{"id":7407,"date":"2020-07-17T20:15:13","date_gmt":"2020-07-17T20:15:13","guid":{"rendered":"http:\/\/www-staging.carta.com\/sg\/?p=7407"},"modified":"2021-03-05T06:54:47","modified_gmt":"2021-03-05T06:54:47","slug":"remote-pitching-vcs","status":"publish","type":"post","link":"https:\/\/www-staging.carta.com\/sg\/blog\/remote-pitching-vcs\/","title":{"rendered":"7 tips for pitching VCs remotely"},"content":{"rendered":"<p><span style=\"font-weight: 400\">COVID-19 restrictions have changed <\/span><a href=\"http:\/\/www-staging.carta.com\/blog\/the-great-pause-of-2020\/\"><span style=\"font-weight: 400\">countless aspects of business<\/span><\/a><span style=\"font-weight: 400\">, including how founders pitch VCs. More than ever, founders are relying on phone calls and video meetings to connect with investors and try to <\/span><a href=\"http:\/\/www-staging.carta.com\/blog\/founder-cfo-what-to-do-before-fundraising\/\"><span style=\"font-weight: 400\">fundraise<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Though remote pitching can be challenging, it\u2019s also a great opportunity to chat with VCs you wouldn\u2019t ordinarily meet in person. You just need the right approach and a strong Internet connection.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since remote pitching could become the new normal even after COVID-19 dies down, we talked to founders and VCs who have experience pitching\u2014and taking pitches\u2014from afar to get their expert tips on nailing remote pitches.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">1. Create a pitch agenda<\/span><\/h2>\n<p><span style=\"font-weight: 400\">It\u2019s easier for VCs to get distracted when they\u2019re listening behind a screen, so it\u2019s critical to keep your pitch concise. In fact, at most pitch events, you only get the floor for 5\u201310 minutes, says <\/span><a href=\"http:\/\/www-staging.carta.com\/blog\/starting-women-led-fund-kate-brodock-interview\/\"><span style=\"font-weight: 400\">Kate Brodock<\/span><\/a><span style=\"font-weight: 400\">, CEO of <\/span><a href=\"https:\/\/women2.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">Women 2.0<\/span><\/a><span style=\"font-weight: 400\"> and founding partner of <\/span><a href=\"http:\/\/www.wrule.vc\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">W Fund<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Focus on why your idea or solution has merit, what your needs are, and how you plan to use the money you raise. It\u2019s also important to convey your long-term vision for the company and explain why you\u2019re the best person to execute it, says Jen Neundorfer, founding partner of <\/span><a href=\"https:\/\/www.january.ventures\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">January Ventures<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Creating an agenda ahead of time can help you stay on track and lead the conversation with ease. Consider including the following in your agenda:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Introductions from you and team<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Introductions from the investor<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Product demo<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Financial overview (including how COVID-19 affected your company, if relevant)<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Goals and fundraising plans<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Questions and answers<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Contact information and next steps<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">You may be tempted to use the entire time to explain your idea, but it\u2019s smart to budget time for other components, like addressing investors\u2019 initial questions, Brodock says.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cIt&#8217;s a really interesting way to see how fluidly founders can speak quickly to questions,\u201d she says. \u201cIt really shows the depth of their knowledge.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You also want to make \u201csure there are times built in where you&#8217;re not just doing a straight pitch,\u201d Brodock says. Occasionally going off pitch, either by laughing or sharing a quick anecdote, can demonstrate your enthusiasm and help you establish a personal connection with the investor.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">2. Tailor your pitch<\/span><\/h2>\n<p><span style=\"font-weight: 400\">It\u2019s crucial to speak to an investor\u2019s interest when pitching, says Neundorfer. Having a better understanding of someone\u2019s goals and past investments can help you tailor your pitch accordingly.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cMake sure the investor comes away with a reason to follow up with you,\u201d Neundorfer says. \u201cYou don&#8217;t need to get into every last little detail, but tell them enough so they&#8217;re compelled.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">One of the benefits of a virtual pitch is you have more time to research investors beforehand. \u201cTake advantage of that and the networking ability you get from being able to do the due diligence,\u201d says Breanne Acio, CEO of <\/span><a href=\"https:\/\/www.thevanlifeapp.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">S\u0113kr Inc<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You should still prepare to go off-script if necessary, though. To gauge an investor\u2019s knowledge level and interest, Neundorfer recommends asking them how familiar they are with your company or solution at the top of the meeting. Depending on their answer, you can either jump straight into your pitch or provide some background information.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-7413\" src=\"https:\/\/www-staging.carta.com\/sg\/wp-content\/uploads\/sites\/9\/2020\/07\/card1-1.png\" alt=\"pitching remotely\" width=\"600\" height=\"316\" title=\"\"><\/p>\n<h2><span style=\"font-weight: 400\">3. Discuss the financials<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The most important part of your pitch isn\u2019t the product demo\u2014it\u2019s the bottom line explanation. \u201cIt\u2019s really easy to spend time on the story and the product,\u201d Brodock says, then forget to discuss finances.