« Coffee With Scott Adams

Episode 6: Using Persuasion Tools to Pitch Your Startup

2018-03-26 | 🔗

Scott Adams describes some of the persuasion tools you can use when pitching your startup. The backdrop is Scott’s pitch of the WhenHub Interface app (a startup he co-founded) at the 2018 Cryptocurrency and Blockchain Conference in San Francisco. Scott tells you what techniques he used.

The post Episode 6: Using Persuasion Tools to Pitch Your Startup appeared first on Dilbert Blog.

This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
did you do to bump bump bump on everybody come on in here gonna give you a quick tutorial how to use persuasion prove your start up pitch where i live seems like everybody has started and they're all pigeon pitching to investors are pigeon to customers their pension like crazy so this will be my page story i recently attended an event called the don't currency and blockchain conference where i was a speaker so i was one of the ten speakers who were who had four minutes to pitch their startups my start up is when and the name of the apple is interface so if he went to the
apple store the google placed or an googled when dub interface it would pop up and i'll tell you what that does in a minute in the context of of how to pitch so peers which had four minutes and they were ten entities and we were all pitching too people interested in putting money into the icy owes or ideas so these are the crypto currencies there are associated with a company as opposed to a general currency if you don't know what date see you or i t always look at my blog posts from today if you listening to the sun replay it is monday the twenty six of march so that would be the post date for the blog post about
blockchain and wallets digital wallets and i see one although stuffiness they way this is a bad for business and here's how i started i'm gonna break down my method a little so you can see some of the techniques so the first thing i did was i said did i actually i don't know i think i came in second but i'm not sure yet i'm already confirmation of the elderly either the year persuasion game won't always get you the first place because sometimes there just products letter more more tantalizing than other products so there's you know you you you can work with what you have firstly i did was i went up and they said how many of you have ever seen they dilber cartoons grip now there's a lot of technique in that question is the very
first thing i say some people were familiar with dilber and some were not so part of the track was people to raise your hands so that assumes this may be sixty or seventy five percent of the crowd raise their hands then the the people who had never heard of delbert would instantly have a better impression of it because they a crowd and they see everybody raise your hand or seventy five percent the crowd raise your hand and say i we know dilber and if they don't no dilbert they want hopefully say how it must be something i need to know about so sk person presenting is associated with something that everybody seem so that give me some credibility by association and i got the crowd to do that for me by hand some people's essentially testify i have done something successful that they were all aware of now the other
part of the technique is immediately got the audience to do something people to raise their hands and even the people didn't raise your hands thought about raising we're not raising so they made a decision to not raise your hands so innocent they were doing something there were just choosing to do what i asked when you get your proud to to do anything it's easier to convince them of anything else later so what are the basic rules of sales and persuasion is if you can persuade somebody to do something small and trivial there a sort of get in the mode of doing what you ask them to do so as soon as you can get your crowd to do something or to shout out mansour or to think about a question or to raise your hand or to stand up or introduce themselves and the person excellent without one but a delicious getting somebody to do something then the crowd
has bought into the idea that you talk and they do stuff see you're setting the table right up front yeah so the raise your hand technique is good the other thing it does is it wakes people up they ve been sitting through a bunch of presentation or getting a little glassy i'd buy now and if you can to move or laugh change their seeding position stan look around if you can get do anything in the first few seconds you evil together the mode of doing what you have and you also get them in the mode of doing what you ask him to do so there ran off right off the top and then here's another persuasion trick it helps to it where people are going to think call it out so to say out loud what you know people are thinking is very very powerful persuasion
so when i went out there in the context of a crypto currency convention to talk a start up in the initial open offering pray much everybody in the audience is likely to have add the following thought hey what cartoonists got to do with this stuff why why should i trust the cartoonist request technology or start up i feel now it turns out i have more experience for start absolutely have four cartooning probably desire degree in economics are gonna be a that involved in a number of start ups but that's to explain to the crowd so i will de the i only a four minutes i have to get i have to get to that thought and control it equally as possible because it's gotta color everything i'll stay here
