Its supposed to be a public holiday today but we’re in the office. We have appointments to get some team photos taken, and of course, there is the ongoing work on the pitch, dropsheet, brochure and our due diligence folder. These activities have taken over our lives. At least we’re not here alone. You wouldn’t know it was a holiday.
Today we got the photos from Erica, the Ministry of Awesome’s photo ninja. The new headshots look much better than the ones we previously had in our documents.
We have to choose the music for our intro on pitch day. Each presentation begins with a 15 second musical intro. I guess we should have decided our song earlier, but we ended up rattling our brains on the way into work this morning. We’re trying to avoid ‘Chariots of Fire’ or ‘Eye of the Tiger’ clichés. Eventually Margaret came up with “Ordinary World” by Duran Duran, just the chorus. It seems pretty damn good considering the small amount of effort we put into the decision.
We learned that one of our mentors, Trevor will be down on Thursday. It will be handy to get some feedback on our drop sheet and pitch.
Again, a day busy with pitching. I have come up with an idea to record the pitch and listen to it using my iphone. Unfortunately as soon as anyone else hears the pitch it changes so I am not getting any traction on memorising it. It detracts from expression and emphasis when I read it so memorising it is all important.
Dave Moskovitz is back in the lab today. We pitched to him and he was very encouraging about how far we had come in Lightning Lab. I’m getting a little nervous as we have no commitments for investment yet. I have learned that the best groups from the Auckland Lightning Lab had at least soft commitments before demo day. Dave’s feedback was a bit of a lift. We still have time.
As well as the pitch we have to prepare some media stuff. We need a 200 word summary and a 50 word summary of the business for various uses. By now we have enough materials that this is a quick cut-and-paste job. We picted to Trevor, and got his feedback on the deck. He suggested a few changes and we’re going to make them. He has seen many pitch decks before so it wouldn’t be wise to ignore the advice.
One of the lessons we have learned in Lightning Lab is that you can’t please everyone. While its a great idea to take advice from those more experienced, you also have to realise that its your business, and nobody knows it as well as you do. Trevor’s advice was right on the money though. It even ironed out a few things that I was already uncomfortable with.
After the work day finishes Margaret, Vinni and I have dinner with Trevor, and Charlie from Lightning Lab at Orlean’s in Strange’s Lane. After that, its off to rehearsal for Margaret’s band. Its a long day.
It’s an early morning. We’re pitching to Canterbury Angels at 7:30. We arrive at 7am and the four pitching teams, MTech, Bamtino, Debtor Daddy and Mighty Gem are shuffled into a side room until the angels all arrive. We’re called in to pitch. I still haven’t memorised the pitch so I read it. It went very well until they asked me the market size. I was trying to point out that NZ was too small as a market, but managed to give the impression that the market was only 100 people a year. God help me, I don’t want to do that at demo day!
Margaret has a hair appointment today. I already had a trim earlier in the week so we’re looking our special best for demo day 🙂
More work on the pitch, t-shirts are off being printed. We need t-shirts with logos to distinguish the teams. Vinni is writing the business plan, Dave has been giving us advice on the strategy and the time flies by until Good, Bad and Ugly time.
One of the funny issues that I have noticed. People really resent the bell that signals the start of GBYU and other group presentations. I think it’s because everyone is busy, and the bell, and whatever it is signalling, are a distraction, an unwanted intrusion on the work.
Good: We got our first investment commitment this week, hard rather than soft.
Bad: Vinni had an accident with a tree while she was bike riding.
Ugly: Giving the impression to the local angels that the market size for MTech was 100 🙁