In this weeks Killer Innovations radio show, we pick up on a series we started in early February to take you from a blank page to brainstorming to a killer idea. Now you need to create and deliver your innovation pitch.
As background, those shows covered:
- How to create and use predictions to create an innovation timeline (Feb 2)
- How to use the predictions to scout the future (Feb 9)
- 6 Golden Rules for Brainstorming (Feb 16)
- How to run a next gen brainstorming session (Feb 23)
This weeks show focuses on how to create a killer innovation pitch for the top ideas that came out of the brainstorming session. We took a look at:
How to prepare your idea for an innovation pitch
- Refine the idea that came out of the innovation brainstorm
- Determine the type of innovation and then scope the pitch accordingly
- Understand who needs to approve the idea along with possible innovation antibodies and then tailor the pitch.
- Create a draft of the pitch (see below)
- Test the pitch
- Deliver the pitch and deliver “the ask”
- If the answer is “no” then learn from it
- Go do it yourself
7 Parts to a Killer Innovation Pitch
Before you get started, get an “endorsed introduction” the person you are going to pitch. Find someone who knows the decision maker who will not just forward the email but who will give you a strong endorsement and the background on who you will be presenting to. The introduction is key to establishing your credibility as a person before you even start the pitch.
- Start with a Vision. Describe what life will be like in the future as if your idea were fully realized. This should be a concise and impactful vision that is calculated to surprise and ignite interest in hearing more.
- Create the “5 second” description of you idea. Build on the vision and explain how your idea would allow the vision to become a reality. List ways you would solve hurdles and problems and clear the way to the impact you've already promised. This is where you want to use figures to show size, impact, etc.
- List benefits/impact. Clearly describe the benefit deliver products faster, earn a margin premium, provide better customer experience, or improve overall effeciancy.
- Analyze the competition. Demonstrate that you know the business environment by showing competing products or services and explaining why your offering is better.
- Why are you the person to back for this idea? Describe why they should back you. This includes your background on success and challenges that you've had in the past. Putting this section at this point in pitch keeps the focus on the idea and not you while also allowing you to address the elephant in the room which is “why you”.
- Use flattery. Learn as much as possible about the people in the room and the organizations they represent. Then explain why you chose them to have this discussion.
- Conclusion and close. In one sentence, reiterate your idea and its impact on them. Add a closing sentence where you present your “ask” such as; invest, acquire, purchase, etc.
What not to say in a pitch
- So, how's everybody doing today? Wasn't that traffic a killer? – You want to use the energy in the room to focus your idea and not the traffic or weather. The first 30 seconds of any pitch is the most important. I start with presenting a strong vision.
- You're going to love this idea! – Be careful not to set expectations. Let them come to their own conclusions. Otherwise, some people in the room will search for points that disprove your statement.
- Everything I'm presenting is in the handouts in front of you. – Really? Then why are you hear. I never do handouts before a pitch. Use the pitch to build a personal connection/relationship with the audience. It will be a critical part of their decision to go forward with your idea.
- I poured everything I have into this idea. – It sounds harsh but my criteria is based on the idea and the belief that it will have impact that warrants getting supported.
- If we go forward and you want to change something, that's fine. – If you so quick to let me change it, then maybe its not that good. Show your confidence in the idea.
- That's great that you want to go forward, but let me finish my pitch. – If the say yes to your ideas, stop. You're done. It is not about you getting through your pitch
Listen to this weeks show, 7 Parts to an Innovation Pitch for Your Idea S11 Ep50