Andrew Bryk

During the summer as a participant in the General Assembly Summer Startup Intern Accelerator, I had the opportunity to attend any GA class free of charge.  One of the most fascinating classes I attended was taught by Lerer Ventures partner Steve Schlafman on VC pitch tips and tricks. I intended to post my notes but could not find the file on my laptop.  After my laptop crashed this week, I luckily found the file backed up when I restored everything and thought it could still be helpful.

Lerer Ventures

-       Consumer + B2B

-       Value add advisors

What LV looks for

-       Great teams

-       Compelling story – very underrated to have good story

-       Differentiated – being able to communicate is very important

-       Big markets

-       Distribution – You can have most beautiful product in world but if users don’t want it, you’re screwed – always have to think through distribution

-   Find the right people that have done it to get their advice

-       Data – understand how all the pieces fit together – have to understand the numbers and what’s going on

-       Traction

Investment process

-       Intro – Get in by someone LV knows and trusts

-       Review Business Plan – quick review of the deck (want to see sense of design/brand, how think of product and communicate brand) – prefer to see a demo

-       Schedule in Person

-       Due Diligence – see if it fits into LV macro themes

-       In Person Meeting

-       More Due Diligence

-       Decision / Negotiation – often don’t lead – terms are usually set

-       Close

Process takes about a month

Plan, Prep, Practice

-       Obsess over weakness – know where your blind spots are and understand them

-       Identify strengths – also know what you’re very good at

-       Leverage Network – get intros to other investors – find entrepreneurs that have pitched to them in past and get feedback

-       Demo, Demo, Demo – always practice

-       Customer Development – truly understand your customers pain

-       Refine Deck – always refine between pitches

-       Investment Strategy – know the strategy of the fund you are going to approach

Things I Look For

-       Action not analysis – no 25 pitch decks

-       Team dynamics

-       Culture – something that is vibrant, unique and gets people excited to work

-       Product

-       Customer Obsession

-       A Good Story

-       Hustle / Traction – showing that you think outside the box and are a hustler is what people notice – doing crazy grassroots stuff like standing in front of la colombe with a funny sign can attract attention

-       Composure / Confidence 

Pitch Deck: Teeing Off

-       Problem you are solving

-       Solution/product

-       Market – macro trends – why is time right

-       Customer segment- how do customers behave, what look like etc.

-       Customer acquisition

Pitch Deck: Finish Line

-       Projections/assumptions

-       Milestones / traction

-       Funding – sometimes people say not to put in – can go both ways

-       Team

-       Advisors

After Meeting 

- Always ask for next Steps

- Follow up with Thank You – don’t make it too long

- Advisor outreach – pay attention to questions and issues the investor raises and you can role play with advisors

- Action items – what are takeaways from meeting

- Product tweaks

- Keep positive attitude – always stay positive

I highly recommend going to this class if you want to learn more or have any questions. Steve was very responsive to everyone’s questions, even staying late to make sure he answered each and every one.