31Aug
How to Create an E-Mail Slide Deck for an Investor

E-Mail communication and etiquette is an integral part of business practicality. As an entrepreneur you will have many slide decks to prepare and send by e-mail prior to an in-person meeting with investors. Though you may find the information in your numerous slide decks redundant and contemplate one deck for all occasions, don’t. While it may take more time to customize your slide decks, keep in mind that your potential investors will want information catered to their needs and interests at a given time. When sending a slide deck by e-mail to spark an investor’s interest, a few rules of thumb apply. Be concise, skimmable and to-the-point.

Here is how you should consider structuring your concise, skimmable and to the point slide deck:

Problem Identification

At the very beginning the investor should know what the problem is. The way you articulate your problem is key. It should be specific, clear and easily comprehensible. This section should be building momentum for the introduction of your product or service as the solution.

Ex: Overweight people-66.7% of the US population refuse to step on the scale because their actual weight is too depressing, making it impossible to conceive how they can lose 20-40 pounds (the average an overweight American seeks to shed.) The issue is that voluntary weight loss without the feedback of a scale is essentially impossible.

Solution/Your Product

Don’t attempt to complicate things by explaining all of your product’s features. Leave that to the slide deck for the in-person meeting. For an e-mail deck, focusing on the user experience is your best bet.

Ex: SOMA indexes the user’s starting weight at zero. It then simply records upward and downward movements of weight on a daily basis. Daily use of SOMA vs. regular scales is 87% vs. 14%.

Team

If you have over five employees you do not have to introduce all of them. It is only important to mention the people heading the operations. Position, field of expertise, past accomplishments, alma mater (if applicable or useful) are what is necessary.

Traction and Unit Economics

Even if you are in the early stages of your product development this section should be included. Your potential investor will not expect your business’s performance to be at par with that of a successful business, so there is not much to worry about in that aspect. What this section should do is show that people want your product. Areas you must address should be with regards to: the tested customer acquisition channels, the cost to acquire new customers, retention rate, customer engagement, etc. If you do not have much information you can provide some of your unit economics (How many customers you have, how much sign up per quarter, cost of goods sold, supplier, etc.)

Market Size

The market you are competing in is one of the greatest influencers of an investor’s decision. Whether or not you are competing in a large or niche market can give the investor an idea of how much return they can expect from their investment. Market size, size of target market, and growth potential are the essentials.

Competition

Even if you claim to be a first mover, you still have competition! Even if no one sells the same product mention potential substitutes or your indirect competition.

Contact information

This is a given. Name, phone number with extension, and email, of all key business decision makers is to be included.

Your e-mail slide deck should not take more than two minutes for the investor to read! Aesthetically, ensure that your chosen colors are well selected and subtle. Remember that this is only to get an investor’s attention and to book an in-person meeting, not for them to invest. The key here is to focus on the facts that will attract investors to you, don’t worry too much about elaboration. That comes later!

24Aug
How LOJIQ Can Help You

How L'OJIQ Can Help You Montreal is a city with a great entrepreneurial climate, and provides many resources for start-up growth. Many of these opportunities present themselves in the form of contests, prizes, loans or government grants. Resources are also available through organizations set up especially to assist young entrepreneurs, and lead them to success. Les Offices Jeunesse Internationaux du Quebec, or LOJIQ, is an organization for Quebec residents that provides opportunities for start-ups to build international business ties. Founded in 2007, LOJIQ aims to enhance the professional networks and enrich the entrepreneurial experiences of Quebec youth on an international level. They offer internships, volunteer opportunities, and conferences in Europe, Oceania, America, Asia, and Africa. Of all the projects they offer, most fall into one of three categories:

1) Entrepreneurship Training
LOJIQ offers international seminars for students and aspiring entrepreneurs who are not quite sure how to start a business. These trips are often organized as group projects aimed to teach students the basics of entrepreneurship and inspire them to launch a start-up. These programs include lectures by successful professionals in the world of entrepreneurship. In order to participate candidates are not required to have an operating start-up, but must demonstrate passion and interest for entrepreneurship during the application process.

