You’ve got a meeting with a potential investor. You’re ready to convince them that your innovative device or therapy is worth funding.
What’s your pitch?
That was the topic of a breakout session at the recent LifeScience Alley Conference in Minneapolis. “How to Pitch Your Great Idea” featured three experienced medical device executives, speaking before a packed room at the Nov. 20 conference.
The panelists included Ralph Cardinal, a director of R&D at Boston Scientific, Christopher Echeverri, CEO of Cenix Bioscience USA, and Tom Hektner, formerly with SciMed and Denali II. Along with moderator Craig Markovitz, from the University of Minnesota and audience members, they discussed what makes a great pitch and how to improve your chances of making a good impression.
The experts agreed on these six tactics.
Start strong
The panelists were unanimous in urging would-be game-changers to grab the attention of their audience right away. “You’re on stage. You’ve got one shot, and one shot only,” said Hektner. “Get their attention in the first 30 seconds.”
Be prepared, but don’t drone
“A lot of people go on and on; they want to show they’re the smartest guy in the room—don’t do that,” Cardinal said. Panelists said a presenter should try to interact with the audience, and get them involved in the conversation by asking pertinent questions. They also emphasized doing your homework about who you’re pitching to. “You have to step into the shoes of the listener and figure out what they need,” Echeverri said.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Don’t rely on PowerPoint
Hektner said he would advise skipping PowerPoint slides altogether.
“If you use PowerPoint, you don’t know your subject,” he said.
Other panelists said that since the slide show presentation has become so common, many pitches will use them in some fashion. But they said it’s important to keep slides clean, consistent, and not to rely on fancy graphics in making presentations.
“Make it easy for the audience,” Echeverri said.
Target the decision-makers
In making a pitch, if there is both a CEO and a scientist/engineer in the room, you should tailor your pitch to the CEO. “You want to catch the strategic thinkers,” Echeverri said. He added that if the CEO is not enthused about the presentation, the technical people’s opinions won’t matter much. “It’s the top-level people who have the full view. You need to be able to convince them first.”
Make your pitch with intensity and sincerity
“Create a story,” Cardinal said. “You have to have intensity and passion.” Echeverri agreed, saying, “The old adage is that to reach the mind, you have to go to the heart.”
“Practice, practice, practice.”
That’s a direct quote from Hektner, who’s been to the med-tech equivalent of Carnegie Hall a few times.
