I am a serial entrepreneur turned serial investor.

我從一個連續創業家，轉為一個連續投資者

And by the use of pitching PowerPoints to VCs,

藉由有說服力的PowerPoint

I have personally raised tens of millions of dollars

我曾親自從創投業者那

from VCs through PowerPoint pitches.

募得上千萬美元的資金

And then, turning round to the other side of the equation,

然後，我轉換身份成為投資者

I have personally supervised the investment

也曾經親自管理上百萬

of tens of millions of dollars into companies

的公司投資案

who have been pitching me with PowerPoint presentations.

那些公司也是用PowerPoint來說服我

So I think it's safe to say I know a little bit

所以，我應該還夠格說，對如何說服創投者

about the process of pitching.

我還算有一點了解

So, the very first question that you've all got to figure out

因此，我認為當你接觸創投業

is: what is the single most important thing

來投銷你的商業點子時

that a VC is looking for when you come to them

各位第一要搞清楚的問題是

pitching your new business idea?

什麼是他們所想知道的

And there are obviously all kinds of things.

還有許多明顯要知道的事

There are business models, and there are financials,

包括商業模式，和財務分析

and there are markets

也包括市場分析

and there is that. Overall, of all the things that you have to do,

總括來說，你必須要作的事當中

what is the single most important thing the VC

什麼是創投唯一最想要

is going to be investing in?

知道的呢?

Somebody? What?

有人可以說看看嗎?是什麼?

(Audience: People.)

聽眾: 人

David S. Rose: People? You! That's it -- you are the person.

人?就是你--你就是這個最關鍵的人物

And so therefore, the entire purpose of a VC pitch

所以，整個說服創投者的整個過程中

is to convince them that you are the entrepreneur

就是為了說服他們

in whom they are going to invest their money

你是他們想要投資的創業家

and make a lot of money in return.

而且可以幫助他們獲得更高價值的回報

Now, how do you do this?

所以，你該怎麼作呢?

You can't just walk up and say, you know,

你不能只是走上前然後說

"Hi, I'm a really good guy, and a good girl,

「你好，我真是個好男孩，好女孩，

and you should really invest in me." Right?

你們應該投資我」是吧?

So, in the course of your VC pitch, you have a very few minutes,

所以，整個創投提案的過程，你只會有幾分鐘的時間

and most VC pitches --

而大多數的創投提案

most angel pitches are about 15 minutes,

天使投資大約有15分鐘

most VC pitches should be less than half an hour.

多數的創投提案則少於半小時

People's attention span after 18 minutes begins to drop off,

實驗證明，人的注意力僅能維持18分鐘

tests have shown.

然後就會開始降低

So in that 18 minutes, or 10 minutes, or five minutes,

所以在那18分鐘，或10分鐘，或5分鐘的時間內

you have to convey a whole bunch of different characteristics.

你必須傳遞出許多不同的人格特質

You actually have to convey about 10 different characteristics

實際上，從你上台報告開始

while you're standing up there.

你必須傳達出約10種不同的人格特質

What's the single most important thing you've got to convey?

而哪一項是最重要的特質，你必須傳達的？

What?

是什麼?

(Audience: Integrity.)

(觀眾) 正直

DSR: Boy, oh boy, oh boy! And that's a straight line we got

哇！好傢伙！正中目標！

right over there. And I didn't even prompt him.

我甚至都還沒有提醒他呢

You're right, integrity. Because that's the key thing.

答對了，正直，因為這是最重要的

I would much rather invest in somebody -- you know,

你知道嗎?我寧願投資在

take a chance on somebody -- who I know is straight

某個我知道是正直的人身上

than somebody where there's any possible question

也不願投資給某個可能有問題的人

of, you know, who are they looking out for,

也就是他們可能另有所圖

and what's going on.

或企圖不明

So the most important thing is integrity.

所以最重要的特質是正直

And what's the second most important thing after integrity?

除了正直之外，第二重要的特質是什麼？

Let's see if you can get this one.

讓我們看看有沒有人可以回答這個問題

(Audience: Self-confidence.)

(觀眾)自信

DSR: Close enough! Passion.

