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Michael Seibel notes

He says you need a 30s pitch and a 2min pitch and that's it.
30 seconds, three sentences:
  1. What your company does
  2. How big is the market: "You know Airbnb might say, How big is the hotel market? How big is the vacation rental market? How big is the online hotel booking market?"
  3. Traction: We launched in January and we're growing 30 percent month over month. We have this number of sales. This amount of revenue. This number of users.
Two minute pitch adds four more sections:
  1. Unique insight (AHA)
  2. How do you make money.
  3. Team. How many founders, how many engineers. How long have you known each other. You're all working full-time.
  4. Big ask. Safe, discount, amount.
SEIBEL: Tell me something that I don't know. Something that the biggest players don't understand. Or don't do well. ... And I need to AHA. You can see whether it's happening when you're saying it. That's why I like two sentences so you get in and out fast. So if I look at you and I'm like, "Huh." Then it's ok. You nailed it. If I look at you and I'm like, "I already knew that." Then you didn't nail it. If I looked at you and I just don't understand what you're talking about you definitely didn't nail it.
SEIBEL: Where founders get tricked on how you will make money is they say, "Well - we're going to run advertising. Maybe some virtual goods. We're going to figure out how to this. And maybe this. And maybe this." Well now you're saying nothing. Now you've told me you have no idea how you monetize this. his was a check mark that I just wanted to write. Instead I am writing a big question mark.

Startup school notes:

John Meyer

On Wed, Oct 24, 2018 at 6:48 PM John Meyer wrote:
Glad you were able to watch!
One of my favorite early-stage investor decks is Airbnb’s.
While they for some reason did not include a team slide (this is now a must), the format is otherwise spot on, in terms of the standard for what investors expect these days. They also make a great use of graphics and overall simplicity. Important to remember that an investor only spends about 45 seconds (or less) going through most decks.
Main tips:
FOLLOW THE FORMAT (ie: problem, solution, market size, etc)…I’ve attached a great model for what this standard format looks like, developed by Sequoia capital

TAM calculation

DUSTIN: Nobody told me this! This is why TAM has to be a formula like "250m cats vets prescribe tooth care for 40% of cats annually cat owner pays $30 for 4 toothbrushes/year = $3bn market". That's not the same thing as market size! Even the VC I am quoting called it the wrong thing.

People triage

Fundraising stages

Traction for demo day

Talking to VCs (Mr Rogers)