i don't want people to say was this guy now cartoonist cartoonist i take that seriously so the first thing i said i said how many of you have ever heard of dilbert or seen it over a cartoon people raise their hands and after the razor hands i said all right well don't hold that against me because that's what they were doing now they may not have thought of it in those terms but they were stereotyping me as a cartoonist just automatically there's nothing wrong with that that was how they know me of course they do that so i had to immediately address the thought so i said how many of you have ever see the dumper comic and i said all that against me so that immediately recognise that i'd know what's hitler had and that i know i do to prove myself so i've taken there thought and put it on the shell form there like ok i've having i thought but it looks
are you gonna u him yes and also it also start out with a bit of here billowy because you come and say i was amazing at this completely unrelated industry so before you should listen to me on this thing that has nothing to do with another thing that's a very weak story so by saying don't hold that against me i did but they were already doing what you say ok that's it that's a cent the thing was what are these individually so i get into their heads early by anticipating what they're gonna think about me and addressing a runaway i now here's the next thing that almost all of the presenters did wrong if you ve got a crime who's being overwhelmed with lots of details about stuff my started does this milestone opposes the blockchain crypto see distributed apps is really became stuff collectively
the others just a lot of it so this people are neither like a pallet cleansing for their brain you know you should go into a pinch like there's knowing that if you have this content the best you can hopefully is that they walk away knowing this much i if you can get remember five percent of what you said or dead that's pretty good so instead of say are under just blast everything out there in hope that some of its sticks which is europe i saw a most of these started presentations do it just detail details details instead said ok they're they're gonna forget ninety percent no matter what i do so what i'm gonna do is under leave them with the feeling that i firstly on this and they were capable and that we ve got something to think about but i am also focus really really closely the only things i want them to remember
so i had more of a laser focus ok i know you're not remember this part sounded a this part because you only remember five percent make damn sure that there are five percent five percent that matters to me i don't you randomly deciding where five percent remember so here so i start this this pitch with other product pitches first thing you want you want establish is a visual framework in the mind of the audience you them to have a little structure right away first thing you get to everything else you say they can put on that framework right here's what the other people did that wrong so these are the other pitchers pitching for start ups they would say with conceptual reasons for how they got where they are you never want to do this
don't start like this well in our world where you ve got this problem of distributed situation in the year the trend the technology but we also have developments here the the but is over and that no one here concepts before you ve given them something a visual to hold onto so here's how i started i started by described i said i'll tell you what the product is first i'm gonna tell you why we use the blockchain does that quest i know is the one that they care about the people who looking to put money into i ceos they care you have used the blockchain in a way that makes sense with a product because as a key decision point for the people in that room did the blockchain is gratuitous than you throw it out there so you can say you ve got some blockchain stuff is it just a marketing thing or does it really matter so i said
i will tell you how matters later first of all acknowledge that that's their primary thought i told them that i'm gonna get to it so now they can they can parts that thought until we get to it first thing i want to do is give them a framework for what the product is from a user perspective and so i had this quick explanation i said our could be described as being life it tinder app for finding experts whose available right now for a video call so the explanation compared to something that are familiar with and then i show them just one picture i think you can see it is the app itself one of the sea pages the show this to be an expert or find an expert right this level of simplicity is what you're shooting for so everybody who saw this picture so a picture
the phone and these two pictures and now they get it like ok i get it it's it's an app it already exists which was important this is important as i was pitching against people who didn't have a product yet more people in the room had an idea but not a product so i shall return like it's real it's done product is the simple be an expert find an expert you can get your pitch about what your product is down to that level of simplicity your way ahead ok so right off the bat i did what most they start ups didn't do they start talking about the problem in the world or the technology they got right into buzzwords i didn't use any buzzwords i just got right in a fury user and you want to find an expert left now in our telling the things you have to go
