Module 2: Founders, Team & Financial modeling
In the second module we got into some serious financial modelling, we deepened our pitch practice, and analysed the team roles needed to grow our companies.
How does an investor look at your financials?
“It’s a ‘sanity check’ “, says Helmer Schukken, who kicked off our financial modelling work session. He shows us how he looks at financial figures as an investor at Social Impact Ventures, and he makes this concrete by analysing the financial models of 2 of the 10 ventures in front of the group. We continued with peer-due diligence exercise to get insight into each other’s financial assumptions. A valuable exercise, because looking at another ventures financials makes you realise how they look at yours!
The reasons behind ‘best pitch practices’
Pitching is practising, and we did during the workshop with David Beckett (pitch coach at TEDx Amsterdam among others). But we also got to understand the reasons behind his advice. So why apply the ‘Rule of 3‘, and why learn the first 60 seconds of your pitch. In short, many of it has to do with understanding how the listener processes information, as well as what actually happens with you (your body, your brain) when you pitch. We can’t go into detail here, but we highly recommend you to join his workshops. Oh well, one tip: never start a pitch with a “thank you for inviting me, bla bla…”, get straight to the point “I am David Beckett and I am a pitch coach”.
What does your team need in order to grow?
The team is an important item for investors. Not only do they look at your skills and experience, but more importantly they want to know whether you have been able to tackle some serious challenges together and make things work in tough times. The team you have as a startup might not be the right team for your next growth step. In a workshop with Scafander we gained insight in our own roles and into what is lacking to make the next growth step.