TED2007
David S. Rose: How to pitch to a VC
David S. Rose講述如何向創投提案
Filmed:
Readability: 2.8
1,305,982 views
考慮創業嗎？David S. Rose在激動人心的TED U talk中，告訴你在開始撰寫提案前，需要自我釐清並需向創投證明的十大要素。
David S. Rose - Angel Investor
"The Pitch Coach" David S. Rose is an expert on the business pitch. As an entrepreneur, he has raised millions for his own companies. As an investor, he has funded millions more. Full bio
"The Pitch Coach" David S. Rose is an expert on the business pitch. As an entrepreneur, he has raised millions for his own companies. As an investor, he has funded millions more. Full bio
Double-click the English transcript below to play the video.
00:12
Good morning. My name is David Rose.
0
0
2000
早安，我是David Rose
00:14
I am a serial entrepreneur turned serial investor.
1
2000
3000
我從一個連續創業家，轉為一個連續投資者
00:18
And by the use of pitching PowerPoints to VCs,
2
6000
3000
藉由有說服力的PowerPoint
00:21
I have personally raised tens of millions of dollars
3
9000
3000
我曾親自從創投業者那
00:24
from VCs through PowerPoint pitches.
4
12000
3000
募得上千萬美元的資金
00:27
And then, turning round to the other side of the equation,
5
15000
2000
然後，我轉換身份成為投資者
00:29
I have personally supervised the investment
6
17000
2000
也曾經親自管理上百萬
00:31
of tens of millions of dollars into companies
7
19000
2000
的公司投資案
00:33
who have been pitching me with PowerPoint presentations.
8
21000
2000
那些公司也是用PowerPoint來說服我
00:35
So I think it's safe to say I know a little bit
9
23000
2000
所以，我應該還夠格說，對如何說服創投者
00:37
about the process of pitching.
10
25000
2000
我還算有一點了解
00:39
So, the very first question that you've all got to figure out
11
27000
3000
因此，我認為當你接觸創投業
00:42
is: what is the single most important thing
12
30000
2000
來投銷你的商業點子時
00:44
that a VC is looking for when you come to them
13
32000
3000
各位第一要搞清楚的問題是
00:47
pitching your new business idea?
14
35000
2000
什麼是他們所想知道的
00:49
And there are obviously all kinds of things.
15
37000
2000
還有許多明顯要知道的事
00:51
There are business models, and there are financials,
16
39000
1000
包括商業模式，和財務分析
00:52
and there are markets
17
40000
1000
也包括市場分析
00:53
and there is that. Overall, of all the things that you have to do,
18
41000
3000
總括來說，你必須要作的事當中
00:56
what is the single most important thing the VC
19
44000
3000
什麼是創投唯一最想要
00:59
is going to be investing in?
20
47000
2000
知道的呢?
01:01
Somebody? What?
21
49000
2000
有人可以說看看嗎?是什麼?
01:03
(Audience: People.)
22
51000
1000
聽眾: 人
01:04
David S. Rose: People? You! That's it -- you are the person.
23
52000
3000
人?就是你--你就是這個最關鍵的人物
01:07
And so therefore, the entire purpose of a VC pitch
24
55000
3000
所以，整個說服創投者的整個過程中
01:10
is to convince them that you are the entrepreneur
25
58000
2000
就是為了說服他們
01:12
in whom they are going to invest their money
26
60000
3000
你是他們想要投資的創業家
01:15
and make a lot of money in return.
27
63000
2000
而且可以幫助他們獲得更高價值的回報
01:17
Now, how do you do this?
28
65000
1000
所以，你該怎麼作呢?
01:18
You can't just walk up and say, you know,
29
66000
2000
你不能只是走上前然後說
01:20
"Hi, I'm a really good guy, and a good girl,
30
68000
2000
「你好，我真是個好男孩，好女孩，
01:22
and you should really invest in me." Right?
31
70000
1000
你們應該投資我」是吧?
01:23
So, in the course of your VC pitch, you have a very few minutes,
32
71000
4000
所以，整個創投提案的過程，你只會有幾分鐘的時間
01:27
and most VC pitches --
33
75000
1000
而大多數的創投提案
01:29
most angel pitches are about 15 minutes,
34
77000
1000
天使投資大約有15分鐘
01:30
most VC pitches should be less than half an hour.
35
78000
2000
多數的創投提案則少於半小時
01:33
People's attention span after 18 minutes begins to drop off,
36
81000
2000
實驗證明，人的注意力僅能維持18分鐘
01:35
tests have shown.
37
83000
1000
然後就會開始降低
01:36
So in that 18 minutes, or 10 minutes, or five minutes,
38
84000
3000
所以在那18分鐘，或10分鐘，或5分鐘的時間內
01:39
you have to convey a whole bunch of different characteristics.
39
87000
3000
你必須傳遞出許多不同的人格特質
01:42
You actually have to convey about 10 different characteristics
40
90000
2000
實際上，從你上台報告開始
01:44
while you're standing up there.
41
92000
1000
你必須傳達出約10種不同的人格特質
01:45
What's the single most important thing you've got to convey?
42
93000
3000
而哪一項是最重要的特質，你必須傳達的？
01:48
What?
43
96000
2000
是什麼?
01:50
(Audience: Integrity.)
44
98000
1000
(觀眾) 正直
01:51
DSR: Boy, oh boy, oh boy! And that's a straight line we got
45
99000
1000
哇！好傢伙！正中目標！
01:52
right over there. And I didn't even prompt him.
46
100000
3000
我甚至都還沒有提醒他呢
01:55
You're right, integrity. Because that's the key thing.
47
103000
2000
答對了，正直，因為這是最重要的
01:57
I would much rather invest in somebody -- you know,
48
105000
2000
你知道嗎?我寧願投資在
01:59
take a chance on somebody -- who I know is straight
49
107000
2000
某個我知道是正直的人身上
02:01
than somebody where there's any possible question
50
109000
2000
也不願投資給某個可能有問題的人
02:03
of, you know, who are they looking out for,
51
111000
2000
也就是他們可能另有所圖
02:05
and what's going on.
