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By Gerry Langeler

…or at least make it to the swimsuit competition!
 
I’m right in the middle of serving as a judge for the applications for Venture Northwest in Portland on November 4th.  Given the high rate of success in actually raising money by those selected to present in prior years, it strikes me that getting picked to go on-stage (the swimsuit competition) is a huge step for many start-ups. So, now that the application process is closed, and the judging has begun, perhaps this is a good time to review how folks like us choose between many attractive contestants.
 
First, let’s review the criteria. The score sheets all the judges get list the following categories and weighting factors:
  • Management Team (35%)
  • Product (15%)
  • Served Market (10%)
  • Sales/Marketing Strategy (15%)
  • Core Competency / Competitive Position (15%)
  • Scalability/Liquidity Opportunity (10%)

Here’s a key first question: 

Does your business plan or PowerPoint pitch mirror not just the list, but the weighting factors here?  My guess is it does not.  You might argue with these weightings. But they have been developed over a period of years by a bunch of folks very close to the start-up community, with an eye towards getting folks on stage who then get funded. 
 
Most pitches we see (including some of those for Venture Northwest where the criteria should have been known by the applicants) are very heavy on Product and Competitive Position, and very light everywhere else. 
 
Do you place over a third of your emphasis on your Team? Can you score a perfect 10 in that category against our stated reference point of “full complement of expertise, very knowledgeable about product and market, have start-up experience”?  Or are you closer to a 4? (primarily founder, very knowledgeable about product, but limited mgt./start-up experience).   Notice how far the score falls for lack of a complete, experienced team.
 
How about Sales/Marketing Strategy and  Scalability/Liquidity Opportunity?  Together, they are worth almost as much as Product and Competitive Position combined.  Are they worth that much to you?  Can you rate anywhere near a perfect 10 against the Sales/Mktg. Strategy criteria of: “Market is clearly defined, demand is assured, customers are easy to find and will rapidly see benefits, i.e. customers are accessible and reachable”?
 
Without going through every category, and every scoring level description to help us rank the contestants consistently,  it is clear that what entrepreneurs often see as the key parts of their pitch, whether to beauty pageant judges or directly to VC’s, is often a subset of what is really needed to make it to that swimsuit competition. 
 
Speaking of swimsuits, whatever your opinion of actual beauty pageants, there is a reason that part of the competition comes late in a contest.  A swimsuit hides no flaws. Having to walk on stage, alone and that “exposed”, is a test not just of physical dimensions, but of cool under pressure.  It often helps judges see beneath the surface beauty (I know I’ll get flak on this). 
 
The same is true for entrepreneurs at their beauty shows. When you walk on stage, “clad” only in your PowerPoint and your most convincing song & dance, you show much more than the words you use.  Your tone and confidence in that pressure-packed room come across far more forcefully than the content of your pitch.
 
So, if you want to not only make it to the swimsuit competition, but leave the audience of investors clamoring for more –   follow the outline and emphasis in the bullets above – and go knock ’em dead.
 
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