SKOLKOVO Entrepreneurs’ Club meeting: startups with wow effect

On April 2 another SKOLKOVO Entrepreneurs’ Club meeting took place. That time we had Bill Reichert, Managing Director, Garage ventures, partner of Guy Kawasaki, Mikhail Konoplev, Operational Director, Airbnb in Russia and CIS, Andrei Zotov, Founder and Co-owner of ADJ Consulting. Participants have discussed lots of interesting topics and questions. Below you can find the key points voiced at the event.

Mikhail Konoplev
“The key point of the economics of joint use is that a joint access to resources is much more beneficial than their possession”.

Bill Reichert
“The thing you should achieve during your pitch is a wow effect. Investors give their money being guided by their hearts, not by their minds”.

“3 ways to make an investor fall in love with you: a team, technology, ability to turn the world and perception of it. Each startup has to decide what aspect to focus on while interacting with investors, find a basis for the wow effect”.
“3 steps to the wow effect (components of a great pitch):

• Formulate the essence of the project in simple words and short phrases. Imagine that a famous journalist has just one phrase that he or she can use in the article.
• Use clear and quantitative terms: what profit will an investor get from financing your company? Do not be too self-assured: each time discussing a project the investor has the following phrase on his mind, “I have already heard that”.
• Articulate the core competitive advantage, “Unlike other companies that you’ve heard about, we…”

Andrei Zotov
“You have to do three things before the IPO so that your shares would be well evaluated:

• Provide investors with full detailed information about your project’s technology;
• Bring corporate management on a higher level, so that your company would look more preferable that others in the market;
• Overtake all the responsibility for disclosure of any details regarding you business and company. The investor should be safe!”

The participants have asked lots of questions, and some have even dared a pitch in front of Bill Reichert! The event has finished with traditional networking in Lounge Bar. Thanks to all the speakers and participants!