2) Entrepreneur Resources
Established entrepreneurs can also take advantage of a multitude of programs offered by LOJIQ. Programs offered include partnership opportunities, lectures and events, and international development. Although small and emerging start-ups are prioritized, all entrepreneurs are welcome to apply. LOJIQ programs are mostly focused on growing start-ups on an international scale, and helping you build worldwide business connections. If you intend to set up shop in different countries and make important connections in the business world, LOJIQ should definitely be considered.

3) Mentorship
Finally, LOJIQ offers international mentors to entrepreneurs to allow them to grow their start-up on an international scale. Entrepreneurs are matched with mentors based on their area of interest as well as their preferred location. These mentors are crucial to start-ups who need advice on how to develop their start-up in other countries, and how to reach new markets.

LOJIQ is heavily centered on international expansion for entrepreneurs. Furthermore, it offers grants and bursaries to new and aspiring entrepreneurs that range from 1000$ to 2000$. Most of the programs that this organization offers require international travel, but you can apply for funding to pay for all of your travel expenses.

If you want to attend an event that the organization does not currently offer, you can pitch your own business travel idea, be it to a conference or an event, and LOJIQ may be able to sponsor you. For entrepreneurs with international ambition, LOJIQ is definitely worth checking out. Note that program information is only available in French but you can speak to someone at the organization that could help you in English.

27Jul
How Businesses Can Use Snapchat to their Advantage

How Businesses Can use Snapchat to their Advantage If a prize could be awarded to social media of the year, it would without a doubt go to Snapchat. Just 2 years ago Snapchat was only used by a few avid users. Last year, though benefiting from a quickly increasing user base, it was viewed as a platform for people and not businesses. Snapchat today is not what it was a year ago, let alone 6 months ago. Just download the app and have a look. Acclaimed magazine publications, major televised events, and diverse businesses have found comfort in the social network. If your current marketing plan does not include Snapchat, you should seriously reconsider.

Snapchat is based on a very simple concept. You send a picture or a video to your contacts, they watch, and it disappears forever. Given that Snapchat’s primary user base is people between the ages of 13 to 25, and the fact that 77% of North American college students have Snapchat, this platform gives you access to a great pool of potential customers. As of May of 2016, Snapchat users spend between 25 to 30 minutes a day on Snapchat. Considering that most Snaps last only a few seconds, this is a tremendous amount of time to be spending on a social platform. So as you can see, the question is not whether or not you should be on Snapchat. The question is how you can operate your business’s Snapchat account in order to yield the best outcome. How do I get users to follow me? How do I get them to my company’s website? How often should I post a Snapchat story? These are just a few questions that can be running through your mind at this moment. Lucky for you we’re here to give you some input.

When looking at all the start-ups that have successfully promoted themselves and attracted new users on Snapchat, there is one common theme. When creating content, they do not focus on sales. They focus on storytelling and having people get to know their brands. Very rarely will you see a successful brand promoting their prices, specials, or discounts on Snapchat. The last thing millennials want is yet another blatant commercial. Story telling on Snapchat is a challenge, because you have just a few seconds to stand out. But there are different ways of doing this. Some successful start-ups such as MeUndies, come up with storyboard, plots and filming locations in order to keep their followers on their feet. Other businesses use Snapchat as a way to give people a glimpse of what happens behind the scene and share their company culture.

Snapchat geo-filters can also be used to your advantage to help market your business. You can create a customized Snapchat geofilter for areas that surround your headquarters, work base, or stores. Snapchat geo-filters can help in a few different ways. Firstly, they can increase the awareness of your brand amongst people in your surrounding areas. Secondly, they can drive people to your location in order to consume (if such is the case). Last but not least, your company name will be exposed to the various contacts of those who are posting your (hopefully) cool geofilter on their snapchat stories.
Aside from the features that Snapchat explicitly offer, there are unique ways of coming up with content. Giving a different employee an opportunity to snap pictures and videos everyday can help with showing different perspectives of what goes on behind the scenes. Additionally, you can add incentive for people to follow you. Many companies have included contest giveaways, scavenger hunts and couponing to their Snapchat Stories.