52
113000
1000
或企圖不明
02:06
So the most important thing is integrity.
53
114000
1000
所以最重要的特質是正直
02:07
And what's the second most important thing after integrity?
54
115000
2000
除了正直之外，第二重要的特質是什麼？
02:09
Let's see if you can get this one.
55
117000
1000
讓我們看看有沒有人可以回答這個問題
02:10
(Audience: Self-confidence.)
56
118000
3000
(觀眾)自信
02:13
DSR: Close enough! Passion.
57
121000
2000
非常接近了! 是熱情
02:15
Right, so here you want --
58
123000
2000
沒錯，我們要的是
02:17
entrepreneurs by definition are people
59
125000
1000
定義上的創業家
02:18
who are leaving something else, starting a new world over here,
60
126000
2000
這些人會跳脫世俗，開啟一個全新的世界
02:20
creating and putting their lifeblood into this kind of thing.
61
128000
3000
而且會把他們所有的心血完全投入到這項事業
02:23
You've got to convey passion.
62
131000
1000
各位必須要傳遞出熱情
02:24
If you're not passionate about your own company,
63
132000
2000
如果你自己都對自己的公司沒有熱情
02:26
why on Earth should anyone else be passionate?
64
134000
1000
別人怎麼會對它有熱情呢?
02:27
Why should they put more money into your company,
65
135000
2000
一旦你自己都沒有熱情
02:29
if you're not passionate about it?
66
137000
1000
其他人為什麼要投入資金在你的公司呢?
02:30
So, integrity and passion: the single most important things out there.
67
138000
3000
所以，正直加上熱情，是創業家最重要的必備特質
02:33
Then there are a whole panoply of other things
68
141000
1000
接著還有很多其它重要的特質
02:34
that you've got to do, to wrap up in this package
69
142000
2000
是你在向創投業者簡報時
02:36
that you're presenting to a VC.
70
144000
2000
所必須傳達的
02:38
Experience.
71
146000
1000
例如:經驗
02:39
You've got to be able to say, "Hey, you know, I've done this before."
72
147000
3000
你必須能大聲說出:「我之前做過這個」
02:42
And "done this before" is starting an enterprise and creating value,
73
150000
3000
「之前做過這個」是指開創一個企業及創造價值
02:45
and taking something from beginning to end.
74
153000
2000
而且是包括了從頭到尾都有參與到
02:47
So that's why VCs love to fund serial entrepreneurs.
75
155000
3000
這也就是為何創投喜愛資助連續創業家
02:50
Because even if you didn't do it right the first time,
76
158000
2000
因為即使你一開始沒有作好
02:52
you've learned the lessons, which are going to
77
160000
2000
你也曾經在失敗中學到了寶貴的一課
02:54
stand you in very good stead the next time.
78
162000
1000
會對在下一次創業有所幫助
02:55
And now along with that, along with the experience
79
163000
2000
所以曾有過開創公司的經驗
02:57
of starting an enterprise, or running something --
80
165000
2000
或是進行過相關工作的經驗
02:59
and it doesn't have to be a business.
81
167000
1000
不一定要是一個企業
03:00
It can be in an organization at school,
82
168000
1000
也可以是學校社團
03:01
it can be a not-for-profit.
83
169000
1000
或是非營利組織
03:02
But they want experience in creating an organization.
84
170000
3000
但他們會希望讓有經驗的人來開創一個組織
03:05
Next up is knowledge.
85
173000
1000
下一個特質是專業知識
03:06
If you're telling me you're going to be
86
174000
2000
如果你告訴我，你打算成為
03:08
the great developer of the map of the human genome,
87
176000
2000
了不起的人類基因圖譜研發商
03:10
you'd better know what a human genome is.
88
178000
2000
你最好懂得什麼是人類基因組
03:12
I mean, I want you to have domain expertise.
89
180000
2000
我的意思是，你必須要有相關領域的專業知識
03:14
So I don't want somebody who's saying,
90
182000
2000
我不希望有人說
03:16
"Hey, I've got a great idea in a business I know nothing about.
91
184000
3000
我一點都不懂，但我有好的點子
03:19
I don't know who the players are.
92
187000
1000
我不知道誰是這個行業的競爭者
03:20
I don't know what the market is like."
93
188000
1000
我不知道這個市場的狀況
03:21
So you've got to know your market.
94
189000
1000
因此，你必須對你要進入的市場有所了解
03:22
You've got to know your area.
95
190000
1000
你必須懂你要進入的領域
03:23
And then you have to have the skills that it takes
96
191000
2000
你還必須要有讓這間公司
03:25
to get a company going.
97
193000
1000
繼續營運的能力
03:26
And those skills include everything from technical skills,
98
194000
4000
這些能力包括來自技術的各個層面
03:30
if it's a technology business, to marketing, and sales,
99
198000
3000
如果是科技產業，也包含市場與行銷
03:33
and management, and so on.
100
201000
1000
還有管理等
03:34
But, you know, not everybody has all these skills.
101
202000
3000
但不是每個人都擁有所有的能力
03:37
There are very few people who have the full set of skills
102
205000
2000
只有少數人具備完整的技能
03:39
that it takes to run a company.
103
207000
2000
來經營一家公司
03:41
So what else do you require?
104
209000
1000
因此，你還需要什麼？
03:42
Well, leadership.
105
210000
1000
是的，就是領袖特質
03:43
You've got to be able to convince us
106
211000
2000
你必須有能力來說服我們
03:45
that you either have developed a team
107
213000
1000
你曾經培養過一個團隊，擁有所有這些所需的特質
03:46
that has all those factors in it, or else you can.
108
214000
3000
或你自己本身具備所有的特質
03:49
And you have the charisma and the management style
109
217000
3000
你還必須擁有領袖魅力和管理風格
03:52
and the ability to get people to follow your lead,
110
220000
3000
以及讓別人追隨你的領導能力
03:55
to inspire them, to motivate them to be part of your team.
111
223000
3000
能夠激發他們、鼓舞他們成為你團隊的一份子
03:58
All right, then, having done all that,
112
226000
1000
然而,在擁有這些特質之後
04:00
what else do I want to know as a VC?
