Newsletter 2: Opportunities, Risks, & Pitching
Continuing on your Roadmap
Welcome again
This newsletter is a follow-up to Getting Started with Intake, and covers Modules 3 and 4: Opportunities, Risks, and “Pitching”.
Recap: our last newsletter covered the following:
Responsibilities, ours and yours.
Overview of the Intake modules & a terminology check-in.
Analysis of Modules 1 & 2: Mission, Goals, and Challenges.
An audit of past roadmap responses.
Activities to complete: one for Goals and another for Challenges.
Here are some frequently asked questions from your peers:
Q: How long of a time-span should my roadmap cover?
A: we recommend your roadmap cover 3-9 months of work.Q: Other people seem further ahead, is it okay I’m so early? Or vice versa?
A: our framework is applicable to the earliest ideas to scale-ups, apply it to your situation. As a rule of thumb, we would like to see a milestone of progress every quarter.Q: How long is Intake? When do I have to finish deliverables?
A: the sole deliverable we’re looking for is a strong roadmap, budget, and one-pager. Activities are designed to support your roadmap submission. At the end of the day, it’s your Roadmap, and your project— it’s not homework.
When your Roadmap is validated and ready to begin, you should do so.Q: Can I be introduced to a lawyer or an advisor? How do your partners support with x, y, or z?
A: Once you have a roadmap finalized, along with a pitch (see activities below) you will be confident in your pitch efforts, and while we will support with connections that make sense, and provide lists of support services within our ecosystem, it’s up to you to reach out to folks and build your network.Q: Can we meet 1on1?
A: if you’d like to connect 1on1, please start with an email to prepare your questions and seek guidance, we’ll take it a step at a time from there.
If you have anything you’d like answered, please send an email to intake@parkdaleinnovates.org.
Newsletter 2 Activities
The activities below are divided into two section to help you both work through your roadmap, and bring your stakeholders into it’s success.
Pitch formula
Validate your Roadmaps’ opportunities and risks using a pitch formula.Opportunities & Risks
This is essential to your success. What makes a strong opportunity or risk?
Part 1: Your pitch formula
Use the pitch formula below to validate your challenges, asks and outcomes with stakeholders.
Terms:
Definitions:
Relevant context: describe what's happening right now (keep this short).
goal: a short & sweet goal
challenge: is relevant to the person you're talking to
ask: how can they work with you to move things forward (this is either an opportunity or action in your roadmap).
expected outcome: what are your outcomes? Do they align with the outcomes of the people you're pitching to?
About the pitch formula
You may have more to talk about with your stakeholders outside of this pitch– for example, you may be validating assumptions while doing research at the same time.
It's up to you to weave your research into your conversations without biasing or ruining your chances to get objective feedback and / or future buy-in for your asks and outcomes.
While pitching, we should ideally have our current business situation under control, and pitch an opportunity that our business situation can support really well.
This process, if it’s a worthwhile challenge or opportunity will further grow our own business. Bring your momentum and strength to the table.
This formula directly reflects your challenge, and the opportunities or risks you wish to collaborate on with your stakeholders.
Notes on pitching
Read these notes on pitching (also pictured below).
The same table is pictured below, and contains feedback on past pitches, with advice to set you up for strong networking and support for your project at any stage.
You can pitch at the inception of an idea, to bring on early champions, at the validation stage, the growth stage, and when you’re ready to scale.
Pitch activities
The following activities will help you prepare and revise your pitch as you prepare outreach efforts to stakeholders.
Take your time completing these activities, we recommend two weeks for the steps below:
Prepare a pitch according to the pitch formula provided
finalize a stakeholder list for your pitch
record yourself pitching your pitch (for you only)
bonus: test your pitch lightly outside of your network.
Pitch FAQs
Question: should I have more than one pitch for different stakeholders?
A: we recommend starting with a single strong pitch that works for everyone, and which lets various stakeholders see where they fit in the picture with each other.Question: who am I pitching?
A: your pitches are akin to assembling a crew to help you on your project, who are likely outside of your team.
These are suppliers, potential customers, advisors, partners, and other stakeholders whom you feel will be invested in your ideas and the success of your project.
Most ideally, they will be champions who believe they can help you overcome your challenges, through the specific opportunity you’ve pitched.
Part 2: What makes a great Opportunity or Risk?
Here is how we previously defined an opportunity, in the context of our Roadmaps:
Opportunity: a way to work with what you have to overcome your challenge
The problem is, sometimes working with what we have isn’t enough, and we need more help. A lot of the time, the help we need sounds a lot like a Blocker.
Blocker: used to describe anything beyond your control stopping any of the above items from resolving.
What we usually want is for someone to come in, and unblock our blocker for us, because we don’t know, or don’t have, or can’t access something.
Often, what we think are great opportunities are usually just actions, or goals, which leave your stakeholders feeling like they’re being used or are just a piece in your agenda.
What about Risks?:
Risks are the most important part of your Roadmap.
should address any major issues that will interfere with the success of your opportunity.
should not be just an opposite of your opportunity. Do not write: "a risk is we do-not succeed", or “a risk is we do not spend time on our opportunity”.
A Risk can be a blocker (something beyond your control). Risks require creative solutions, since they’re usually things you might not have the resources, experience, or network to overcome.
Your pitches can often also be risk focused, though remember, when you’re asking for help on something beyond your control, everyone still expects you to bring creative solutions to the table, that they can HELP you with, because risks aren’t a chance for you to use a life-line.
IF you do not feel you have a real risk, it’s healthy to look for feedback within your network, from your peers, or from Parkdale Centre, to help you cover your blind-spots.
Please take your time to find strong risks, so that we can help you get ahead of them.
There are no activities for Part 2, other than reviewing your feedback, and brainstorming creative opportunities to overcoming your challenges.
Recap!
Create a pitch using the formula: complete Part 1’s activities to create a pitch using the formula provided.
Record your pitch and evaluate yourself: record yourself pitching, and complete a baseline evaluation for yourself.
Test your pitch: create a list of 2-3 people to test your pitch with, and test it out, just to go through the process, now, early.
Review feedback on your opportunities: and make updates as necessary. Look to your activities from Modules 1 & 2. Make a list of changes you might want to make.
Share all of this with us via email.
Next Steps
The next newsletter will address actions & outcomes. In the meantime, please stay engaged via email, and look out for any other announcements via email.
Resources:
Read through these useful Twitter threads:
Not seeking funding and instead bootstrapping with revenue from sales has hands down been the no. 1 most productive decision I’ve made in launching my new startup, @hirerunner.This is one of the best resources to learn about the functions of the startup world, and to get an honest opinion against which to measure your thinking:
https://brieflink.com/startup-fundraising-advice
Screenshot from brieflink.com There are a lot of topics covered, and a lot of different perspectives from both entrepreneurs and investors.
The biggest theme throughout all videos is a focus on building a great company, and finding + communicating your value well.
Take some time to watch them, gain inspiration, and remember to keep a critical ear to the things you hear.
Best of luck. Questions?
intake@parkdaleinnovates.org
On behalf of programs at Parkdale Centre