The great thing about Snapchat is that it’s probably the most casual way you will ever be able to interact with millennials. Though Snapchat doesn’t offer detailed analytics or graphs on the people who view your Snapchat stories, there are a few important metrics you should be paying attention to in order to measure your progress over time. Snapchat is constantly changing, and as it grows is continuing to offer more opportunities for businesses. The market access it offers is just too great for any entrepreneur to ignore.

8Jul
Top 3 Reasons to Attend the International Startup Festival

01_PME Blogpost Everyone knows that the beginning of a Montreal summer also means the beginning of festival season. However, unlike most festivals in the city, The International Startup Festival offers much more than just a good time. Welcoming the world’s top entrepreneurs, founders, investors and mentors, this festival is prime destination for anyone wishing to learn more about the experiences of some of today’s most creative minds. Harry Finkelstein, COO of Shopify, Alexis Ohanian, Co-Founder of Reddit, and Deepa Kunapuli, White House Digital Strategist, are just a few of the big names that will be in attendance. From July 13th to 16th in the Old Port, The International Startup Festival will provide a good and needed dose of unconventional and valuable learning that can help you take your start-up to the next level.

1. BUILD YOUR NETWORK

The Startup Festival’s tent village allows for authentic interaction between all festival goers. Meeting fellow entrepreneurs, key note speakers, and investors in a casual setting is a great way to build your network. Taking a step back from your smartphones and connecting with those around may very well lead you to your next investor, business partner or employee.

2. PITCH YOUR IDEA

If you dare to be bold, pitching your idea at the International Startup Fest can offer numerous advantages. This year 12 startups will get the opportunity to pitch in front of a live audience and panel or experts on the interactive stage. Not only does this give you a great opportunity to practice your public speaking abilities, it also comes with great visibility for your brand.

If you’re not one of the 12 startups pitching on the interactive stage, not to worry! Startup Fest also hosts numerous competitions with monetary rewards up to $200,000.

3. UNFORGETTABLE & UNCONVENTIONAL
Start-up fest is the biggest start-up event in all of Canada. It brings together investors, mentors and founders from some of the worlds hottest start-up cities. This is your opportunity to learn from the worlds best. They have either done what your looking to do or are doing it. What makes the event memorable is the best practices and know how that are shared and the collaborative environment that the organizers create.

4Jul
Top 3 Networking Spots in Montreal this Summer

02_PME Blogpost If you are an entrepreneur looking for networking opportunities in Montreal this summer, you are definitely in the right city. Whether a casual or formal setting, Montreal offers numerous opportunities for you to make new contacts and learn more about different industries in the startup world. Here are the top 3 events you should definitely visit this summer.
1. STARTUP DRINKS MONTREAL
If you enjoy socializing and having drinks with people who share your love and passion for startups, Startup Drinks Montreal is the place for you. This event happens on the last Wednesday of every month. This casual get together is one of Montreal’s longest standing events in the startup community. It’s an ideal place to meet new entrepreneurs, professionals, and students looking to learn from internship opportunities. No speakers, no agenda, Startup Drinks Montreal prides itself on its layed-back approach to learning from the experiences and interests of those in attendance.

2. INTERNATIONAL STARTUP FEST
The International Startup Fest is one of the largest startup event Montreal’s summer has to offer. Attracting people from different parts of the world, and some of the world’s most successful entrepreneurs, this festival should be at the top of your destination list. Happening from July 13th to July 16th, attendees will have opportunities to pitch, listen to experienced and accomplished speakers, learn about new startups, and connect with one another in the tent village.

3. JEUNE CHAMBRE DE COMMERCE- RESEAU DES JEUNES ENTREPRENEURS
The end of summer does not mean the end of prime networking season in Montreal. On September 1st, the Jeune Chambre de Commerce de Montreal will be hosting its training session for Reseau Jeunes Entrepreneurs (Young Entrepreneurs Network). By joining this network you will be presented with countless opportunities to meet other startup founders, coaching on market knowledge, and collaboration on different entrepreneurial projects.

These are just a few of our favorite hangouts this summer. Fortunately for you there are things happening almost every day in Montreal’s start-up community. Check out the Montreal new tech and start-up calendar for more!