113
228000
1000
還有什麼其它的事,是身為創投的我想知道的呢?
04:01
I want to know that you have commitment.
114
229000
2000
我想知道你能信守承諾
04:03
That you are going to be here to the end.
115
231000
2000
你是否願意撐到最後一刻
04:05
I want you to say, or I want you to convey,
116
233000
3000
我想要由你口中說出,或是你傳遞出
04:08
that you are going to die if you have to, with your very last breath,
117
236000
3000
為這間公司鞠躬盡瘁、死而後已
04:11
with your fingernails scratching as they drag you out.
118
239000
2000
在被拖出公司時，你的指甲會在四壁留下抓痕
04:13
You're going to keep my money alive
119
241000
2000
你也要保証我的投資不會血本無歸
04:15
and you're going to make more money out of it.
120
243000
1000
而且還會賺更多回來
04:16
So I don't want somebody who's going to cut and run
121
244000
1000
我不希望投資在一個
04:17
at the first opportunity.
122
245000
1000
當一遇到危機
04:18
Because bad things happen.
123
246000
1000
就溜之大吉的人
04:19
There's never been an angel- or a venture-funded company
124
247000
3000
因為從來都沒有創投天使和創投公司所投資的新創公司
04:22
where bad things didn't happen.
125
250000
1000
從來都沒有壞事發生
04:23
So I want to know that you're committed to be there
126
251000
2000
所以我想知道你對所承諾的事
04:25
to the very end.
127
253000
1000
會堅持到最後
04:26
You've got to have vision.
128
254000
1000
你還必須有願景
04:27
You've got to be able to see where this is going.
129
255000
2000
你要能夠看清楚未來的走向
04:29
I don't want another "me too" product.
130
257000
1000
我不要一個只會說"我也是"的產品
04:30
I want somebody who knows, who can change the world out there.
131
258000
3000
我要一個能明瞭一切，能改變世界的人
04:33
But on top of that, I also need realism.
132
261000
1000
但除此之外，我也需要腳踏實地的人
04:35
Because I need to know that you know that
133
263000
1000
因為我需要知道你明白
04:36
while changing the world is great, it doesn't always happen.
134
264000
3000
能改變世界是最好的,但那不一定必然會發生
04:39
And before you get to change the world,
135
267000
2000
並且在你有能力改變世界之前
04:41
bad things are going to take place.
136
269000
1000
困難總是會先發生
04:43
And you've got to be able to deal with that.
137
271000
1000
所以你必須有能力去處理解決這些困難
04:44
And you have to have rational projections and stuff.
138
272000
2000
而且你必須有合理的推論等相關想法
04:46
And then finally, you're asking for my money,
139
274000
2000
最後,你向我籌資
04:48
not just because it's my money, but because it's me.
140
276000
2000
並不只是因為你需要我的錢,
04:50
You need to be coachable.
141
278000
1000
而是因為你願意被我指導
04:51
So I need to know that you have the ability to listen.
142
279000
3000
所以我必須知道你肯聆聽
04:54
We've had a lot of experience.
143
282000
1000
我們有過許多實務經驗
04:55
People who are VCs or angels investing in you
144
283000
2000
投資你的創投公司或天使
04:57
have had experience and they'd like to know
145
285000
3000
有豐富的經驗, 而他們想知道的是
05:00
that you want to hear that experience.
146
288000
1000
你願意去了解那些經驗
05:01
Okay, so how do you convey all these 10 things in 10 minutes
147
289000
3000
但你如何在有限的10分鐘內,
05:04
without saying any more?
148
292000
1000
傳達這10種人格特質而不囉嗦？
05:05
You can't say, "Hey, I've got high integrity,
149
293000
1000
你不能只是說.「我很正直,
05:06
invest in me!" Right?
150
294000
1000
投資我吧!」 對嗎?
05:07
You've got to do a whole pitch that conveys this
151
295000
3000
你必須表現出這10種特質
05:10
without conveying it.
152
298000
1000
但不讓人覺得你在刻意傳達這些訊息
05:11
So think about your pitch as a timeline.
153
299000
1000
因此,將你的提案想像成一條時間線
05:12
It starts off, you walk in the door.
154
300000
2000
從你一踏進門就開始進行
05:14
They know nothing at all, whatsoever, about you.
155
302000
2000
他們對你一無所知
05:16
And you can take them on an emotional --
156
304000
2000
而你可以左右他們的情緒
05:18
all pitches, or all sales presentations, are emotional at some level.
157
306000
3000
所有的提案或所有的銷售報告,或多或少都受情緒左右
05:21
You can go up, you can go down, right?
158
309000
2000
你可以將情緒拉高或降低
05:23
And it goes from beginning to end.
159
311000
2000
從開始到結束都是如此
05:25
You walk in the door. So the first thing you've got to do --
160
313000
2000
一走進門,第一件要做的事
05:27
the overall, you know, arc of your presentation --
161
315000
2000
對於你整體的報告而言
05:29
it's got to start like a rocket.
162
317000
1000
必須有快如火箭的開頭
05:30
You've got maybe 10 seconds -- between 10 and 30 seconds,
163
318000
4000
你可能只有10秒,一般是介於10到30秒之間
05:34
depending on how long the pitch is -- to get their attention.
164
322000
3000
來吸引他們的注意,視提案時間長短而定
05:37
In my case, "I've invested. I have got tens of millions of dollars
165
325000
3000
以我為例: 「我一直在投資,我已經獲利數千萬美元,
05:40
from PowerPoint pitches.
166
328000
1000
都是靠PowerPoint提案而來的
05:41
I have invested tens of millions of dollars."
167
329000
2000
我已投資了數千萬美元」
05:43
That's it -- that should get you right there.
168
331000
1000
類似這樣.這應該能給你們一些概念
05:44
This can be a factor, and everybody can be saying
169
332000
2000
這會是一個因素,而每個人都可能認為這不符合直覺
05:46
it's counterintuitive. It can be a story, it can be experience.
170
334000
2000
開頭可以是一個故事或經驗
05:48
But you've got to grab their emotional attention, focused on you,
171
336000
3000
但你一定要掌握住他們的情感注意力,將目光集中在你身上
05:51
within that first few seconds.
