21Dec
How to Create an MVP

You know a particular topic is worth writing about when you get asked the same question by many ambitious entrepreneurs. We are constantly asked about Minimum Viable Products (MVP) from entrepreneurs in the tech industry.

The MVP approach is based on the principle that you can provide sufficient customer value by delivering minimal features that early adopters will use. Many times we see entrepreneurs who claim no need for an MVP. Other times they are so invested in what they believe clients want that they do not consider its pros. But overwhelmingly most times entrepreneurs just don’t seem to know how to get one made. Wherever you stand, just know that MVPs are crucial in tech product development. Not only can they prevent you from dumping thousands of dollars towards a finished product that won’t sell, MVPs will allow you to test your product and get feedback from your future adopters.

Step 1: Define the Problem

If there’s one piece of advice we can give you first, it’s to spend more of your time defining the problem you’re solving than trying to fix it. Contrary to popular belief, the first step isn’t making prototypes or blueprints for the starting stages of building you MVP. The first step is to develop a clear understanding of the problem you would like to solve and learn about how your audience will be affected by it. Quantifying the problem by determining how big it actually is will help you communicate its benefits to your customers and investors later on. Ask yourself the right questions. Usually when you have a problem that won’t go away, it helps to ask yourself why? at least 5 times. When trying to comprehend the root of the problem you are solving you can uncover its nature and source by asking why?

Step 2: What benefits does our product provide to your intended market?
Whereas step 1 focuses on the root of the problem you are solving, step 2 puts more emphasis on your target market. How your target market will benefit from your product? At this stage you should be getting out of your workspace and asking people for their opinions and input. How can value be created for future customers? The more people you speak to the better. Differences in perspective will give you the chance to see what your intended customers, specifically, expect from you. You may even find interest in your product amongst other demographics.

Step 3: How many features does our product offer? And which ones are most essential?

Now that you’ve identified your problem and the expectations of your customers, you can start building your MVP. Looking into all the ways a user can interact with your product. This will help you prioritize which features are most important for your MVP. First it helps to list all your product features. For each feature you have listed it is important that you ask yourself whether or not it is core to your product. Establishing the perceived value of each feature is very important as well. A perceived value is the value that your customers put on each one of your features. Those features with the highest perceived value should be those included in your MVP. Perceived value of your product features can be an indication of how much customers will be willing to pay for your product.

Step 4: Measure the Results
As a business owner you should know that with every investment you must also measure its outcome. In the case of your MVP write down and save all the critics, compliments, and feedback you received. Based on this it is up to you to judge whether or not the outcome met your expectations. If your product did not resonate with users consider pivoting. It’s completely normal if your modifications deviate from your original MVP. If your product resonated well with your users, focus on what you can improve, which additional features you should add and how to tighten your value proposition.

Many of you may be wondering if delivering a scaled-down second-rate experience to potential customers strips them away from the true customer experience. This is a valid concern. However, you should view this interaction with your future customers as an opportunity to better their experience with your brand. If you are unable to make a product that a small number of people like, it will most likely never gain traction. Think of building an MVP more like building an MLP: Minimum Loveable Product. If done properly it’s a good way to keep users on their toes and asking for more.

