In marketing and communication, there is a “20 seconds bin or win” rule, which says that during the first contact with potential customers you have only 20 seconds to attract their attention. If you fail to do it within the first 20 seconds, their mind will switch to something else. But if you win, it will buy you extra time to deliver your value proposition and warm up the customer till he buys. Same works for networking, human communication and, of course, contacts with investors.
On the 26th of May InnMind together with Bill Reichert, Managing Partner at Garage Technology Ventures organized a free online workshop for startups “Getting to WOW” aimed to help founders improve their communication with investors within the 20 seconds winning pitch technique.
Bill Reichert is one of the most famous investors and serial entrepreneurs in Silicon Valley. His philosophy: “Successful entrepreneurs focus on the disciplined growth and development of their value proposition, strategy, team, operations, finance, sales and marketing.”
Now, he is a co-founder and Managing partner at Garage Technology Ventures, seed and early-stage venture capital firm based in Silicon Valley.
“It is not good enough to be good enough”, - mentioned Bill at the workshop. He made an inspiring lecture decoding the investors’ perceptions during the first communication with startups and shared insights on how to deliver your value proposition to investors in 20 seconds. You can use Bill’s approach in a variety of common situations: in cold email contact with investors, networking at conferences, typical “elevator pitch”, or in a message on your website.
After a short lecture, Bill listened to 10 startup founders that pitched their ideas in 20 seconds based on the learned information. Participants presented their ideas in different areas like Agritech, Healthcare, Blockchain, Finance and Banking, AI & Big Data, etc, and received detailed feedback and practical advice from Bill directly.
You can watch the record of the workshop below:
Bill Reichert contacts:
Garage Technology Ventures: https://www.garage.com
This webinar was the first event in the series of meetings with investors. If you want to participate in the next sessions please follow the dedicated website and fill the form.
Bill Reichert is also one of the participants of our Venture Investors’ Economic Forecast. In his interview, he shared his opinion about the ongoing crisis from entrepreneurs’ angle and what startups should do to get through the tough times.
You can watch and read other investors’ interviews to learn how to run the business in the lockdown here.