172
339000
2000
關鍵就是開頭的幾秒鐘時間
05:53
And then from there, you've got to take them
173
341000
2000
然後,一步步的,你要引導他們
05:55
on a very solid, steady, upward path, right from beginning to end.
174
343000
4000
到牢靠、穩健且漸入佳境的方向
05:59
And everything has got to be reinforcing this.
175
347000
2000
從頭到尾都要不斷地加強這一點
06:01
And you've got to get better, and better, and better, and better.
176
349000
2000
你必須要愈來愈好、再好、還要更好
06:03
And it's revving up to the very end,
177
351000
1000
一步步堆砌起來
06:04
and then at the very end you've got to -- boom! --
178
352000
2000
最後,「砰」一聲
06:06
knock them out of the park.
179
354000
1000
向他們擊出一支漂亮的全壘打
06:07
You want to be able to get them to such an emotional high
180
355000
2000
將他們帶往情緒高潮
06:09
that they are ready to write you a check, throw money at you,
181
357000
2000
讓他們馬上簽下支票給你,搶著投錢給你
06:11
right there before you leave.
182
359000
1000
就在你離開之前
06:13
Okay, so how do you do that?
183
361000
1000
好,所以你要怎麼做才能辦到呢?
06:14
Well, first of all, logical progression.
184
362000
2000
首先,要有邏輯的進程
06:16
Any time you go backwards, any time you skip a step --
185
364000
3000
當你往回走,或跳過了某個步驟時
06:19
imagine walking up a staircase where some of the treads are missing,
186
367000
3000
想像你正在走樓梯,其中缺了些階梯
06:22
or the heights are different heights.
187
370000
2000
或階與階之間的高度不同
06:24
You stop, you've got to figure it out.
188
372000
2000
你停下來,你必須弄清楚
06:26
You want a nice logical progression.
189
374000
1000
你需要一個合理的邏輯進程
06:28
Start with telling them what the market is.
190
376000
1000
從告訴他們市場的情況開始
06:29
Why are you going to do X, Y or Z.
191
377000
1000
為什麼你要這麼做,步驟 X, Y或 Z
06:30
And then you've got to tell me how you're going to do it,
192
378000
2000
然後,你必須告訴我你要怎麼做?
06:32
and what it is you're going to do. How you're going to do it.
193
380000
3000
你要做的是什麼？你要如何達成？
06:35
And the whole -- it's got to flow from beginning to end.
194
383000
2000
將這套流程將從頭貫徹到尾
06:37
You've also got to let me know that there are touchstones.
195
385000
3000
你還必須告訴我試行結果
06:40
You want to tie in to the rest of the world out there.
196
388000
2000
你要能和真實的世界連接起來
06:42
So, for example,
197
390000
1000
舉例而言
06:43
if you reference companies I've heard of,
198
391000
2000
如果你提到我聽過的公司
06:45
or basic items in your business,
199
393000
2000
或是你業務中的基本項目
06:47
I want to know about them. Things that I can relate to:
200
395000
3000
我需要全盤瞭解.讓我能去想像
06:50
validators, or anything that tells me somebody else has approved this,
201
398000
4000
提出證明,或任何能證實已經有人認可該項目
06:54
or there's outside validation.
202
402000
2000
或有其他外部的證明
06:56
It can be sales; it can be you've got an award for something;
203
404000
3000
可能是銷量，或是得了獎
06:59
it can be, people have done it before;
204
407000
2000
可能是之前已經有人做過
07:02
it can be your beta tests are going great.
205
410000
2000
也可能是你的原型試驗效果很好
07:04
Whatever. I want to know validation,
206
412000
1000
無論如何,我需要看到證明
07:05
that you're telling me not just what you're telling me,
207
413000
2000
來背書你所說不是只有你自己在想
07:07
but that somebody else -- or something else out there --
208
415000
3000
而是有其他人也這麼認為
07:10
says this makes sense.
209
418000
1000
或有實物可以證明你說的合理
07:11
And then, because I'm looking for the upside here,
210
419000
1000
再者,我所尋求的是利基
07:12
I've got to have believable upside.
211
420000
1000
而且是可信的利基
07:13
And that's two parts.
212
421000
1000
所以有兩個方面
07:14
It's got to be upside, and it's got to be believable.
213
422000
2000
其一是有利可圖,其二是這個利要實際可達成
07:16
The upside means that if you're telling me that you're going
214
424000
2000
有利可圖的意思,是你必須告訴我
07:18
to be out there, five years out, making a million dollars a year --
215
426000
2000
你將衝刺五年,每年賺進一百萬元
07:20
hmm. That's not really upside.
216
428000
2000
嗯,這個利基並不高
07:22
Telling me you're going to be out there making a billion dollars a year --
217
430000
2000
但你如果跟我說,你每年要賺進十億元
07:24
that's not believable.
218
432000
1000
那就不太實際
07:25
So it's got to be both sides.
219
433000
1000
所以,兩個方面都必須兼顧
07:26
On the other hand, there are a lot of things that drive me down,
220
434000
2000
另外,有很多事會讓我不感興趣
07:28
take the emotional level down,
221
436000
1000
使我的情緒指數下降
07:29
and you've got to recover from those.
222
437000
2000
你必須要移除這些可能性
07:31
And those, for example, are anything you tell me
223
439000
1000
舉例來說,你說的內容
07:32
that I know is not true.
224
440000
1000
我早就知道是不切實際
07:33
"We have no competition. There's nobody else
225
441000
2000
像是「我們沒有競爭對手，
07:35
who's ever made a widget like this."
226
443000
1000
沒人做過這樣的新產品」
07:36
Odds are I probably know somebody who has made a widget.
227
444000
2000
可能我早就知道有人做過
07:38
And the minute you tell me that -- boom! You know,
228
446000
2000
所以一旦你說沒人做過,碰! 你就完了
07:40
I discount half of what you're saying from then on.