19Dec
Top 6 des meilleurs conseils pour les étudiants-entrepreneurs

etudiant, start-up

Parmi les entrepreneurs qui ont connu le plus de succès, certains ont démarré leur entreprise pendant qu’ils étaient encore à l’université. Plusieurs des entrepreneurs qui se présentent chez nous sont également en train de terminer leurs études. Si c’est votre cas, il y a certaines choses que vous devriez savoir avant de devenir un étudiant-entrepreneur.
1. Ayez un plan d’affaires bien pensé
Jongler entre l’école et une entreprise peut être très stressant et éprouvant. Voilà pourquoi vous aurez besoin d’un plan d’affaires bien raisonné. Vous devez bien connaître le problème que votre produit ou service vise à résoudre, étudier le marché, évaluer la concurrence, déterminer les besoins financiers, effectuer une évaluation des risques, etc. Plus votre plan d’affaires est détaillé, mieux c’est. Ainsi, il vous sera plus facile de respecter votre stratégie et de prioriser les besoins à court terme de votre entreprise autant que les besoins à long terme.
1. Gérer votre temps
Si vous n’avez toujours pas perfectionné vos compétences en gestion du temps, le moment est venu de commencer à prendre les choses au sérieux. Afin de maintenir un bon rendement scolaire, de gérer une entreprise, et d’avoir une vie sociale, établir un horaire et le respecter vous aidera à garder un équilibre de vie. Comme étudiant-entrepreneur, vous aurez à évaluer l’importance de chaque tâche, réunion et événement, et planifier en conséquence.
1. Gérer vos attentes
Créer une entreprise prospère est un processus long et pénible, plus long que vous ne pouvez l’imaginer! Vous voulez voir des résultats immédiats en échange de votre travail acharné, mais il faudra beaucoup plus de temps que vous le prévoyez. Attendez-vous à des retards de production, des retards dans les négociations et du retard dans votre capacité à amasser les fonds pour votre nouvelle entreprise. En sachant tout cela dès le début vous serez mieux préparé et vous risquerez moins de vous engager sur le sombre chemin de la négativité, où toutes les bonnes idées se noient…
1. Votre âge est un atout
Au Québec, il y a un grand soutien gouvernemental permettant d’aider les jeunes entrepreneurs financièrement, professionnellement et émotionnellement. De plus, de nombreuses organisations indépendantes ont le même objectif. PME MTL, PME et Jeune chambre de commerce de Québec ne sont que quelques-unes de ces nombreuses organisations qui méritent d’être explorées.
1. Envisager de vous joindre à un incubateur d’entreprise
Dans un rayon d’à peine 8 km, Montréal dispose de 6 universités et de 12 collèges postsecondaires. L’Université de Montréal, l’ÉTS, Concordia et McGill, font partie des principales institutions postsecondaires qui offrent des programmes d’incubateur idéaux pour les étudiants-entrepreneurs (respectivement, J.-Armand-Bombardier, Centech, District 3, et le Centre Dobson pour l’entrepreneuriat de McGill). Parmi les avantages de se joindre à un incubateur, vous aurez des occasions de réseautage au sein de l’incubateur, et la possibilité d’obtenir de l’aide pour identifier les ressources qui vous aideront à faire croître votre entreprise.
1. Cherchez un mentor
Avoir un mentor expérimenté peut s’avérer une contribution précieuse pour déterminer le chemin sur lequel vous devriez mener votre entreprise. Il est profitable de considérer le démarrage d’une entreprise comme une expérience de collaboration et d’éducation. Apprendre de personnes d’affaires expérimentées et prospères peut vous aider à mener votre entreprise vers des niveaux exceptionnels tout en évitant les erreurs que vos mentors ont eux-mêmes commises dans le passé. Le programme de mentorat de ProMontréal Entrepreneurs est un grand succès, car il a jumelé des mentors et des mentorés depuis plus de 16 ans.

Être un étudiant-entrepreneur n’est certainement pas facile, mais c’est possible. Les universitaires sont plus stressés et dépassés que jamais en raison des attentes élevées qui suivent une éducation postsecondaire. Assurez-vous que vous êtes mentalement et physiquement prêt à assumer les responsabilités du démarrage d’une entreprise. Dans tous les cas, quant à savoir si être un étudiant-entrepreneur est la bonne option pour vous, ou s’il serait préférable d’attendre d’avoir terminé vos études, nous vous félicitons de suivre vos rêves d’entrepreneuriat!

19Dec
Une chaîne YouTube — un outil nécessaire à chaque entreprise

«Le message, c’est le médium». La phrase célèbre de Marshall McLuhan ne pourrait viser plus juste. La plupart du temps, ce n’est pas le contenu que vous créez qui fait la différence, c’est plutôt la façon dont vous choisissez de le diffuser. Par exemple, un concept qui peut sembler médiocre sous forme de publicité imprimée peut résonner brillamment sur film. De nos jours, les vidéos publiées sur YouTube sont incontestablement le meilleur moyen de propager votre message. En plus de sa vaste portée et de sa capacité d’augmenter considérablement le trafic sur votre site, YouTube est le meilleur outil qui soit offert aux spécialistes du marketing pour présenter une histoire. Andy Nulman, un des fondateurs de Juste pour rire et de Play the Future (PTF), a déclaré que dans le meilleur des scénarios, YouTube peut être un jardin d’Eden, mais dans le pire des scénarios, ça peut devenir l’ange de la mort. S’adressant à une classe d’étudiants de McGill, il a également dit que les vidéos YouTube, lorsqu’elles sont correctement présentées, valent potentiellement un million de mots. Nous sommes entièrement d’accord. Voici quelques raisons pour lesquelles nous croyons que YouTube devrait être une méthode de commercialisation utilisée par tous les entrepreneurs.