3Jun
Stephen Bronfman CoFounder PME

http://maximum-impact.co/stephen-bronfman-entrepreneur-investor-philanthropist/

Allan Isfan interview Stephen Bronfman at C2MTL

Stephen Bronfman, ProMontreal Entrepreneurs(PME) co-founder, sat down with Allan Isfan from Maximum Impact and had a short chat . They discuss entrepreneurship and the various Montreal based initiatives his foundation is supporting with a particular focus on ProMontreal which he help start 16 yrs ago along with Jimmy Alexander.

He recorded this podcast at the C2 Montreal conference, an incredible conference that the Economist, coined as “the business conference unlike any other”. Approximately 5,000 attendees from all corners of the world come to Montreal to network, experience new things and learn from speakers like Mohammad Yunus, Chip Conley , David Suzuki and Stephen Bronfman.

To hear the podcast it it’s entirety, click here

Hope you enjoy.

29Feb
Mentorship for Entrepreneurs

PME funded business Main & Local talks about their experience with mentors.

There comes a time in every entrepreneur’s career when they are unable to make a decision or simply don’t know what to do, and require a certain amount of guidance. Asking for guidance is perfectly normal, but you must make sure you ask the right people. That is where mentors come in: a mentor is a successful professional that has experience in your industry, and helps your start-up by providing counseling and guidance.

Why do I need a mentor?

Getting a mentor can help you avoid some failure and will significantly shorten your learning curve: if you are unsure about which direction to take, you can ask your mentor instead of trying to do it yourself, and possibly doing it wrong. A mentor will also guide you. Sure, you are your own boss, but you still have to deal with investors, customers, and suppliers, so having a relationship with a mentor will increase your circle of confidants. Being an entrepreneur can also get quite exhausting emotionally and mentally: when you need support, you will always be able to turn to your mentor. If you are too emotionally invested in your start-up and can’t see things objectively, your mentor will be able to provide you with a fresh perspective.

Where can I find a mentor?

Note that some mentors work for free, under a volunteer model. Here are some examples of organizations that can help you find a free mentor:

ProMontreal Entrepreneurs: we match our mentor’s experiences to the needs of our mentees, and forge long-lasting relationships.
Yes Montreal: To apply to this mentorship program, you must be referred by a business coach. Yes Montreal mentorship provides entrepreneurs with a continuous mentorship relation for at least a year.

Other mentors require money for their services. The argument here is that mentors who have a monetary incentive are able to give better advice, and have better connections that they can introduce you to. Again, here are a couple of mentorship programs that function according to the paid model:

Highline: this organization offers a paid package where entrepreneurs can benefit from office space, mobile education, and access to a variety of mentors.
DreamIT: DreamIT is an accelerator that offers 3 to 4 month programs that include funding, training, and mentorship for experts across the United States.

I want to be a mentor. What’s in it for me?

Above all, there is the altruistic experience of helping a young entrepreneur seeking guidance and sharing your knowledge. Although this is a little cliché, changing an entrepreneur’s life can very well make your own life better. Furthermore, you never know where the relationship will take you: you might be pleasantly surprised. Many times mentors learn as much as the mentees do!

Apart from benefiting your own karma, mentoring will also benefit your career. Mentors are seen as more respected, knowledgeable professionals. You will improve your reputation in the business world, and will likely make new contacts that may be able to help you in the future.

Sounds tempting, right? If you are interested in becoming a mentor, why not consider ProMontreal Entrepreneurs. Our simple online application will get you mentoring young entrepreneurs in no time.

24Nov
Working in an Incubator

Jonathan Bercu of PME-funded business “Tryb” discusses the pros and cons of working in an incubator.

Bootstrapping can be beneficial for some entrepreneurs: it teaches them how to spend wisely, lets them make more profit, and lets them keep full control of their company. However, this approach does not work for everyone, and some startups prefer to work in incubators.

Incubators are organizations designed to help the development of startups by providing them different services, from management training to co-working space. However, there is a competitive admission process, and every incubator has its own criteria and requirements, as well as types of help they will provide to your startup; things like mentorship, expertise, access to investors, and in some cases, working capital in the form of a loan. This shows, once more, that you must do your research to find the incubator that is right for you. Before you apply however, here are some pros and downsides to consider about entering an incubator.