examples so you some examples of what expert means in this world so i gave i give examples that people could reach see and picture and and feel so i said well one an example of an expert is not just the boring business and technology stuff we do that too but the that you're the you're apparent of a special needs child you probably know alot there will be useful to someone who is just entering their situation so magically you you give them a real life personal story that has an emotional connection it's about a child is better special needs it's about the appearance design to do the best job they can and i said is a suppose you need a tutor for your child for a class that baby it's just a little bit more than you can handle
so again you're imagining yourself at home you imagine the kid their homework you can't help him oh how about this up here some you can give you fifteen minutes on geometry problem were i say with suppose you growing cannabis at home or you i do because you're a medical marijuana person and you want to get along some gardening tips from somebody who has done it so immediately your imagining the canada's plants in in a home your imagining in many cases people are thinking hey i've thought about that you have a people in the audience probably were cannabis least travellers so you see how visual my examples where they put you into the story you already saw what the u you can easily see why you know why they personal wanted the app so he knew the ep you saw the stories and then that i get into the
the thing that most people know what is really needed to know which is how did i make a difference for her up so i use banks as my first example i said use the black blockchain to do all of our in voicing billing escrow and other basic things there's no physical contract involved if it's the call is completed the blockchain senses it upon the blockchain senses it and just please the transaction i explained to the audience that exit unnecessary have a bank involved right so we can ignore the bank's paperwork their restrictions that are potential censorship now why do they mention censorship well big question of everybody's mind right if you ve used twitter or social media you are probably aware that there's lots
censoring decisions being made if bank is involved let me give you this example i didn't i didn't give this in the pitch but if you are let's say a year a legitimate sexual health adviser so you going to advise somebody on sexual health and you were a legitimate professional you studied in their field will you don't the bank to say oh we're not sure we want to be your credit card or processor cause you're doing sex work that we be like personal there's just one adviser seconds all this is like a legitimate field so you don't want or even give them the conversation you don't know your bank to decide what people talk about so censorship is one of those triggers the people go like censorship so that was good avenue no it also avoids the cost of the banks because for michael but transactions they can
a pretty big percentage of the entire cost of the the call for example i don't know why the blockchain reduce the need for a banking and also why the creation of these crypto courtesy coins that operate within the company allow us to see the first users was free money the first users get free tokens than that just like money and they can use used to call export two hundred dollars worth so then we will get an idea why it was blocked in was important now actually the people need to know is why were they consider getting some of the coins or this start up verses someone else's here's where i used what i call the high ground maneuver so i grow manoeuvred goes like this it's different for every situation but the low ground is where you're in the weeds
the high ground is where you take it to a higher level where it's hard for anybody to disagree so in the case does this pitch competition each of the start ups were saying hey here's why our companies great and you should buyer the coins or our tokens or or beer all did our initial coin offering but didn't we talk about anything except why they good i took it to another level they said if you're going to be putting money in this field and put money in icy owes radios and again read my blog if you want to know more about what those are i said it's a speculative risky field and the a way to do it is to diversify no nobody in the world are you
with the idea that you should diversify when it comes to where you put your money and by the way these are not investments per se these are more speculative that's a better word form but even with speculating you should spread your money around a little bit because it speculative the odds of any one thing working under or another high so i said and you probably want to look at a variety of icy owes and if you're looking to diversify your portfolio probably want to look at least one company that has proven team this work on several projects already and is already built a product that's up and running and has thousands of customers instead of saying you should put money in this ice yo the wonder a company is doing that's that's weak persuasion because just one of the many things there that they could put their money into stan you say taken up a level
versify always makes sense nobody will disagree with that now you have a hundred percent agreement up here diversification is good and then i i had the kicker one of the ways you should diversify is to make sure that at least some of the companies you have you tokens or coins in is a company that up and running and has in an and has customers so that's a really really strong high ground maneuver because impossible to disagree with diversification and its it is also impossible to disagree that is a less risky proposition to i appoint company that exists versus an idea for a company for a team that has never worked together before its strong pitch