PORTÉE

Ce n’est pas un secret que YouTube est un espace très achalandé. Avec près de 300 heures de vidéos téléchargées chaque minute, YouTube peut sembler être une plateforme intimidante pour beaucoup d’entrepreneurs. Sans compter le fait que la grande majorité de ces vidéos ne sont pas produites avec les connaissances nécessaires pour attirer un large auditoire, qu’elles ne recueillent probablement que quelques dizaines de vues, et que vous ne ciblez pas les mêmes personnes. YouTube est le deuxième plus grand moteur de recherche au monde avec un milliard d’utilisateurs chaque jour. Obtenir qu’un tout petit pourcentage de ces gens trouve votre vidéo par le biais d’une recherche ou d’une recommandation est le meilleur de tous les types de contact que vous pouvez espérer avec des clients potentiels.

TRAFIC

Sur YouTube, le trafic se fait dans les deux sens. Les gens peuvent accéder à vos vidéos YouTube à partir de votre site Web et d’autres plateformes, d’où vous êtes le plus susceptible d’attirer les clients existants vers votre chaîne YouTube, en même temps que vous attirez de nouveaux clients vers vos autres plateformes à partir de votre chaîne YouTube. Cela est rendu possible parce que les vidéos YouTube peuvent facilement être intégrées dans vos plateformes de médias sociaux, blogues, et sites Web de l’entreprise. Plusieurs tactiques d’optimisation pour les moteurs de recherche (SEO) peuvent être utilisées pour vous démarquer dans cet espace bondé et attirer votre marché ciblé des marchés du monde entier.

RACONTEZ UNE HISTOIRE!

Présentez une histoire à peu de frais; c’est le plus beau cadeau qu’une vidéo YouTube peut offrir. Une courte vidéo de 30 secondes dira plus qu’un panneau d’affichage ne pourrait jamais le faire. Tandis que la publicité conventionnelle amorce une communication à sens unique, YouTube offre l’engagement. Dove n’aurait pas été en mesure d’exceller à commercialiser l’estime de soi, et les conférences TED Talk ne verraient pas leurs discours de motivation se répandre comme une traînée de poudre, s’il n’y avait pas YouTube. On pense à tort qu’il faut des sommes de 6 ou 7 chiffres pour réussir à produire des vidéos YouTube. C’est un mythe. Nous disposons aujourd’hui de tellement d’outils abordables qui n’étaient pas disponibles il y a dix ans et auxquels nous pouvons maintenant facilement accéder. Certains des entrepreneurs les plus prospères gagnent leur vie seulement avec eux-mêmes et leur ordinateur. Et si on oublie l’aspect budget pour un moment, ce que tous les canaux YouTube qui réussissent ont en commun, c’est qu’ils arrivent à raconter une histoire qui résonne avec leur public YouTube.

La question en fait, c’est que YouTube remplace rapidement les plateformes classiques et en ligne comme destination de choix pour l’information et les loisirs chez les consommateurs. De plus, on peut y accéder à partir de téléphones intelligents! Comme tous les mercaticiens le savent, les progrès doivent être mesurables. C’est ce qui rend YouTube encore plus attrayant. Vos progrès sont mesurables grâce à des rapports d’analyses détaillés. Ces rapports offerts par YouTube vous révèlent beaucoup d’informations sur l’identité de votre public, leurs préférences, et sur le type de contenu que vous devriez créer pour aller de l’avant. Si votre entreprise ne gère pas une chaîne YouTube actuellement, ou si vous ne planifiez pas d’en lancer une, reconsidérez la question. Les avantages l’emporteront fort probablement sur les défis.

5Dec
Top 5 Things to do Before the Big Pitch

As the saying goes, you never get a second chance to make a first impression. The last thing you want to do as an entrepreneur is make an avoidable mistake before the pitch of a lifetime. Amy Cuddy, a psychologist at Harvard Business School, has been studying first impressions for over a decade. According to her people make quick judgements about people based on two questions: Can I trust this person? And can I respect this person’s capabilities? These are questions that all investors ask themselves while being pitched to. These investors are busy, and often times, you will only have one chance to nail it.

At ProMontreal Entrepreneurs we’ve had some memorable pitch moments. Some better than others. Here are the top 5 things we believe you should consider before your big pitch, to yield the best results.

1. Know who you’re pitching to
There’s no one right formula to pitching that will yield to a sure investment, but doing the right research is definitely a step in the right direction. Cavan Canavan, CEO of FocusMotion, gives some great advice: “As far as walking in and saying ‘Ta-Da! Here’s technology. Give me money,’ that doesn’t work,” he explains, “Know who you’re pitching to and know what they’re listening for.” Here are a few questions to ask yourself: Who am I talking to? How can they benefit financially from my business in the long-term? What do they care about most? How can I tailor my presentation to them specifically?

