Pitching a Shark - Part II

In a previous post, I wrote about our fast-approaching opportunity to pitch Daymond John at SXSW in the PayPal Duel. In that post, I asked for advice when pitching, tips for handling the event, and I also had promised my network to write this follow-up post, regardless of the outcome. The header image of this post might give that part away.

I'm going to separate this post into three parts (and 7 pieces of advice), chronologically:

The Advice I Received, The Experience, & The Advice I Would Give.

The Advice I Received

1. "Know thy numbers." This was by far the most common theme, adapted from Shark Tank, where entrepreneurs are questioned for hours on end about everything from margin to customer acquisition cost.

2. "Anticipate the hard questions." In addition to knowing your numbers, anticipate which questions will challenge you and what will be asked about your business, the competitive landscape, and your top priorities. Determine your answers ahead of time, and know them cold.

3. "Outline your pitch." Know what you want to start with, have a key set of topics you want to discuss, and know what you want to close with. You get one shot for a first impression and one shot for a lasting impression--don't leave them up to chance.

The Experience

Flying into Austin there was an energy that didn't exist two months prior when I had visited for the first time. You could tell that South by Southwest 2015 (SXSW) was in full swing. More than the bustling airport and taxi lines, you could just sense that the crowds of people were entrepreneurs. The city had turned into a networking event, and instead of quiet commuters the people became highly engaged self-starters.

After practicing in our hotel room that night, we headed to the PayPal Social Media Lounge where we were greeted by what I came to realize was a group of some of the most genuine, hard-working, and impressive professionals I have ever had the opportunity to work with--the PayPal & Edelman Social Media Team. Their team walked us through the day's agenda, and introduced us to some truly incredible people like Guy Kawasaki. It wasn't just the PayPal Duel itself that went off without a hitch, but the PayPal team executed an entire weekend of events, interviews, parties, press meetings, and networking opportunities in a way that's best described as hyper-focused professional fun. Or as we at LinkedIn would say, their team knew how to "dream big, have fun, and get sh*t done."

It was decided by coin toss that our company would pitch first, and our direction was simply to allow Daymond to control the flow. We took the stage where we stood next to a podium with our product displayed, about ten feet from Daymond himself. In front of us: lights, cameras, and a whole room full of influential entrepreneurs, writers, and SXSW VIPs. Behind us: a video we put together showcasing our product and highlighting our fans.

The pitch started with us outlining our business--something we have done thousands of times before with a variation of our mission and vision: "We are setting out to cure loose uncomfortable earbuds, and change the way the world moves with their music." Unfortunately, under the nerves, I completely forgot to explain that. Instead, I went straight to the highlights that I thought would engage Daymond and the crowd, like how we've turned a $300 sample mold into a product we've sold more than 60,000 times, across 84 countries.

Then the questions came from Daymond: "What are your plans if you win the $30K?" "What would this money mean for your business?" "What is your margin?" "Where/how do you sell your product?"

Having taken the advice from my network beforehand, it was no surprise to hear these questions, and with relative ease (I say relative because it's not every day that you stand in front of an audience like that), we answered each question as thoughtfully as we could.

Next, the questions from the audience: "How would you respond to your product having a similar shape to a handful of other brands?" "How does your company speak with millennials, and the selfie generation?" "Why do you outsource manufacturing and marketing?" -- It turned out the audience hit a little heavier than the fashion mogul.

Again, we answered as gracefully as we could, and in the time warp of presenting, our twenty minute pitch felt like it lasted about four minutes total.

Our competition, Peanut Butter Americano, went on stage immediately after us. (Quick plug: I have to say this was honestly the most amazing peanut butter I have ever had, and I ordered every flavor as soon as I got home). Where our pitch felt like four minutes, waiting for theirs felt like forty. After that, we waited a few minutes for the vote, and then we were brought back on stage to hear Daymond make his pick. He later told us that our opportunity for scalability was what gave us the edge, and ultimately that's why he awarded us the $30K grand prize from PayPal.

From there, we went on to meet privately with Daymond and his team. We even had the opportunity to interview with Rebecca Jarvis from ABC News.

The remainder of the weekend was filled with celebrating and meeting true innovators in their fields like the founders of Meerkat App and Mashable as well as entrepreneurs from around the country with amazing products like Narrative. I can't thank PayPal enough, especially Dave Peck's team for an amazing opportunity and experience!

The Advice I Would Give

4. Live your business every day. This is a spin on 'know thy numbers,' but there is no replacement for truly understanding your own business, the data that drives it, and the priorities you have going forward. This is not limited only to entrepreneurs, in fact, I found that everyone at SXSW was completely immersed in what they do, and you could feel their passion coming through in every word they spoke.

5. Be thoughtfully concise. In practicing, I found it easy to ramble on about our business, but as the PayPal team quoted Blaise Pascal,

"If I had the time, I would have written a shorter letter."

It turns out it was much easier to captivate our audience by telling our story with one meaningful statement: "We started with a $300 mold to prove our concept, and just two years later, we've sold more than 60,000 sets in 84 countries." rather than rambling on with a story and facts that are familiar to us, but that could ultimately jeopardize our audience's attention.

6. Perception Matters. If you have ever watched Laurie Greiner on Shark Tank, she never reacts hastily--especially to negativity. When we were faced with hard questions, it would have been easy to become defensive, but body language and voice inflection seem to become increasingly important when the cameras are on. I happen to believe this also holds true even when the cameras are off. Remember to smile.

7. Be Grateful. The truth is the $30K alone does not drastically change the trajectory of our business. What does change our trajectory are the relationships, the exposure, and the renewed energy that this type of validation gives us. Being grateful, not just before the pitch and on stage, but with the army of people that it took to give us this opportunity can really go a long way in building meaningful relationships.

Whether we are selling or storytelling, the roads we choose, or that are chosen for us, largely depend on our ability to effectively present and persuade. I hope that you find that these 7 tips extend beyond pitching your business and into your everyday life as well.

Special thanks to PayPal & Dave Peck's outstanding team, Daymond John and the Shark Branding team, and of course all of our fans and customers who have supported us from the beginning.