let me just look at my notes here yet i think that gets the most of it so one judge shared with me that i was his second place spick and of ten but person who is first place had ten minutes to present instead of four because at the end of the presentations they just add some extra time left so it's narrowly and apples apples comparison the person who had the most time to present did them thorough job that should be shouldn't much of a surprise but i dont know what the other judges did does anybody any questions of anything i just presented and did you learn anything here
was there anything that i told you that you didn't already know yeah so ours is a utility token lastly the buzzword used so utility token is different than money utility broken means its useful within an application but because script occurrences can be traded on an exchange insurers will be less than an exchange in a month or so you have the potential to change it into actual cash ok so it looks like it was useful which exchange we're not mentioning which exchange yet because we're talking to a couple of them a couple big ones if you
familiar with the idea of an exchange is a website where you can say here's my the current can u turn them into a theory amr change sorry i'm into cash or into when opens which are the tokens though we presented so well you know in a month or so and then you'll be able to transfer when tokens into anything you want anything they re protection for experts know it would be like essentially it would be like a phone call but we don't we don't record the experts so the personal exchange between one expert and one person who needs advice that is recorded you start excepting when tokens outside of the epp one or two wait until we have our exchange up and running and then went opens will be they'll be fluid allow with anything else
that's listen to exchange how can you get involved go to my blog post today and you'll see my blog posts with links to wear if somebody wants to all our tokens when tokens they'll be linked to do that can export presented a group of people well if a group of people is on the same call with the same phone in other words if i had somebody sitting right next to me they will be on the same call the but otherwise no so when tokens for the short term probably forever be useful only within the ep but as their value within the app increases because demand will increase the value of each token we cap the number tokens less the trick
so there will never be more tokens issued people who need tokens for within the within the arab who were play who are paying the expert and dollar equivalence dollars worth of a when token that their value will change over time as the when tokens become more required interruption their phone come comment is this is the word when chosen for a reason yeah company name is web hub version will allow you to schedule a time to talk to the expert as opposed to our occur which we will integrate with the expert app we don't have a right now but our next version will allow you to schedule a time to talk to the expert as opposed occur model which is expert is online right now and you you can after them right away
and people move their relationship off the ep we don't have any restrictions so any they can say anything to anybody and if they decide to share their phone numbers of the emails they can do that if they want pricing is a good question well pricing depends on the export so the experts set their own prices how do you trigger memory coding in your pitch well you wanna be visual and simple and then you want a repeat of your major messages and you certainly want to repeat them at the end when people people have seen the whole package so those are the main things and also helps that your memory tracks the thing you won't be able to remember is unusual stance maybe it's out of place maybe moebius even
lately inappropriate but not so inappropriate do you get in trouble provide a list of the most popular searches on interface yeah i had them same suggestion a water i wonder next version to tell people what thing what people are searching for so they know oh if i sign up for this i would more likely be found is it available via dust up desktop it's a mobile app right now you saw by price now we're taking what i will call we the instagram approach to this do imagine all the different features that you you could see people wanting for an app
ex people with experts some of those will build such as the ability to schedule a time but that's there's an advantage to being the sleek and ease to explain without a features so right now if the experts available and you like the price you just wish a couple buttons and you're talkin so that's easy to explain the sunni started start adding some of the features it becomes harder now once it's in the market and people understand it they know what it is much like facebook facebook just keep adding applications and functions and features because you always though on facebook is if you don't know what the new stuff is so what for people need to understand that it is simple form then wool upgraded as we go do you use it yourself here actually made several calls to experts since i got it so we
in fact a big part of this was my own need to find experts all the time i need an extra as for all broadcasting stuff i needed stuff i knew the experts as for your hand do thee i just need experts all the time this is my norm business will i be an expert again yes actually i we'll be signing up as an excellent effect the frequently i think i will talk to rest of you later i hope this was useful and i'll talk to again at least by tomorrow by
Transcript generated on 2020-04-02.