Pros

Using the shared working space and supplies provided by an incubator, allows you to reduce your overhead while you grow.
Networking: if you have a problem that is just to difficult for you to solve, you will have a multitude of peers in your incubator to help you out. In an incubator, you can work with other entrepreneurs and learn for their mistakes before you make them yourself.
Incubators also provide training and other resources for you to grow your business. You will have access to seasoned mentors that can give you advice and insight and they will challenge you with questions, you never though of asking yourself.
Incubators can help you identify resources in your area, be it human resources, government programs, or financing. You will be able to discover lots of new opportunities that can grow your start-up.

Downsides

Office space will be free, but it also has its downsides: you will have adapt to your environment, and there will be lots of distractions.
The application process can be rigorous and competitive. For most incubators, an applicant is required to submit a detailed business plan.
Some incubators will tempt you with high promises and great opportunities, but will not deliver. Others will impose different conditions such as equity, for example. Speak to entrepreneurs who are already in the incubator to gain a first-hand review.
Many incubators require a time commitment and a adherence to the schedule set by the incubator, which can include many training’s and workshops. Yes, you will learn a lot, but you’ll also spend a fair amount of time doing it.

If the downsides of applying to an incubator are too much for you to handle, you can stop reading this post and make more productive use of your time. If, however, joining an incubator is something that interests you, here are a few good places in Montreal:

District 3

District 3 is located at Concordia University and offers office space, startup programs, as well as one-on-one coaching. District 3 offers a place for entrepreneurs, creatives and engineers to come together and develop their startups.

Centech-ETS

Centech is an incubator that offers financial aid, office space, and specialized training to tech startups. Being a start-up at Centech will also provide you will access to different tech events across the city, as well as an annual golf tournament!

InnoCitéMTL

This brand-new accelerator and incubator is aimed at making Montreal a model digital city, and ties closely to Denis Coderre’s Montreal Smart City plan. It offers pitch and demo sessions, and provides workshops, funding, and office space for its startups.

McGill X-1

McGill University’s new X-1 accelerator program, is an intensive 10-week summer program to learn the skills to become better entrepreneurs. The program is composed of a speaker-series, mentorship, workshops, advisory board meetings and time-to-build hours. The three core pillars of the program focus on customer relations, the product and the business model.

These are just a few of the incubators available in the city of Montreal. If none of these tickle your fancy, consult a full list of Montreal incubators by downloading our entrepreneurship guide. Remember to research the incubator that is right for you, in order to maximize the benefits of growth and experience for your startup.

13Oct
Mastering Your Elevator Pitch

An elevator pitch is an ice breaker that will hopefully lead into a deeper dialogue about yourself and your start-up. It should be delivered in 60 seconds, the average time of an elevator ride. Your main goal in this pitch is to convey important information about yourself and your business, and encourage questions and interest from your prospect. Since you have a tight time frame, you should rehearse your pitch a lot! Ideally, your elevator pitch should be separated in 5 parts:

Who you are: “My name is Katherine and I’m the Program Manager at ProMontreal Entrepreneurs.”
What you do: “I provide coaching and information on the entrepreneurial ecosystem for start-ups in Montreal. I also manage a start-up fund.”
Elaborate: “I have guided [business name] since their very beginning, and I have helped them with identifying investors and setting them up with amazing mentors. Years later, they are one of the most competitive companies in their field.”
Leave them wanting more. Elevator pitches are meant to be short, so don’t try to pack in too much. Just enough to peak curiosity and hopefully have a follow-up meeting.
Closure: Stay in touch. Give out a business card and send them an email about something that helps them. “I really enjoyed meeting you. Here is my card, I’ll be sure to send you the address to that restaurant I was talking to you about.”

These are the basic guidelines for a successful elevator pitch. Here are some dos and don’ts to help you build a good pitch:

State some names: universities, awards, business name: you need to give the listener something to remember you by. You should try to say your business name a few times in your pitch.
Show your excitement and enthusiasm about your start-up. Be positive. State your goals, accomplishments, and positive experiences. Don’t say negative things about past projects, employers or other start-ups.
Be confident
End with a question. Your elevator pitch is not a one sided monologue, it is an interaction. After your presentation is over, ask a question to the person, including them in the conversation.