非常接近了! 是熱情

Right, so here you want --

沒錯，我們要的是

entrepreneurs by definition are people

定義上的創業家

who are leaving something else, starting a new world over here,

這些人會跳脫世俗，開啟一個全新的世界

creating and putting their lifeblood into this kind of thing.

而且會把他們所有的心血完全投入到這項事業

You've got to convey passion.

各位必須要傳遞出熱情

If you're not passionate about your own company,

如果你自己都對自己的公司沒有熱情

why on Earth should anyone else be passionate?

別人怎麼會對它有熱情呢?

Why should they put more money into your company,

一旦你自己都沒有熱情

if you're not passionate about it?

其他人為什麼要投入資金在你的公司呢?

So, integrity and passion: the single most important things out there.

所以，正直加上熱情，是創業家最重要的必備特質

Then there are a whole panoply of other things

接著還有很多其它重要的特質

that you've got to do, to wrap up in this package

是你在向創投業者簡報時

that you're presenting to a VC.

所必須傳達的

Experience.

例如:經驗

You've got to be able to say, "Hey, you know, I've done this before."

你必須能大聲說出:「我之前做過這個」

And "done this before" is starting an enterprise and creating value,

「之前做過這個」是指開創一個企業及創造價值

and taking something from beginning to end.

而且是包括了從頭到尾都有參與到

So that's why VCs love to fund serial entrepreneurs.

這也就是為何創投喜愛資助連續創業家

Because even if you didn't do it right the first time,

因為即使你一開始沒有作好

you've learned the lessons, which are going to

你也曾經在失敗中學到了寶貴的一課

stand you in very good stead the next time.

會對在下一次創業有所幫助

And now along with that, along with the experience

所以曾有過開創公司的經驗

of starting an enterprise, or running something --

或是進行過相關工作的經驗

and it doesn't have to be a business.

不一定要是一個企業

It can be in an organization at school,

也可以是學校社團

it can be a not-for-profit.

或是非營利組織

But they want experience in creating an organization.

但他們會希望讓有經驗的人來開創一個組織

Next up is knowledge.

下一個特質是專業知識

If you're telling me you're going to be

如果你告訴我，你打算成為

the great developer of the map of the human genome,

了不起的人類基因圖譜研發商

you'd better know what a human genome is.

你最好懂得什麼是人類基因組

I mean, I want you to have domain expertise.

我的意思是，你必須要有相關領域的專業知識

So I don't want somebody who's saying,

我不希望有人說

"Hey, I've got a great idea in a business I know nothing about.

我一點都不懂，但我有好的點子

I don't know who the players are.

我不知道誰是這個行業的競爭者

I don't know what the market is like."

我不知道這個市場的狀況

So you've got to know your market.

因此，你必須對你要進入的市場有所了解

You've got to know your area.

你必須懂你要進入的領域

And then you have to have the skills that it takes

你還必須要有讓這間公司

to get a company going.

繼續營運的能力

And those skills include everything from technical skills,

這些能力包括來自技術的各個層面

if it's a technology business, to marketing, and sales,

如果是科技產業，也包含市場與行銷

and management, and so on.

還有管理等

But, you know, not everybody has all these skills.

但不是每個人都擁有所有的能力

There are very few people who have the full set of skills

只有少數人具備完整的技能

that it takes to run a company.

來經營一家公司

So what else do you require?

因此，你還需要什麼？

Well, leadership.

是的，就是領袖特質

You've got to be able to convince us

你必須有能力來說服我們

that you either have developed a team

你曾經培養過一個團隊，擁有所有這些所需的特質

that has all those factors in it, or else you can.

或你自己本身具備所有的特質

And you have the charisma and the management style

你還必須擁有領袖魅力和管理風格

and the ability to get people to follow your lead,

以及讓別人追隨你的領導能力

to inspire them, to motivate them to be part of your team.

能夠激發他們、鼓舞他們成為你團隊的一份子

All right, then, having done all that,

然而,在擁有這些特質之後

what else do I want to know as a VC?

還有什麼其它的事,是身為創投的我想知道的呢?

I want to know that you have commitment.

我想知道你能信守承諾

That you are going to be here to the end.