2. Be Prepared to Answer All Questions

Typically there is a set list of at least 10 questions you can expect to be asked after a pitch presentation. Answers to questions about projected sales, expected growth rate, competitors in the industry, long-term/short-term business strategies, how you will be spending the investor’s money and how you will make money for the investor, should be the least of your worries. Research, knowledge, and most importantly, practice, make perfect.

3. Come with Questions
Many say that there is no such thing as a stupid question. We beg to differ. To us, such a question is one that shows lack of research and preparation (Hence #1 on this list). Asking intelligent and insightful questions to a potential investor can be very impressive. Questions to ask can include the degree of involvement that can be expected, the investor’s short-term and long-term expectations from your company, how your business fits into their current portfolio, etc.

4. Look Presentable

This is a given, so we won’t spend too much time on this one. Looking presentable is probably one of the most important aspects of any presentation you will ever have. Appearances say a lot about a person. When in doubt, the rule of thumb is to look clean, put together, and professionally appropriate.

5. You Are What You Post
Do not assume that your business’s social media pages will be the only platforms looked into prior to your pitch. Investors will most likely be visiting your personal social media accounts in order to have a better picture of you as an individual. If they’re going to be investing in your idea, they’re going to want to know if you seem trustworthy enough. The media has often talked about how Facebook can cost you your job, but trust us when we say that it can cost you an investment as well.

Don’t forget that you are not just selling an idea, you are selling yourself. These are top 5 things you should go over prior to pitching. They may seem obvious but you’d be surprised at how often they are overlooked. Also, we understand that this can all seem stressful but remember to just relax! If you’ve prepared yourself enough, your passion for your project will shine through to investors.

24Nov
How Israel Became Start-Up Nation

For a relatively young country, Israel has managed to build a start-up community that has surpassed all expectations and benchmarks. The golden question is one asked by Dan Senor and Saul Singer in their book ***Start-Up Nation: The Story of Israel’s Economic Miracle.*** How is it that Israel- a country of 8 million, only 69 years old, surrounded by enemies, in a constant state of war since its founding, with no natural resources- produces more start-up companies than large, peaceful nations, and more companies on NASDAQ than any country in the world?

What Israel has managed to do is create an ecosystem where innovation is rewarded and encourages a culture of entrepreneurial spirit. The truth of the matter is that the struggles that may have made it harder for Israel to become a start-up hub are the reasons behind its success.

The Military

Israel has one of the strongest and most intelligent militaries in the world. In the army, young soldiers develop valuable entrepreneurial values such as leadership, team work and sacrifice. Oded Hermoni, an Israeli entrepreneur based in Silicon Valley says that “in the US, you tend to salute the title and not the person. In Israel, it’s the opposite.” Israelis the army learn to test and experiment with innovations for years before enrolling into universities. Not only does this encourage “learning by doing,” Israelis enter university with a rich knowledge base. Furthermore, Israel has learned how to integrate experience on the battlefield into in the workforce. Whereas in the United States capable and young war veterans are struggling to find work, Israeli companies have learned to use army experiences to their advantage.

Research and Development

Israel invests more in R&D (relative to GDP) than any country in the world. This is estimated to be 23.86 million euros, which is approximately 5% of GDP. The source of most of Israel’s R&D funding is from government and public organizations. The amount of funding that universities receive also contributes to R&D success. Such can be seen by the amount of patents issued by Israeli universities. According to the Industrial Technology Report, Israel’s extensive research on military defense plays a great role in the country’s industrial, science, and research community, as well as its workforce. Major tech companies have also invested in research centers in Israel. Such companies include Intel, Google, Apple, EMC, Xerox, etc.

Immigration Policies

Almost half of all Israelis are immigrants. Israel doesn’t look at immigration as a burden. To the contrary, it is encouraged. The country continuously finds innovative ways to attract new and talented immigrants. For instance in 2015 Israel announced a plan to issue “Innovation visas.” According to the ministry, entrepreneurs who decide to obtain this 2-year visa will be given resources to develop new tech enterprises. Their visas will also be extended if they decide to follow through with establishing their start-ups in Israel. The importance of attracting immigrants can be seen during election seasons when politicians heavily debate ways on how they plan to attract immigrants.

The Jewish Mom

Crediting Jewish moms for entrepreneurial success in Israel might sound comical, but as they say: every joke has some truth in it. This is a notion that Yossi Vardi, the father of Israeli Entrepreneurship, strongly believes in. “Your Jewish mother will push you to succeed and push you to go all the time. My mother since [I was] six has been telling me, ‘All your cousins are smart’, and ‘How can you be an idiot? I’m the mother of idiot. How can this happen?’” he recounted during a panel discussion at SLUSH. According to Vardi, from birth Jewish mothers will tell you that you have to succeed and do your best. They are the secret.

