So you've got a great product that's gone from an idea on a cocktail napkin to the beginnings of something that could be bigger than sliced bread. But you'll be stuck in neutral for quite awhile unless you can secure the necessary capital to keep things running. For startups and early stage companies, success and failure boils down to whether you can intrigue a potential investor in the time it takes to ride an elevator from the lobby to the executive suite.
The elevator pitch is an essential tool to grab the attention of venture capitalists, and no one knows that better than presentation coach Steve Bowman. Founder of
BizClarity, a consulting firm headquartered in Media, Bowman has earned the reputation of "The Pitch Doctor," going beyond presentation deliveries and PowerPoint slides and delving deep into content to find and compose his client's core message.
"I ask a lot of questions. I probe until I get a firm understanding of the business," explains Bowman. "A lot of CEOs takes things for granted, like trends happening in their industries, reasons why their business makes sense. When we find the core idea why any of these businesses are valuable, everything flows from that: the presentation, executive summary, business plan narrative and elevator pitch."
Bowman defines himself as a professional writer first, who added presentation skills and specific knowledge of both the venture capital industry and the business audiences after decades on the front lines, running small companies and working for larger corporations. It was during his time teaching business communications at The Wharton School when he first met McAdory Lipscomb, renowned executive coach to hundreds of CEOs and heavyweight in the venture community. Bowman saw a new opportunity and a career change to presentation coach.
"I had a real instinct for it and decided to do it full time," says Bowman. "I like every business I work with. My job is to discover what's exciting. My favorite business is the one sitting across from me."
Since forming BizClarity ten years ago, Bowman has helped countless companies refine their message to build presentations that hit all the marks and keep investors engaged and interested. Bowman has clients spanning from California to New Jersey and even Europe, but he feels like there's no place like home.
"There's one broad trend in venture companies. It's a lot cheaper and easier to start a company now than it was ten years ago, especially if it's tech-based or Internet-based," explains Bowman. "And Philadelphia is a good area to start a business. There's a great infrastructure and a lot of support to help entrepreneurs."
Bowman referenced the
Angel Venture Fair, being held at the Union League on April 13, one of the best venture fairs for early stage companies. He has also worked closely with
Ben Franklin Technology Partners of Northeastern Pennsylvania, part of the statewide network dedicated to building partnerships that develop and apply technology for competitive advantage.
In November, Bowman held a five-hour workshop on the elevator pitch for 24 pre-selected businesses in preparation for Ben Franklin Idol, an event hosted by Ben Franklin Technology Partners that provided early stage company entrepreneurs an opportunity to present to a panel of investors. Much like his one-on-one work with his clients, Bowman took time to ask the probing questions of each of the participants.
The process was extremely beneficial according to Paul Eisenhuth, CEO of Bethlehem-based
CEWA Technology, Inc. and the winner of a $5,000 cash investment from Ben Franklin Venture Idol. His pitch: concentrated solar power technology that is not only comparable to fossil fuels, but is also cost competitive without government subsidies. Bowman helped Eisenhuth refine his pitch, making it more succinct and to the point.
"The workshop was very good," says Eisenhuth. "I had been working with investors for a while and previously developed an elevator pitch on my own. It was great to confirm what I'd been using and he helped me put some organization and context to what I'd been using over the years."
After the competition, CEWA continued using the Bowman-influenced pitch and has had a good amount of success impacting investors and getting that all-important second meeting. "It's very well received," adds Eisenhuth. "Investors are able to grasp the value of it. The pitch that Steve helped us put together gets to the point very quickly. You can't keep them guessing. You have to let them know what the value proposition is and back it up with facts."
Another winning Venture Idol participant is Dr. Gazi Abdulhay, CEO of
HealthOneMed, a company focused on the development and marketing of telemedicine, telehealth and e-Health-related products. His pitch centered on the company's Dispense-a-Pill medication management dispensing system, which holds a 90-day supply of up to 8 different types of medication for home health patients concerned with medication compliance. Dr. Abdulhay's work with Bowman helped him refocus his elevator pitch on more of its business potential.
"We originally thought we could get to the businesses with the academic information," explained Abdulhay. "Steve told us that we needed to sharpen the business focus of the pitch, showing investors how much money they're going to make."
Bowman also recommended highlighting how big of an issue that medication compliance is--that 125,000 people die annually due to a lack is medication mismanagement, with costs upwards of $300 billion. The shock is what grabs the investors' attention, but the product--which is ahead of the competition in terms of the technology--is what keeps it.
"I recently went to Philadelphia to present to a venture company, using our new pitch that Steve helped to create," adds Abdulahy.
"Everyone said, 'Boy, you've done this before.' I'm really looking forward to using it again."
FRANK SINATRA is a freelance writer and communications consultant based in Pennsauken, NJ. Send feedback here.Photos of Steve Bowman by Michael Persico
Photo of Paul Eisenhuth (third from top) courtesy of Paul Eisenhuth.