你是否願意撐到最後一刻

I want you to say, or I want you to convey,

我想要由你口中說出,或是你傳遞出

that you are going to die if you have to, with your very last breath,

為這間公司鞠躬盡瘁、死而後已

with your fingernails scratching as they drag you out.

在被拖出公司時，你的指甲會在四壁留下抓痕

You're going to keep my money alive

你也要保証我的投資不會血本無歸

and you're going to make more money out of it.

而且還會賺更多回來

So I don't want somebody who's going to cut and run

我不希望投資在一個

at the first opportunity.

當一遇到危機

Because bad things happen.

就溜之大吉的人

There's never been an angel- or a venture-funded company

因為從來都沒有創投天使和創投公司所投資的新創公司

where bad things didn't happen.

從來都沒有壞事發生

So I want to know that you're committed to be there

所以我想知道你對所承諾的事

to the very end.

會堅持到最後

You've got to have vision.

你還必須有願景

You've got to be able to see where this is going.

你要能夠看清楚未來的走向

I don't want another "me too" product.

我不要一個只會說"我也是"的產品

I want somebody who knows, who can change the world out there.

我要一個能明瞭一切，能改變世界的人

But on top of that, I also need realism.

但除此之外，我也需要腳踏實地的人

Because I need to know that you know that

因為我需要知道你明白

while changing the world is great, it doesn't always happen.

能改變世界是最好的,但那不一定必然會發生

And before you get to change the world,

並且在你有能力改變世界之前

bad things are going to take place.

困難總是會先發生

And you've got to be able to deal with that.

所以你必須有能力去處理解決這些困難

And you have to have rational projections and stuff.

而且你必須有合理的推論等相關想法

And then finally, you're asking for my money,

最後,你向我籌資

not just because it's my money, but because it's me.

並不只是因為你需要我的錢,

You need to be coachable.

而是因為你願意被我指導

So I need to know that you have the ability to listen.

所以我必須知道你肯聆聽

We've had a lot of experience.

我們有過許多實務經驗

People who are VCs or angels investing in you

投資你的創投公司或天使

have had experience and they'd like to know

有豐富的經驗, 而他們想知道的是

that you want to hear that experience.

你願意去了解那些經驗

Okay, so how do you convey all these 10 things in 10 minutes

但你如何在有限的10分鐘內,

without saying any more?

傳達這10種人格特質而不囉嗦？

You can't say, "Hey, I've got high integrity,

你不能只是說.「我很正直,

invest in me!" Right?

投資我吧!」 對嗎?

You've got to do a whole pitch that conveys this

你必須表現出這10種特質

without conveying it.

但不讓人覺得你在刻意傳達這些訊息

So think about your pitch as a timeline.

因此,將你的提案想像成一條時間線

It starts off, you walk in the door.

從你一踏進門就開始進行

They know nothing at all, whatsoever, about you.

他們對你一無所知

And you can take them on an emotional --

而你可以左右他們的情緒

all pitches, or all sales presentations, are emotional at some level.

所有的提案或所有的銷售報告,或多或少都受情緒左右

You can go up, you can go down, right?

你可以將情緒拉高或降低

And it goes from beginning to end.

從開始到結束都是如此

You walk in the door. So the first thing you've got to do --

一走進門,第一件要做的事

the overall, you know, arc of your presentation --

對於你整體的報告而言

it's got to start like a rocket.

必須有快如火箭的開頭

You've got maybe 10 seconds -- between 10 and 30 seconds,

你可能只有10秒,一般是介於10到30秒之間

depending on how long the pitch is -- to get their attention.

來吸引他們的注意,視提案時間長短而定

In my case, "I've invested. I have got tens of millions of dollars

以我為例: 「我一直在投資,我已經獲利數千萬美元,

from PowerPoint pitches.

都是靠PowerPoint提案而來的

I have invested tens of millions of dollars."

我已投資了數千萬美元」

That's it -- that should get you right there.

類似這樣.這應該能給你們一些概念

This can be a factor, and everybody can be saying

這會是一個因素,而每個人都可能認為這不符合直覺

it's counterintuitive. It can be a story, it can be experience.