Mentality for Survival

Living in Israel comes with developing a different mentality than those that live in peaceful and stable countries. This “refuse to die” mentality implies a will to always progress no matter the circumstances. In their book, Senor and Singer recount a story that can speak to this. When Warren Buffet was contemplating whether or not to buy Israeli company, ISCAR Metalwork, in midst of a war, the CEO of Iscar called Buffet and said “For our customers there will be no war.” This was a promise to deliver quality to customers at all costs.

Many countries and cities wish they can replicate Israel’s start-up culture. Though we mostly see coverage of the country during a time of war, the success of Start-Up Nation has not gone unnoticed. Montreal’s very own Dennis Coderre has been very vocal in praising the country’s open market, entrepreneurial and technological culture. In November he led a delegation on an economic mission to Israel. With this we can only hope that one day Montreal succeeds in reaching the ranks of Tel Aviv.

3Nov
Comment créer un slide-deck pour une rencontre face à face

Il est important de disposer de différentes présentations en fonction afin d’être prêt en fonction de situations variées. Étant donné que tout point de contact avec un investisseur répond à un but différent, il est nécessaire d’avoir une présentation appropriée pour chaque type d’interaction. Par exemple, le courriel est une plateforme qui sert habituellement à organiser une réunion en personne avec un investisseur, il est donc préférable de se limiter à des informations essentielles (juste assez pour susciter de l’intérêt).

La présentation en personne, d’autre part, est d’une grande importance, car elle est utilisée pour convaincre les gens. Cela ne servira à rien si la présentation n’est pas réalisée correctement. Pour cette raison, elle doit être plus approfondie et plus détaillée. Le but de cet article est d’expliquer ce qu’il faut inclure dans vos diapositives pour une présentation en personne.

À ce stade, un investisseur a accepté d’écouter ce que vous avez à dire. Les conseils et les suggestions suivantes vous permettront d’utiliser à bon escient le temps qui vous est accordé.

Établissez une structure conforme à vos contraintes de temps

Diapositive 1: Vision/Rapide plaidoyer

Diapositive 2: Créer de l’intérêt/Validation

Diapositive 3: Débouchés

Diapositive 4: Le problème

Diapositive 5: Produit/Service (Solution)

Diapositive 6: Modèle de revenus

Diapositive 7: Marketing et stratégie de croissance

Diapositive 8: Équipe

Diapositive 9: Finances

Diapositive 10: Concurrence

Diapositive 11: Demande d’investissement

Diapositive 11+: Annexes ***

Vous pouvez utiliser une présentation légèrement différente, c’est correct. Assurez-vous seulement de présenter l’information essentielle dirigée vers le marché potentiellement lucratif que votre entreprise a l’intention de combler. La plus grande partie de votre temps devrait être consacrée au problème, au produit, au marketing et à la stratégie de croissance, et à l’aspect financier. Si vous souhaitez ajouter des diapositives supplémentaires, mais doutez de leur pertinence, placez-les dans les annexes. Gardez en mémoire l’utilisation d’hyperliens pertinents qui vous mèneront aux annexes prévues afin d’éviter de fouiller à travers les diapositives devant les investisseurs.

Intégrez votre marque à vos diapositives

N’utilisez pas d’éléments qui donneront une allure générique ou amateur à votre marque. Clip art, des transitions de diapositives créées avec WordArt et trop d’animation auront tendance à diminuer la qualité de votre présentation. Prenez note que, parfois, moins on en met, mieux c’est. Utilisez les couleurs de votre entreprise, intégrez votre logo sur toutes les diapositives — n’utilisez pas un modèle PowerPoint préfabriqué, et n’ayez pas peur des polices standards. Même si vous n’êtes pas concepteur graphique ou génie du PowerPoint, créer une présentation professionnelle qui reflète votre marque peut requérir beaucoup de temps, mais c’est loin d’être compliqué.

Créez une histoire

Des diapositives magnifiques sans une exécution remarquable ne vous mèneront nulle part. Créer un récit ou une histoire vous aidera à captiver les investisseurs dès le début. Les investisseurs ont une courte capacité d’attention, et la dernière chose que vous voulez c’est de les voir perdre tout intérêt quelques minutes à peine après le début de votre présentation. Vous devez trouver un récit qui déclenchera une réaction émotionnelle chez votre public, même si le domaine est un peu difficile. Il vous faut comprendre comment engager votre auditeur en agençant votre récit aux diapositives PowerPoint appropriées. Des techniques de narration particulières sont utilisées pour produire certaines des présentations les plus efficaces. Vous devez rappeler aux gens l’état du statu quo et révéler votre cheminement en démontrant une meilleure façon de faire les choses.