229
448000
3000
我開始會對你說的話打對折
07:43
Anything that makes me think. Anything that I don't understand,
230
451000
3000
任何讓我思考或是不瞭解的事
07:46
where I have to make the leap myself, in my own head,
231
454000
2000
使我必須在腦海中打轉的事
07:48
is going to stop the flow of the presentation.
232
456000
2000
都會打斷報告的連貫性
07:50
So, you've got to take me through like a sixth grader --
233
458000
2000
所以,你必須要像對待六年級的學生一樣
07:52
dub, dub, dub, dub, dub -- but without patronizing me.
234
460000
3000
按步就班的說明,但不能屈居於我
07:55
And it's a very tricky path to do it.
235
463000
2000
要做到這樣很難
07:57
But if you can do it, it works really, really well.
236
465000
2000
但如果你能做到,那就會非常順利
07:59
Anything that's inconsistent within the concept of your thing.
237
467000
3000
還有,不能出現前後矛盾
08:02
If you tell me sales of X, Y or Z are 10 million dollars,
238
470000
3000
如果你說X、Y 或Z的銷售額是一千萬元
08:05
and the next slide, or five slides later, they're five million dollars.
239
473000
3000
可是下一張投影片,或五張之後,數據變成五百萬元
08:08
Well, one may have been gross sales,
240
476000
1000
當然,可能一個數代表毛利
08:09
one may have been net sales,
241
477000
1000
一個數代表淨利
08:10
but I want to know that all the numbers make sense together.
242
478000
3000
但我只想看到合理的數字
08:13
And then finally, anything that's an error, or a typo,
243
481000
3000
最後要注意的像是錯誤、錯字
08:16
or a stupid mistake, or a line that's in the wrong place.
244
484000
2000
或其他愚蠢的過失,或一條莫名出現的線
08:18
That shows me that -- if you can't even do a presentation,
245
486000
3000
這些都表示,如果你連報告都做不好
08:21
how the heck can you run a company?
246
489000
1000
你怎麼能經營一間公司？
08:22
So this all feeds in together.
247
490000
2000
以上就是所有該注意的要點了
08:24
All right, so the best way to do this stuff is to look at our betters,
248
492000
3000
因此,最好的提案方式就是找出我們較好的一面
08:27
look at people who have done this before.
249
495000
1000
觀摩已經做過這行的人
08:28
So let's look at the most successful technology executive
250
496000
3000
我們來看看這行最成功的科技執行長
08:31
in the business and see how a presentation goes.
251
499000
2000
看他們是怎麼提案的
08:34
Bill Gates' PowerPoint presentation over here.
252
502000
2000
這是比爾‧蓋茲的PowerPoint報告
08:36
Here's Gates doing a thing for Windows.
253
504000
2000
蓋茲在介紹Windows的新功能
08:38
Is this the way you should do a PowerPoint presentation?
254
506000
2000
這是正確的PowerPoint報告方式嗎?
08:40
What do you think?
255
508000
1000
你覺得呢?
08:41
No. Who do you think we should look at as our role model?
256
509000
2000
不! 你覺得誰才是我們該模仿的對象？
08:44
Oh, isn't that funny! There's another great one over here.
257
512000
2000
噢,真好笑！這是另一位巨人
08:46
Yes? OK, Steve Jobs.
258
514000
2000
同意嗎？對,是賈伯斯(Steve Jobs)
08:48
You want absolute -- this is the Zen of presentation, right?
259
516000
4000
你要追求一種絕對--這是報告的禪境,對吧？
08:52
Here he is. One little guy, black jeans and stuff,
260
520000
2000
他就在這,一個小個頭,穿著黑色牛仔褲
08:55
on a totally empty stage.
261
523000
1000
站在一個空蕩的舞台上
08:56
What are you focusing on?
262
524000
1000
你會把目光放在哪裡?
08:57
You're focusing on him! This is Steve Jobs.
263
525000
2000
放在他身上! 賈伯斯身上!
09:00
So, you know, our great -- these
264
528000
1000
所以,你了解到
09:01
wonderful long bullet points, a whole list of things, you know -- good!
265
529000
2000
把所有好的點,一長串都列出來,很棒!
09:03
No, they're not.
266
531000
1000
不,這樣不好
09:04
The long bullet points are bad.
267
532000
2000
一長串的列點很糟
09:06
What's good? Short, short bullet points.
268
534000
2000
怎麼才好? 簡短的要點
09:08
But you know what?
269
536000
1000
但你知道嗎
09:09
Even better than short bullet points are no bullet points.
270
537000
3000
比簡短的要點更好的,就是沒有列點
09:12
Just give me the headline over here.
271
540000
1000
給我標題就好
09:13
And you know what?
272
541000
1000
所以你知道嗎
09:14
How many bullet points or headlines does Steve Jobs use?
273
542000
2000
賈伯斯用了多少個要點和標題?
09:17
Basically none.
274
545000
1000
基本上為零
09:18
What do you do?
275
546000
1000
你要怎麼做?
09:19
Best of all, images. Just a simple image.
276
547000
3000
最好的方式--圖片. 只要一張簡單的圖
09:22
I looked at the image -- a picture's worth a thousand words.
277
550000
2000
看著影像,一張圖片勝過千言萬語
09:25
You look at the image and you see that, and you drop the whole thing.
278
553000
2000
你看著影像,看過之後,你就會完全臣服
09:27
And then, you come back to me.
279
555000
1000
然後你的注意力會回到我身上
09:28
And you're focused on me and why I'm such a great guy,
280
556000
2000
注意到我,還有為何我是個這麼棒的傢伙
09:30
and why you want to invest in me.
281
558000
1000
還有你為什麼應該投資我
09:31
And why this whole thing makes sense.
282
559000
1000
為何整件事聽起來都很合理
09:33
So with that said, we only have a very, very short time.
283
561000
2000
如此看來,我們只有很短暫的時間
09:35
So let's run through the things you've got to include
284
563000
2000
讓我們把你需要在提案中呈現的東西
09:37
in your presentation.
285
565000
1000
一起順一次
09:38
Well, first of all, start out. None of these big, long-titled slides
286
566000
3000
首先,不要做冗長標題的投影片
09:41
with blah, blah, blah, blah, blah, blah
287
569000
1000
不要盡講些五四三的
09:42
and I'm presenting to so-and-so, such-and-such a date.