Don’t

Sound rehearsed. Your elevator pitch should sound like a conversation, not a prepared speech. Be natural
Don’t hesitate to develop different versions of your Elevator Speech for different situations and audiences.
Speak for too long. Your pitch should be one minute long at the most. The more you talk, the more chances you have of boring the other person.
Don’t forget to include your competitive advantage also known as your Unique Selling Proposition (USP)
Try to sell your product. This is where people will lose interest in you. An elevator pitch should, once again, be conversational: you don’t want to put any pressure on your prospect, or make them feel like you are trying to close a sale.

7Oct
All About Pricing

Your vision is amazing, and your product is great. However, making a great product and selling it are two different things. And without sales, your dreams of becoming a successful entrepreneur won’t go very far. The first step, and one of the most delicate in an effective sales campaign, is to price your product. When it comes to pricing your product, here are a few things to consider:

What is the customer willing to pay for my product?

Pricing the product is not only about you, but also about the customer. Find out what your product is actually worth. You can use surveys and customer research to accurately price your product.

Furthermore, you have to consider your competitors’ pricing. If customers are willing to pay $5 for your product but can get it from your competitor at $4, why should they buy from you? Price your product accordingly, for it to be competitive on the market. If your product is vastly better in quality than your competitors’, you can justify raising the price.

What kind of pricing strategy should I choose?

As the price of your products goes down, you will access a larger market, but will have to increase sales. Consequently, when the price of your product goes up, your market will be much more reserved, but you will have to sell fewer products to make profit. Balance this relationship until you have found your ideal customer base. You can always adjust your prices in order to meet your customers’ needs.

Decide on a pricing strategy. There are two options to choose from: market skimming, or market penetration. Market skimming involves introducing your product onto the market at a high price to account for potentially low initial sales. If your business is new and relatively unknown to the public, this may be a good strategy. As you establish your customer-base and production costs start to decrease, you can begin to lower the price of your product incrementally (i.e. skim the price). However, be sure that you can justify the high price with quality and add-ons (customer service, support, shipping, etc).

How do I want to sell my product?

Consider different options when it comes to selling your product. You can bill your customers with one-time payments, but also with monthly or yearly subscriptions. This will allow you to not only make the sale, but to keep the customer coming back and renewing. Depending on what kind of product or service you are selling, you should consider different payment plans.

Create different options for your customers to buy: three is ideal. You can have a basic, upgraded, and premium option. By doing so, you will attract a larger market by selling your basic version but will still be able to make sales to people who want a little more with your premium option. Consider a computer: you can buy the same brand for $400, $1000, $2000, etc.

Discounts, benefits, bundles.
This is an important step in pricing your product. You need to create some kind of initiative for customers to buy your product. You can do this in different ways:

• Discounts: Discounts are good to attract a boost in sales or new customers, but they should not be overused. If your product can only sell during discounts, there might be something wrong with the product or the pricing.
• Bundles: Again, don’t overuse this. By promoting sales in bundles, your sales will inevitably go up, but your profit per item sold will decrease. Balance your prices and bundle quantities accordingly.
• Benefits: This can work in two ways. You can create some kind of monetary benefit (buy five and get the next one free kind of deal) for your regular buyers in order to secure a solid customer base. The second way, which is a lot harder to achieve, is to create a social benefit. In this case, customers will partly be buying your product for the social status it gives them, and not only for the product itself. Think of expensive watches, cars, etc.
In order to sell your product at a high price, you have to ask yourself: have I given the customer a reason to pay more for my product? In order to sell your product at a competitive rate, you need to bring something that your competition does not offer. This can be clear differences or perceived differences. Let’s say you are selling coffee for example: if your coffee is simply better than anything else on the market, this is a clear difference that will allow you to raise your price. If, however, your coffee is average but has a fair-trade policy as well as an environmental one, this is a perceived difference.
Remember that once your pricing is done, it is not set forever. You will often have to change your prices due to competitors, supply and demand factors, and discounts. Do your research, evaluate your product, and set a price!