3 Lessons 💡

1) Don't Shy from Objections

• Put yourself in the shoes of a potential backer and anticipate three key objections to your idea. When pitching, don’t avoid those objections; lean into them. Avoidance only leads to more questions later, and the possibility that the backer tunes out the rest of your pitch. When Reid Hoffman was first pitching LinkedIn, the company didn’t have a dime of revenue. But instead of veering away from the revenue question, he hit it directly, showcasing ways the startup could make money down the line. Get ahead of these criticisms, and you’ll gain credibility for the stronger parts of your pitch

2) 4 C's of Your Support Team

• Collaborator: Improve idea as well as presentation delivery
• Coach: Help you understand if this is the right idea for you
• Cheerleader: Help you feel confident before pitching the idea
• Cheddar: Someone who will deliberately poke holes in your idea
  • Will likely be frustrating but generally will be helpful in long-run

3) Story of Us

• Remember, decisions that affect your career often happen when you're not even in the room. That's why when we're when we pitch, we're not just looking for a backer, we're looking for an advocate - someone who can invest in our ideas with equal enthusiasm
• Understand and communicate how your gaps and your backer’s strengths come together. Show them why you will succeed together
• Share just enough to get the essence of your idea across, then open up the conversation.

3 Actions ✅

1. Go Beyond Google
   1. Ideas tend to stem from an earned secret - a hidden insight you learn through first-hand experience. Look for things that can't be found from behind a desk. As Brian Grazer told me “I want an idea that is based on a surprise insight. Not something I could find through a Google search."
2. Create Backable Team
   1. Identify people who can serve as Collaborator, Coach, Cheerleader and Cheddar for you
      1. People can serve multiple roles, but is helpful to have more than one person and clarify what role you're asking them to play for you
3. Rule of 21
   1. Practice important presentations 21 times before giving it to your intended audience
      1. After you practice, ask pointed questions to get better feedback and ask audience to explain idea in own words
   2. Show your idea instead of simply describing it

Helpful Links:

• Backable (ThriftBooks or BetterWorldBooks)
• Summary Notes from Backable
• Alex and Books Website

Book Mentioned: "Backable: The Surprising Truth Behind what Makes people Take a Chance on You" by Suneel Gupta