288
570000
1000
不要說「我將誰和誰提案、今天幾月幾號」這種話
09:43
I know the day, I know who I am, I know you're presenting.
289
571000
2000
我知道日期,我知道我是誰,我也知道你要提案
09:45
I don't need all that.
290
573000
1000
這些我都不想聽
09:46
Just give me your company logo.
291
574000
1000
你只要給我公司的LOGO
09:48
I look at the logo, and it sort of ties it to my brain.
292
576000
1000
我看到LOGO,那就會和我的大腦產生聯結
09:49
And then I come back to you. I'm focused on you, OK?
293
577000
3000
然後我再回到你身上,將注意力放在你身上
09:53
You do that, you give me your quick
294
581000
1000
你要做的,給我一個快速
09:54
15-second or 30-second intro, grab my attention.
295
582000
3000
15到30秒的介紹,抓住我的注意力
09:57
And then you want to give me a quick business overview.
296
585000
2000
然後快速地概述你的業務
09:59
This is not a five-minute pitch. This is, you know, two sentences.
297
587000
3000
這不是五分鐘的提案,這只需要兩句話
10:02
"We build widgets for the X, Y, Z market."
298
590000
2000
「我們為X、Y、Z市場打造了新產品」
10:04
Or, "We sell services to help somebody do X." You know, whatever.
299
592000
3000
或「我們販售服務幫助某人做某事」.像這樣的話
10:07
And that is like the picture on the outside of a jigsaw puzzle box.
300
595000
3000
這就像是拼圖盒外面的圖案
10:10
That lets me know the context.
301
598000
2000
讓我瞭解其中的脈絡
10:12
It gives me the armature for the whole thing
302
600000
1000
讓我獲得整件事的主要架構
10:13
you're going to be going through.
303
601000
1000
就是所有你想要表達的東西
10:14
And it lets me put everything else in relation to something
304
602000
3000
這也能讓我把其他你所說過的事
10:17
you've already told me.
305
605000
1000
給連結起來
10:18
So there you go -- walk me through,
306
606000
1000
就像這樣,讓我瞭解事情的始末
10:19
show me who your management team is.
307
607000
1000
秀出你的管理團隊
10:20
It's helpful that you've had experience
308
608000
1000
如果你有經驗,或你之前做過這行
10:21
and you've done this kind of thing before.
309
609000
1000
是會有所幫助的
10:22
And I want to know the market -- the size of the market.
310
610000
1000
我還要知道市場--市場的大小
10:23
Why is this market worth getting at over here?
311
611000
2000
為何這個市場值得耕耘?
10:26
I want to know your product, and that's very important.
312
614000
2000
我要知道你的產品,這非常重要
10:28
Now, this is not a product pitch, not a sales pitch.
313
616000
1000
但這不是個產品提案或銷售提案
10:29
I don't want to know all the ins and outs,
314
617000
1000
我不想知道所有的細節
10:30
and the gazuntas and the yaddas and stuff.
315
618000
2000
及其他瑣碎的事情
10:32
I just want to know -- what the heck is it?
316
620000
2000
我只想知道，它到底是什麼？
10:34
If it's a website, show me a screenshot of your website.
317
622000
2000
如果是個網站,秀出一個網站的畫面
10:36
You know, don't do a live demo.
318
624000
2000
不要做現場的展示
10:38
No, never do a live demo.
319
626000
1000
記住,千萬不要做現場的展示
10:39
Do a canned demo, or do something that lets me know
320
627000
2000
預先做好示範帶,或用一些方法來讓我了解
10:41
why people are going to buy whatever it is.
321
629000
2000
為何人們會花錢買這樣東西
10:43
Then I want to know -- now that I know what you're selling,
322
631000
2000
接下來,我想知道的--現在我知道你要賣的是什麼
10:45
tell me how you make money on it.
323
633000
2000
告訴我你要如何靠它賺錢
10:47
For every X you sell, you get Y, you do your services of Z.
324
635000
4000
每賣出X,你會獲利Y,你做的服務是Z
10:51
I want to know what the business model is
325
639000
2000
我要知道你的營利模式
10:53
on a sort of per-unit basis, or for the actual product
326
641000
3000
是以單位為基礎
10:56
that you're selling.
327
644000
1000
或是視你實際所賣出的產品
10:57
I want to know who you're selling this thing to,
328
645000
1000
我要知道你將這東西賣給誰
10:58
in terms of customers.
329
646000
1000
以顧客的立場來看
10:59
And I want to know if you have any relationships
330
647000
1000
我還要知道你是否有任何人脈
11:00
that are going to be special to help you.
331
648000
1000
可以特別幫助你
11:01
Whether you have a distribution relationship with somebody,
332
649000
2000
無論是你認識某個經銷商
11:03
you know, you have a producing partner. Or, you know,
333
651000
2000
或者你有特定的供應商夥伴
11:05
again, validation.
334
653000
1000
只要有證據說明
11:06
This helps to say you're bigger than just one little thing over here.
335
654000
3000
顯現出你不是孤軍奮戰
11:10
But then, everybody has competition.
336
658000
1000
但每個人都有競爭對手
11:11
There has never been a company
337
659000
1000
從來沒有一間公司
11:12
that doesn't have competition.
338
660000
1000
是沒有競爭對手的
11:13
Even if the competition is the old way of doing something.
339
661000
2000
即使這個競爭是以傳統的方式去做某件事
11:16
I want to know exactly what your competition is,
340
664000
2000
我都要知道你確切的競爭對手為何
11:18
and then that will help me judge
341
666000
2000
這才能幫助我判斷
11:20
how you fit into the whole operation over here.
342
668000
1000
你要如何切入目前的運作中
11:22
But then, I want to know how you're special.
343
670000
1000
然後我要知道你有什麼過人之處
11:23
If I know what your competition does,
344
671000
1000
如果我了解你競爭對手的作法
11:24
how are you going to prevent your competition
345
672000
2000
你要如何預防競爭對手
11:26
from eating your lunch over here?