Divers investisseurs ont des styles différents, mais si vous êtes en mesure de les convaincre qu’il s’agit d’une occasion d’affaires rentable, vous aurez efficacement accompli votre travail. Montrez-leur pourquoi cette opportunité commerciale est digne de leur temps et de leur argent. Afin de réussir dans cette entreprise, vous devez répéter, répéter, répéter. Même si vous n’obtenez pas l’investissement espéré, mais que vous réussissez à impressionner les investisseurs avec votre présentation, vous aurez créé une impression durable qui jouera à votre avantage la prochaine fois.

3Nov
What to Include in Your In-Person Slide Deck

how-to-create-an-in-person-slide-deck

Start-ups don’t fund themselves. The first step is raising money from investors requires a great pitch and an awesome slide deck. Why is it important to have a bank of slide decks for different situations? Because every contact point with an investor serves a different purpose, a slide deck appropriate for each type of interaction is necessary. For instance, because an e-mail slide deck usually serves to book an in-person meeting with an investor, you are better off using basic information for it (just enough to garner interest).

The in-person slide deck, on the other hand, is of huge importance because you will need to close people with it. It also will serve no purpose if not executed properly. For this reason, it will have to be more elaborate and detailed. Here we explain to you what you should be putting in an in-person deck. At this stage, an investor has agreed to listen to you pitch. The following tips and suggestions will allow you to use your time wisely.

Follow a Structure that complies with your time constrains. Given that you have limited time to present and captivate investors, presenting with passion, simplicity and power is very important. We suggest that you organize your pitch deck in the following order as a general guideline.

1: Vision / Elevator Pitch

2: Traction / Validation

3: Market Opportunity

4: The Problem

5: Product / Service (Solution)

6: Revenue Model

7: Marketing & Growth Strategy

8: Team

9: Financials

10: Competition

11: Investment ‘Ask’

11+: Appendices***

You may have followed a slightly different structure for your deck and that’s okay. Just make sure you are going over the critical information that focuses on a lucrative market gap that your company will fill. Most of your time should be spent on The Problem, Product, Marketing and Growth Strategy, and Financials.

If ever you want to add additional slides and are not sure of their relevance put them in the appendices. Remember to use relevant hyperlinks directing you to the intended appendix in order to avoid rummaging through slides in front of investors.

Brand your slides

Don’t use any features that will make your brand seem generic or amateur. Clip art, WordArt Slide transitions and too much animation will tend to lower the quality of your presentation. Keep note that sometimes less is more. Use your company colors, embed your logo onto all slides, don’t use a pre-made PowerPoint template, and don’t be afraid of standard-looking fonts. Even if you are not a graphic designer or PowerPoint whiz, making a professionally branded slide-deck may be time consuming, but it is far from complicated.

Create a Narrative

Having great slides without great execution will get you nowhere. Creating a narrative or storyline will help you captivate investors from the very beginning. Investors have short attention spans, and the last thing you want is for them to lose interest just a few minutes in. You want to find a narrative that will elicit an emotional response from your audience even if the subject is somewhat dry.

You should understand how to engage the listener and couple your narrative with the right PowerPoint visuals. Some of the most effective presentations use the same storytelling techniques. You have to remind people of the status quo and reveal your path to the better way.

Different investors may have different styles, but if you are able to efficiently convince them of a profitable business opportunity you have done your job. Show them why the market opportunity is worth their time and money. In order to succeed at this you must rehearse, rehearse, rehearse. Even if you don’t get the investment you hoped for, but managed to wow investors with your presentation, you will have created a lasting impression which will work in your favor next time around.

5Oct
What to Do When Meeting a Lessor

preparing-for-a-meeting-with-a-lessor As an entrepreneur you will have to set up meetings with many potential lessors, especially in the early stages of business development. The last thing you want to do when meeting a potential financer is to look unprepared and disorganized.

Here are a few steps you must follow before your meeting, this way you can rest assured that you’ve done everything in your power to yield the best outcome.

1. Research what sources of financing are available

This is pretty straightforward and a given. Spend time doing research on your lessor as well as the different forms of financial assistance they offer. Also establish which you believe is best for you and your business.

2. Set objectives for the meeting

Setting objectives prior to your meeting will set you on a clear path and will provide you with guidance and direction. It will also help you evaluate your performance once your meeting has ended. You should set objectives for loan amount, the type of loan/grant you want, interest rate, expected repayment schedule, goods ready to pledge (if applicable), working capital, response time required, etc.