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to research from Feedback.vc, the strongest predictor of whether a VC wanted an introduction with a founder was the <\/span><a href=\"https:\/\/www.feedback.vc\/venture-capital-advice\/this-is-what-gets-a-vc-interested-in-a-meeting\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400\">company\u2019s economic potential<\/span><\/a><span style=\"font-weight: 400\">. The product or solution itself was actually a weak predictor of VC interest.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">More than anything, an investor needs to know there will be a return on their investment. That\u2019s why Brodock recommends finding a balance between highlighting your solution and explaining the numbers around market size, growth potential, and profit.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">4. Practice your pitch<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Practicing your pitch ahead of time is key to success. \u201cThere&#8217;s a difference between a polished pitcher and someone who maybe thought of it as a two o&#8217;clock phone meeting,\u201d says Brodock.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Not only do you have to hit the important points and explain your idea clearly, but you also need to speak with calm and confidence. Writing out what you want to say can help, but don\u2019t rely on a script, says Acio. It\u2019s tempting to read from your notes when you\u2019re pitching virtually, but investors will be able to tell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It\u2019s also important to practice demoing your product. A virtual pitch is a good opportunity to show someone how your product works rather than just telling them, says Neundorfer. Make sure you know how to share and unshare your screen, adjust your audio settings, or troubleshoot if the connection breaks up.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Before your official pitch try presenting to one or two trusted friends or colleagues first. Ask for constructive feedback on your pitch deck, demo, bottom line explanation, delivery, and ability to answer questions thoroughly.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-7412\" src=\"https:\/\/www-staging.carta.com\/sg\/wp-content\/uploads\/sites\/9\/2020\/07\/card2-1.png\" alt=\"pitching remotely\" width=\"600\" height=\"316\" title=\"\"><\/p>\n<h2><span style=\"font-weight: 400\">5. Read the room<\/span><\/h2>\n<p><span style=\"font-weight: 400\">When you\u2019re pitching virtually, it\u2019s harder to pick up on context clues. \u201cOne of the mistakes we&#8217;ll see is people who dive into their pitch and go, go, go, go, go. They&#8217;re looking at the slides, not at our reaction,\u201d Neundorfer says.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Remember to pause occasionally, periodically unshare your screen, and give investors eye contact, Neundorfer says. \u201cI think that is a really important way to build rapport and trust.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It may be more difficult to establish an authentic connection over a virtual meeting, but forging a bond can give you credibility as a leader. If a founder has \u201cthe human element and can establish that rapport with me,\u201d Neundorfer says, \u201cchances are they&#8217;ll be able to do that with customers and with their employees.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400\">6. Follow up on your pitch<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Your pitch isn\u2019t over once you log off the computer\u2014reach back out to the investors, thank them for their time, and ask if they have any additional questions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You may also want to provide a copy of your pitch deck and more information about your background and company.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">7. Treat every pitch as a learning opportunity<\/span><\/h2>\n<p><span style=\"font-weight: 400\">\u201cPitching is hard and takes practice,\u201d says Acio. Take advantage of this time and set up a handful of remote pitch meetings, whether you meet with investors one-on-one or participate in virtual pitch slams. \u201cEspecially in this time where [pitching is] virtual and you have this layer of protection,\u201d Acio says, \u201cdo it as much as you can.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">The more you practice, pitch, and adjust your approach, the better you\u2019ll get at presenting your idea and explaining its value to the world, both economic and otherwise.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400\">Pitching behind a screen may seem intimidating, but it\u2019s doable. Focus on creating a good pitch agenda, practicing your delivery, and addressing the economic impact of your solution. You may also want to check out Carta\u2019s <\/span><\/i><a href=\"http:\/\/www-staging.carta.com\/blog\/carta-series-a\/\"><i><span style=\"font-weight: 400\">Series A deck<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, which gives you insight into our fundraising process.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<h6><span style=\"font-weight: 400\">DISCLOSURE: <\/span><span style=\"font-weight: 400\">This publication contains general information only and eShares, Inc. dba Carta, Inc. (\u201cCarta\u201d) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services.\u00a0 This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests.\u00a0 Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor.\u00a0 T<\/span><span style=\"font-weight: 400\">his communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.\u00a0<\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>We talked to founders and VCs who have experience pitching\u2014and taking pitches\u2014from afar to get their expert tips on nailing remote pitches.<\/p>\n","protected":false},"author":104,"featured_media":7408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[263,106,306,382,380,292,308,381],"acf":[],"_links":{"self":[{"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/posts\/7407"}],"collection":[{"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/users\/104"}],"replies":[{"embeddable":true,"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/comments?post=7407"}],"version-history":[{"count":0,"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/posts\/7407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/media\/7408"}],"wp:attachment":[{"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/media?parent=7407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/categories?post=7407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www-staging.carta.com\/sg\/wp-json\/wp\/v2\/tags?post=7407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}