlines the four key components Encourage and allow time for questions In person: Detailed slide presentation

35 Strategic Health Innovations moving ideas forward 35 Your story Who to target Making the pitch 1.Based on the components of an effective pitch developed in Exercise 1, condense your story into a 30 second pitch 2.Pair up with a colleague and present the pitch 3.Evaluate each others pitch To develop a take-away message for your business plan while retaining the fundamental components of your story Exercise Goal of exercise

36 Strategic Health Innovations moving ideas forward 36 Your story Who to target Making the pitch 1)Outline the main points of your pitch and present 2)Evaluate the pitch: Was it within 30 seconds? Does the pitch state how it serves a real need? State how it does or does not Were you convinced of the value of the proposition? State why it does or why not WORKSHEET 3: Deliver your pitch

37 Strategic Health Innovations moving ideas forward 37 Objective: Developing the perfect plan The business plan: what usually happens Components of a business plan Case study: The process to develop the perfect plan 1) What is your story? - Exercise 1 2)Who should you target? - Exercise 2 3)How do you make your pitch? - Exercise 3 Conclusion Agenda

38 Strategic Health Innovations moving ideas forward 38 Clearly identify your proposition in the development of a pitch for your innovative idea The delivery of your pitch must be concise but thorough – an effective pitch will truly convince potential investors of the value of your proposition Determine who you will target and what it is you are hoping to gain from meeting them Conclusion

39 Strategic Health Innovations moving ideas forward 39 Strategic Health Innovations 133 Madison Avenue Suite 100 Toronto, Ontario, M5R 2S3 Tel: (416) Fax: (416) Thank you


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