3. Know the answers to their questions

It’s very safe to assume that you can expect the same lot of questions to be asked at almost all meetings involving financial assistance. For this reason, you must know the answers to all potential questions that will be asked. No exceptions.

Questions to expect include:

How do your ratios compare to the industry?
Where do your statistics come from?
What will you do if, during the first months, your sales are lower than expected?
Have you shown your proposal to potential clients? What was their reaction?
How will your competitors react? What will be your response?
How will your business survive if one of the founding members decides to leave?
Have you signed a shareholders’ agreement?
What is the credit policy in your industry?
Do you have contacts in your industry? What kind of relationship do you have with these people and how can they help you?
What have you done to help you ensure your success?
What property and goods are you ready to pledge?

4. Prep your negotiation skills

Good negotiation skills are crucial for successful entrepreneurs. Negotiation isn’t simply about getting your way. It’s having an understanding of what the other party’s expectations and needs are. The more you have an understanding of the gap between your respective needs, the more likely it is that you’ll leave the meeting a happier business person. If the offer does not suit you, you can always refuse the offer and justify your decision.

5. Summary

Once your meeting and the terms of financial assistance have been negotiated make sure that you’ve gone over a summary of all the details with your lessor. This includes a calendar with all important dates, rates, conditions and the next steps.

6. Follow-Up

Rule of thumb: ALWAYS follow up. Whether you receive the finances you would like or not, send an e-mail thanking the lessor for their time. Your paths may cross again and you want to make sure that you are on good terms.

These are all things you should take into consideration when meeting with a lessor. Remember not to show nervousness or a desperate need for money. We know, it’s easier said than done! However, if you prepare yourself well enough, and are aware of what you need in order to take your business to the next level, the outcome will work in your favor.

23Sep
A PME Success Story: Catching up with Revols

Daniel Blumer and Navi Cohen, founders of Revols, have reached and surpassed great milestones since we first met them in 2014. What started off as an idea to develop premium quick custom-fit wireless earphones is now approaching reality with shipping scheduled for early 2017. Earlier this year, in just two months their Kickstarter campaign raised $2.5 million (U.S.), breaking records and becoming Canada’s most funded project in Kickstarter history. We had the chance to catch up with the Revols CEO, Daniel Blumer, to talk about it his journey and what lies ahead for the company. He offers some interesting insight and some lessons learnt in retrospect.

Q: What helped you identify a gap in the market for your product when you founded your company with Navi?

A: Navi approached me with the idea of custom fit earphones and the whole concept was that custom fit provides this comfort level that is just so much better than a regular pair of earphones. That immediately struck a chord with me because myself, my wife, so many people, struggle with their earphones and are not comfortable. To me, that was the immediate compelling reason as to why we should go into this. Further justification came through doing the due diligence, doing the market research, seeing why people replace their earphones and why they buy premium earphones.

Q: You’ve had tremendous success with your Kickstarter campaign. It was the most funded Canadian project in Kickstarter history! Given that so many crowdfunding campaigns fail, what was your secret?

A: We spent around 3 months doing diligence, and learning about Kickstarter. We understood it. Some people think that you can just create a video and put it on Kickstarter. There is so much more to it. One of the biggest challenges which we saw right away was credibility. It’s not easy to be credible and show that what you are offering isn’t BS or a lie. You want to show that what you have is real, that it works, and that it can be trusted. For us one of the biggest things we did to succeed is that we hired a local PR firm and before the campaign started we went out to every single media outlet that would talk to us in Toronto, Montreal, New York, Philadelphia, San Francisco, and did the process on them. They then wrote reviews on us. If they liked us they would write good reviews which would then translate to trust and credibility and more people would back it. There was a direct correlation between when the media would release their review and how much we would receive on the Kickstarter.

Q: This success, while great, must come with tones of pressure. How do you feel about this?

A: More pressure than I’ve ever had in my life because to me the part that I hate the most is being in debt to someone else. I don’t have debt I don’t want to have debt. When you think about it you’re happy and so excited about the success of your Kickstarter and having all this money to make your product. But I’m so anxious to just deliver to all our backers. We have 12,000 people that supported us. A lot of them are Montrealers, friends, family, and people that have an interest in helping another Montreal company. Until we deliver there’s this pit in my stomach.

Q: What stage of development are you at presently?

A: We’re planning on delivering in November and December. We’re getting there.

Q: You are a Montreal-based company, what is it like having a hardware company here?

A: Hardware is not easy to build here. The first year and a half we were only in Montreal. It was difficult in terms of cost, and in terms of the time it took to make all product versions. Something that has helped us tremendously is our relationship with the hardware accelerator, Hax. We moved to China last summer for 4 months and now we have people on the ground in China overseeing production. Now we can iterate faster at a lower cost in China which is a great advantage.