開頭可以是一個故事或經驗

But you've got to grab their emotional attention, focused on you,

但你一定要掌握住他們的情感注意力,將目光集中在你身上

within that first few seconds.

關鍵就是開頭的幾秒鐘時間

And then from there, you've got to take them

然後,一步步的,你要引導他們

on a very solid, steady, upward path, right from beginning to end.

到牢靠、穩健且漸入佳境的方向

And everything has got to be reinforcing this.

從頭到尾都要不斷地加強這一點

And you've got to get better, and better, and better, and better.

你必須要愈來愈好、再好、還要更好

And it's revving up to the very end,

一步步堆砌起來

and then at the very end you've got to -- boom! --

最後,「砰」一聲

knock them out of the park.

向他們擊出一支漂亮的全壘打

You want to be able to get them to such an emotional high

將他們帶往情緒高潮

that they are ready to write you a check, throw money at you,

讓他們馬上簽下支票給你,搶著投錢給你

right there before you leave.

就在你離開之前

Okay, so how do you do that?

好,所以你要怎麼做才能辦到呢?

Well, first of all, logical progression.

首先,要有邏輯的進程

Any time you go backwards, any time you skip a step --

當你往回走,或跳過了某個步驟時

imagine walking up a staircase where some of the treads are missing,

想像你正在走樓梯,其中缺了些階梯

or the heights are different heights.

或階與階之間的高度不同

You stop, you've got to figure it out.

你停下來,你必須弄清楚

You want a nice logical progression.

你需要一個合理的邏輯進程

Start with telling them what the market is.

從告訴他們市場的情況開始

Why are you going to do X, Y or Z.

為什麼你要這麼做,步驟 X, Y或 Z

And then you've got to tell me how you're going to do it,

然後,你必須告訴我你要怎麼做?

and what it is you're going to do. How you're going to do it.

你要做的是什麼？你要如何達成？

And the whole -- it's got to flow from beginning to end.

將這套流程將從頭貫徹到尾

You've also got to let me know that there are touchstones.

你還必須告訴我試行結果

You want to tie in to the rest of the world out there.

你要能和真實的世界連接起來

So, for example,

舉例而言

if you reference companies I've heard of,

如果你提到我聽過的公司

or basic items in your business,

或是你業務中的基本項目

I want to know about them. Things that I can relate to:

我需要全盤瞭解.讓我能去想像

validators, or anything that tells me somebody else has approved this,

提出證明,或任何能證實已經有人認可該項目

or there's outside validation.

或有其他外部的證明

It can be sales; it can be you've got an award for something;

可能是銷量，或是得了獎

it can be, people have done it before;

可能是之前已經有人做過

it can be your beta tests are going great.

也可能是你的原型試驗效果很好

Whatever. I want to know validation,

無論如何,我需要看到證明

that you're telling me not just what you're telling me,

來背書你所說不是只有你自己在想

but that somebody else -- or something else out there --

而是有其他人也這麼認為

says this makes sense.

或有實物可以證明你說的合理

And then, because I'm looking for the upside here,

再者,我所尋求的是利基

I've got to have believable upside.

而且是可信的利基

And that's two parts.

所以有兩個方面

It's got to be upside, and it's got to be believable.

其一是有利可圖,其二是這個利要實際可達成

The upside means that if you're telling me that you're going

有利可圖的意思,是你必須告訴我

to be out there, five years out, making a million dollars a year --

你將衝刺五年,每年賺進一百萬元

hmm. That's not really upside.

嗯,這個利基並不高

Telling me you're going to be out there making a billion dollars a year --

但你如果跟我說,你每年要賺進十億元

that's not believable.

那就不太實際

So it's got to be both sides.

所以,兩個方面都必須兼顧

On the other hand, there are a lot of things that drive me down,

另外,有很多事會讓我不感興趣

take the emotional level down,

使我的情緒指數下降

and you've got to recover from those.

你必須要移除這些可能性

And those, for example, are anything you tell me

舉例來說,你說的內容

that I know is not true.

我早就知道是不切實際

"We have no competition. There's nobody else

像是「我們沒有競爭對手，