346
674000
1000
吞掉你的市場?
11:27
And then all this ties into the financial overview.
347
675000
2000
而以上全部都和財務概況有關
11:30
And you have to have -- you can't do a VC pitch
348
678000
1000
你必須有財務報告
11:31
without giving me your financials.
349
679000
1000
不然你無法做創投提案
11:32
I want to know three and, you know, a year or two back,
350
680000
3000
我要看到三年前,或一、二年前的報表
11:35
or as long as you've been in existence.
351
683000
1000
或從你的企業開始存在以來的所有報表
11:36
And I want to know three or four or five years forward.
352
684000
2000
以及未來三年、四年或五年的報表
11:38
Five is a bit much. Probably four is rational.
353
686000
2000
五年有點太多,四年可能比較合理
11:40
And I want to know how that business model that you showed me
354
688000
2000
我還要知道你提出的商業模式
11:42
on a product basis is going to translate into a company model.
355
690000
3000
在產品的基礎上,如何轉換為公司模式
11:45
And, you know, how many widgets are you going to sell?
356
693000
1000
還有新產品的銷售量將有多少
11:46
You're making X amount per widget.
357
694000
1000
你的每個新產品有X利潤
11:48
I want to know what the driver is.
358
696000
1000
我要知道驅使銷售的動力何在
11:49
We're going to have 1,000 customers this year,
359
697000
1000
我們今年將會有一千個客戶
11:50
and 10,000 next year.
360
698000
1000
明年會有一萬個
11:52
And our revenues are going to go this, that and the other thing.
361
700000
1000
且我們的盈收將會不斷攀升到某一個層級
11:53
And so that gives me the whole picture for the next several years
362
701000
2000
這讓我能清楚看出未來幾年內
11:55
into which I'm investing.
363
703000
1000
我投資報酬的整體藍圖
11:56
And I want to know how the money you're going to get from me
364
704000
2000
我還要知道你從我這裡拿到的錢
11:58
is going to help you get there.
365
706000
1000
如何能幫助你達成目標
11:59
You're going to open an offshore plant in China,
366
707000
3000
你是否要在中國開設海外工廠
12:02
you're going to spend it all on sales and marketing,
367
710000
2000
或是將所有的錢投入銷售與行銷
12:04
you're going to go to Tahiti, or whatever out there.
368
712000
2000
或者你要前往大溪地,或其他地方
12:07
But then comes the ask.
369
715000
1000
然後問題來了
12:08
This is where you tell me how much you actually want to get.
370
716000
1000
這是你要求實際獲得的金額
12:10
You're looking for 5 million -- at what kind of valuation?
371
718000
3000
你需要五百萬元. 那我該如何評定這個金額？
12:13
Two million at 100,000.
372
721000
1000
投資十萬賺回兩百萬
12:14
What's the money in so far? Who invested?
373
722000
3000
你目前已籌到多少?有誰投資?
12:17
I hope you invested personally.
374
725000
1000
我希望你自己也有投資
12:18
Because I'm following on.
375
726000
1000
因為我是跟進投資
12:19
If you can't invest in your own thing, why should I invest in it?
376
727000
2000
如果連你都沒投資,那我為何要投資？
12:21
So I like to know if you have friends and family,
377
729000
2000
所以我要知道你是否有朋友或家人
12:23
or angel investors in there, or you've had more VCs before.
378
731000
2000
或金主已經投入資金,或你曾有很多創投經驗
12:25
What's the capital structure up until this point?
379
733000
2000
到目前為止,資本結構如何？
12:28
And then finally, having done all that,
380
736000
1000
最後,如果以上都做到了
12:29
you've now told me the whole thing,
381
737000
1000
你已交待了所有的細節
12:30
so now you've got to bring it back to that conclusion.
382
738000
2000
你還是要將話題帶入結論
12:32
This is that rocket going up.
383
740000
1000
這會是那支火箭向上衝刺的時刻
12:34
So hopefully everything has been positive, positive, positive,
384
742000
2000
所以希望之前所有一切都很順利
12:36
more positive.
385
744000
1000
順利、順利、還要更順利
12:37
And everything, everything you say clicks with me,
386
745000
1000
而且你所說的一切都讓我動心
12:38
and it all makes sense.
387
746000
1000
一切都合理
12:39
And I'm thinking, "This is really, really great."
388
747000
2000
我心裡也想著「這是很棒的提案」
12:41
And then you take me back to your logo.
389
749000
1000
然後你將我的視線帶回你的公司LOGO
12:42
Just your logo on the screen.
390
750000
1000
螢幕上只放著LOGO
12:44
And I look at the logo -- okay, good.
391
752000
2000
然後我看著LOGO,嗯,很好
12:46
Now I come back to you. Nothing else to look at, right?
392
754000
1000
我回頭看你,沒有其他要看的東西了,對嘛？
12:47
And now, you've got to wrap it up and tie it up here.
393
755000
2000
然後你要開始總結,把一切綜合起來
12:50
You've got to give me the final, you know -- boom! --
394
758000
2000
給我一個最終的...碰(驚喜)！
12:52
the final pitch that's going to send me into space.
395
760000
1000
用最後的提案把我射入太空
12:54
Now, in the process of doing this over here,
396
762000
2000
在處理這套提案的過程中
12:56
how do you remember the sequences and doers?
397
764000
2000
你如何記得所有順序和該做的事?
12:59
You've noticed here that I'm not looking at the screen, right?
398
767000
1000
你已注意到我沒有盯著螢幕看,對嗎?
13:01
The screen is, actually, in this room, is set up so it's in front of me.
399
769000
2000
這個房間的螢幕,是設在我的背後
13:03
So, I couldn't even see if I wanted to.
400
771000
1000
我想看也看不到
13:05
So now, how do I know what's going on here?
401
773000
1000
那我又怎麼知道進行到哪了
13:06
Well, I've got a laptop in front of me,
402
774000
1000
我的面前有台筆電
13:07
but you're looking at me. And you're looking at this.
403
775000
2000
但你看著我,還看著螢幕
13:10
What do you think I'm looking at?
404
778000
1000
你認為我在看什麼?