Q: What are some pros of being a Montreal-based company?

A: Montreal’s start-up community is growing a lot. You see it. You see it by the events and by the different companies coming out of Montreal. It’s impressive. There are many advantages of being in Montreal. Tax credit-wise, when you’re creating a company with a lot of R&D requirements, the Canadian and Quebec government are phenomenal at helping fund projects. You don’t get that in the States.

Q: Now that Revols is doing well and growing, in retrospect, can you think of lessons learnt or things you wish you would have done differently?

A: To me, one of the biggest learnings is with something we’ve experienced over the past few months when trying to do everything in house. We wanted to have control over all our projects. Looking back, it’s okay to outsource to a third party who’s more competent in a particular project. It would have costed more but it would have saved us months. It would have been worth it, so that’s what we’re starting to do now. If it’s not your core competency it is okay to outsource to a certain extent as long as you have a certain level of control.

Q: How has PME helped you in your journey?

A: PME has genuinely helped us because they came in relatively at the beginning when we didn’t have a lot of money. There are 2 components to PME. There’s the money itself. The money allows us to develop and grow without having to look elsewhere. Our valuation at the beginning was smaller and we would have had to give up a lot more of the company then. So, that money was sufficient in allowing us to go to the point where we now have a nicer valuation, we’re going to get more money and give up less equity. That is because of what PME helped us with. On the other side which is equally, if not more important, is the mentorship side. The ability to have access to mentors who are tremendously experienced in different fields and the comfort in knowing you can go to them is phenomenal. A lot of people don’t have that opportunity.

Q: 10 years from now where do you see Revols?

A: 10 years from now Revols will be a recognized brand name in the premium retail space, but not just selling earphones. Selling many different ear-related products with a custom fit solution.

Revols has come a long way in the past 2 years. We can’t wait to see what is in store for Daniel and Navi moving forward!

Pro-Montreal Entrepreneurs (PME) is a social business model created to help young entrepreneurs build and strengthen their business roots in Montreal. PME offers business plan feedback, a network of mentors, and access to sources of funding. Entrepreneurs between the ages of 18-40 can also get access to capital of up to $50,000. Don’t hesitate to contact us for any questions that you may have.

8Sep
The Impact of Teaching Entrepreneurship to the Youth

Innovation is an attribute largely commended as the biggest influencer of where our world is headed. Unfortunately, despite this fact, innovation is also a characteristic that education systems undervalues. Though still very important, schools seem to be putting almost all of their focus on traditional subjects. What is missing in many elementary and secondary curriculum’s are courses that will teach students to solve future problems, collaborate with others, take calculated risk and learn from failure (not just get penalized for it). The Quebec Government has seen the value of entrepreneurship education. The Secretariat a la Jeunesse has even added a division focused primarily on supporting entrepreneurial initiatives amongst the Quebec youth. Unfortunately, not all schools have developed, or even considered this approach.

There is a common misconception that teaching about entrepreneurship is synonymous to teaching about sales. In actuality, by participating in entrepreneurship activities kids can gain skills such as, autonomy, leadership, creativity, initiative, perseverance, self-confidence, sense of responsibility and solidarity. Most importantly, all of these are transferable skills that will give them necessary tools to excel whether they aim to be entrepreneurs or intrapreneurs. Often times educational institutions are criticized for not giving students the necessary tools to cope in the real world. Just think about it. How many things have you learned in elementary and high school that you’ve either forgotten or have never used outside of the classroom? What entrepreneurship-based learning does from the get-go, is that it teaches students how to recognize opportunities and how to act on them. This is not a skill easily forgotten when properly implemented into different facets of an educational curriculum.

Implementing entrepreneurship-based learning into an existing school curriculum can seem daunting, but lucky for schools there are existing programs like Junior Achievement and The Incubator that can help make the process easier. These resources offer easily understandable step-by-step guides and computer-friendly activities that will teach students about entrepreneurship. Schools should also consider the benefits of teaching traditional subjects with an entrepreneurial approach. For instance, sensitizing students to writing by having them write stories and read them to others. Such activities permit students to make decisions on their own. With teachers acting as guides, students can learn from trial-and-error and that learning from failure is important.

The goal here is not to teach students to become entrepreneurs or ways to grow the economy. If a student winds up starting a business and creating jobs, that’s just a bonus. The objective is to have them gain skills that are applicable to all of their future endeavours. What entrepreneurship-based learning does is that it instills confidence within students early on. They are thus able to see that they can accomplish whatever they set up to do. When a young person realizes that they hold the key to their futures, this equals to limitless possibilities.