David Pierson Partner Intersouth Partners December 2, 2010

What makes ventures attractive to investors? What can I do to deliver a better pitch?

What We Look For: Experienced management Large growing markets Proprietary products Comparative advantage Why Companies Fail: Ineffective management Inadequate capitalization Poor market strategy Management Financial Market Product/Technical Economic Regulatory What Makes Ventures Attractive? The Risk Pyramid Importance

Raise the right amount Set clear milestones Get the right license All of the technology Acceptable terms Clear role for founder Multiple IP sources = tough Don’t spin out too soon Time to exit multiple must What Makes Ventures Attractive? Always Remember Time = Money Who are the people? Financial proposition? Does it work? Does it matter? Is it protected? Competitive approaches? Business model? Known regulatory path? Hurdles Good Answers For This Pitfalls While Avoiding These

Deliver A Better Pitch Great Pitches Evolve, They Are Not Born Develop relationships then ask for advice Know and target your audience Be concise but hit the key points Management, financial, market, product, technical/IP, Economic, Regulatory Slide deck, executive summary, business plan Be transparent about what stage you are at Don’t be afraid to ask for the money