13:11
You think that I'm looking at that?
405
779000
1000
你覺得我有在看螢幕嗎？
13:12
No, I'm looking actually at a special version
406
780000
2000
沒有，其實我在看一個特別版本的
13:14
of PowerPoint over here,
407
782000
2000
PowerPoint
13:16
which shows me the slides ahead, the slides behind,
408
784000
2000
它會預先秀出下一張投影片,還有上一張
13:18
my notes from here, so I can see what's going on.
409
786000
2000
還有我的筆記--所以,我能清楚掌握情況
13:20
PowerPoint has this built into every copy of PowerPoint
410
788000
2000
PowerPoint已將這個功能內建到
13:22
that's shipped.
411
790000
1000
每一套PowerPoint軟體裡
13:23
If you use Apple's Keynote, it's got an even better version in Keynote.
412
791000
3000
如果你是使用蘋果的Keynote,就有更好的版本能用
13:26
And then there's another program, called Ovation,
413
794000
2000
另外,還有一套程式叫Ovation
13:28
you can get from Adobe, that they just bought last summer.
414
796000
2000
你可以向Adobe購買,去年夏天才剛推出的
13:30
Which actually helps you run the whole timers,
415
798000
2000
內含能幫助你控制全程的計時器
13:32
and it lets you figure out what's going on.
416
800000
2000
而且讓你清楚掌握現況
13:34
So, here's my wrap up to take you to the moon, right?
417
802000
3000
現在,我該做讓你飛上月球的總結了,對吧？
13:37
David's -- I usually do a top 10, we don't have time for top 10s.
418
805000
2000
我通常會給出10個最重要的秘訣,但現在沒有時間了
13:39
So David's top five presentation tips.
419
807000
1000
所以,這裡是我的五個報告秘訣:
13:40
Number one: always use presenter mode,
420
808000
3000
第五、永遠使用報告模式
13:43
or Ovation, or presenter tools,
421
811000
3000
或Ovation,或其他報告工具
13:46
because it lets you know exactly where you're going.
422
814000
1000
因為那能讓你清楚報告的確切走向
13:47
It helps you pace yourself, it gives you a timer
423
815000
2000
還能讓你按部就班
13:49
so we end on time and the whole bit.
424
817000
1000
我們就能準時、完整地結束報告
13:51
Number four: always use remote control.
425
819000
2000
第四、永遠使用遙控器
13:53
Have you seen me touch the computer?
426
821000
1000
你有看到我碰電腦嗎？
13:54
No, you haven't. Why not?
427
822000
1000
沒有.為什麼？
13:55
Because I'm using remote control over here.
428
823000
1000
因為我用的是這支遙控器
13:56
Always use remote control.
429
824000
1000
永遠使用遙控器
13:57
Number three:
430
825000
1000
第三、
13:59
the handouts you give are not your presentation.
431
827000
1000
講義的資料要和你的提案不同
14:00
If you follow my suggestions, you're going to have a very spare,
432
828000
2000
如果你遵守這點建議,你將會游刃有餘
14:02
very Zen-like presentation, which is great for conveying
433
830000
3000
禪意十足.這對傳遞你的個人特質很好用
14:05
who you are and getting people emotionally involved.
434
833000
1000
並能讓聽者的情緒受到渲染
14:06
But it's not really good as a handout.
435
834000
2000
但這不太適用於講義
14:08
You want to have a handout that gives a lot more information,
436
836000
1000
講義是要提供更多資訊的
14:09
because the handout has to stand without you over here.
437
837000
2000
因為講義要能在你不在時替代你
14:12
Number three:
438
840000
1000
第二、
14:13
don't read your speech.
439
841000
1000
不要唸稿
14:14
Can you imagine? "Well, you should invest in my company
440
842000
2000
你能想像嗎,「你應投資我的公司」
14:16
because it's really good."
441
844000
1000
「因為這是一個好公司」
14:17
It doesn't work, right? Don't read your speech.
442
845000
1000
這樣是行不通的. 不要念稿.
14:19
And the number one presentation tip:
443
847000
2000
最重要的秘訣來了:
14:21
never, ever look at the screen.
444
849000
1000
絕對不要看螢幕
14:22
You're making a connection with your audience over here,
445
850000
2000
你要和你的聽眾作一個連結
14:24
and you always want to do a one-on-one connection.
446
852000
3000
你要建立的是一對一的連結
14:27
The screen should come up visually behind you,
447
855000
2000
螢幕應該在你的視線後方
14:29
and supplement what you're doing instead of replace you.
448
857000
2000
輔助你的報告,而非取代你的角色
14:31
And that is how to pitch to a VC.
449
859000
2000
這就是向創投提案的要訣
ABOUT THE SPEAKER
David S. Rose - Angel Investor"The Pitch Coach" David S. Rose is an expert on the business pitch. As an entrepreneur, he has raised millions for his own companies. As an investor, he has funded millions more.
Why you should listen
David S. Rose is a split-screen legend to the world's entrepreneurs. He's been both a mentor to hundreds of startup hopefuls and, sometimes—to the talented and fortunate—a funder. His rapid-fire seminars on pitching to venture capitalists are celebrated and sought-after. He's helped invest many millions of dollars in startups through New York Angels, meanwhile raising tens of millions for
his own companies. His New York Times bestselling book Angel Investing has become the definitive how-to guide for anyone considering making or receiving angel investments. And as Associate Founder—and Founding Track Chair for Finance, Entrepreneurship & Economics—of Singularity University, he is one of the world's leading theorists on the future of business in a world of exponential technology growth.
Fusing these interests under Rose Tech Ventures , Rose's mission is to give future movers-and-shakers support and encouragement. Gust, the international financing platform that he founded, connects hundreds of thousands of entrepreneurs to tens of thousands of angel investors in over 100 countries, and powers many of the world's major startup ecosystems. Gust was named the world's most innovative financial technology company by SWIFT, and has won the CODiE Award for Best Collaboration Solution for three years in a row. David's new technology incubator is a "greenhouse to nurture the seedlings of future entrepreneurial superstars."
David S. Rose | Speaker | TED.com