AS3 Mind Traction Pitches
You can find my elevator pitch for “Mind Traction” an m-learning performance support below:
https://www.youtube.com/watch?v=4AmhbODxd2k
I have uploaded the venture pitch to the media gallery as a PDF:
https://blogs.ubc.ca/etec522sept11/files/2011/11/price-Etec-522-venture-pitch-mind-traction.pdf
Posted in: Week 13: Venture Forum
kstooshnov 1:48 pm on November 28, 2011 Permalink | Log in to Reply
Hi David,
Wonderful to see your elevator pitch – finally it’s great to start putting faces (and voices) to names on this blog. You are very calm, cool and effective in highlighting what your project will mean for investors, and your slide deck backs up everything the elevator pitch mentions. Good job there, but one suggestion is doing something about the endnotes scattered throughout the venture pitch. They were a bit distracting, as I often found myself wondering about the information that is missing, rather than focusing on the content of the slide. The stickman figures are a great touch, and it would make for a cleaner pitch. If it were not possible to make them hyperlinks, as any EVA who sees this will be on one’s own computer before showing it to others, having the small print appear on the bottom of the page may help others to retain their focus. It may just be me, but any extra bits that take away from your presentation should be eliminated, like wearing an offensive tie to an investors’ meeting – not to worry, the one you’ve got on suits you perfectly!
Kyle
David William Price 9:53 am on November 29, 2011 Permalink | Log in to Reply
Interesting that you saw endnotes as an indication of something missing, rather than the presence of authority for facts and figures given. Entrepreneurs often make unfounded claims or claims based on flimsy evidence.
kstooshnov 2:08 pm on November 29, 2011 Permalink | Log in to Reply
Yes, curious indeed. And that’s the great thing about technology, isn’t it? The way it lets us do “today’s job with yesterday’s tools–with yesterday’s concepts” (p. 9) like endnotes in a PowerPoint presentation. I’ll leave it to you to find out what source the quote comes from…
jenaca 1:42 am on November 29, 2011 Permalink | Log in to Reply
Hi David,
I really enjoyed watching your pitch and I found that you talked calm and slow giving me an opportunity to understand the product you are pitching! I think it is a great idea, however, I am not convinced that students will purchase or use this app on their phones. College students may have other concerns and would most likely turn to friends or family for support!
Jenaca
David William Price 9:51 am on November 29, 2011 Permalink | Log in to Reply
That’s why it’s sold in bulk to universities, not students individually (noted briefly in the pitch at the start and at the end but more comprehensively in the venture doc) As noted in the venture pitch, students do not disclose their anxiety to each other, to friends, family or faculty. That’s part of the problem and that’s why their learning performance suffers. This is not about reassurance, it’s about mentorship and performance support… solving the problem, not asking for reassurance.
jarvise 10:16 am on November 29, 2011 Permalink | Log in to Reply
You establish the pain and solution clearly. You give an indication of return and potential market. It was clear that your background makes you suited to leading this venture. It was also clear that you were looking for funding. Great idea and presentation. Your venture pitch is very clear as well. You have successfully laid out the market and differentiation. You could consider marketing this to corporations – how many people do each of us know right now who are on stress leave? You could lay out how much is spent on stress leave per year for a company, and then point out the savings that could be afforded through adoption of your app. I found it a little weird that you want to avoid the app market – would the licensing fees be offset by the additional exposure? Also, my only other concern would be: do universities regularly invest in strategies such as this one for their students? If it is something completely novel, it may be hard to break into the market and may make more sense to market to individual students. Great idea, and a definite market here. Matching behaviorist principles with mobile tech is a great fit. I’m not ready to invest yet since I’m not convinced of your marketing strategy, but may become convinced with more information.
Emily
David William Price 8:05 pm on November 30, 2011 Permalink | Log in to Reply
Thanks for the comments.
I avoid the app market because they take 30% from every sale, and this app is unlikely to sell well to individuals. There just would not be enough up-take to repay investors and provide a return.
I chose universities rather than corporations as a starting point. I do see growth potential, but I figured universities are more learning focused and more concerned about dealing with people whose learning is impaired and causing them to drop out of courses and programs. The bulk licensing cost would mean a very small per-student investment, much tinier than many other investments made to support student performance in IT, health, etc. on campus.
Interesting point about stress leave costs in corporations. I think people already in their careers may be a bit harder to get into performance supports like this.
Deb Giesbrecht 3:14 pm on November 29, 2011 Permalink | Log in to Reply
Pain Point: anxious students
• Solution: mobile mentor
• Differentiation: puts mentors in the pocket of every student/identifies differentiation
• Marketing; clear marketing strategy
• Championship; identifies founder as champion
• Competition: identifies competitors
• The Ask: 100,00 – knew what you were asking for
• The Return: 5 years ROI
The Message
• CEO Credibility: Really liked your elevator pitch. You were very credible, calm, cool and collected – made me want to go out and buy one – or at least learn more! Made me want to see your venture pitch
• Management Team: spoke about founder – ?other team members
• Venture Concept: Very feasible and doable.
• Market Readiness: developed pain points with well researched solution. Identified statistics of cell phone owners
• Competitive Edge: identified the strengths – no weakness identified
Overall Investment Status: You provided a thorough and well researched background for an up and coming app. Identified real pain point in education. I would invest in this endeavor – great job!
David William Price 8:06 pm on November 30, 2011 Permalink | Log in to Reply
Thanks. I’d actually like one of these for myself. I spent a day coaching a highly anxious person through a lot of these issues in real time and the difference between the beginning of the day and the end was spectacular.
Keisha Edwards-Hamilton 7:50 pm on November 29, 2011 Permalink | Log in to Reply
David,
Your elevator pitch is very intriguing and engaging, and I am keen to learn more about this venture. From the onset you identified your target market, the pain point and the solution which is very good. I can see how this proposal will help “anxious learners”. I have to deal with many of them on a daily basis. This is worth pursuing.
Keisha
David William Price 8:08 pm on November 30, 2011 Permalink | Log in to Reply
Thanks. What saddens me is the effect anxiety has on learning… proved by science. That anxiety causes all kinds of performance degradation and associated psychological self-flagellation that could be avoided. My thesis will be examining this subject in more depth.
hall 2:43 am on November 30, 2011 Permalink | Log in to Reply
David,
Your elevator pitch is very interesting and informative. It was very innovative. Your voice was very clear and you appeared very calm which showed that you were confident. ‘Mind traction’ is a brilliant idea; I would definitely invest in your venture. The statistics given on the use of cell phones in America is a good idea. It gives investors a framework to work with in terms of the returns they would get on their investments. Although, America has such a large target market group but it could more profitable if you incorporate the rest of the world. Is Mind traction app written language only English? If not it could be used other non English speaking societies. It is a very good venture.
David William Price 8:09 pm on November 30, 2011 Permalink | Log in to Reply
Thanks. Great suggestions about worldwide coverage. Ideally, the app would be mostly visual, using icons with minimal text and that text could be translatable into the most common world languages. America seems a good proof of concept, and the venture pitch indicates expansion to Canada, UK, Australia.
carmen 10:23 am on November 30, 2011 Permalink | Log in to Reply
Love the idea of this app!
The pitches are very engaging and make me want to keep reading (and listening). 🙂 The venture pitch is well researched to prove the need in the market. I’m very convinced. If it’s developed successfully, this app would be the leader in the market!
As for the marketing strategy, I like how you focus on university students first. I think if people like the idea, it will spread to other markets, and by that time the app would be even better developed.
I wonder why you would like to focus on selling to the university rather than the students, because the students are motivated to do well and need this tool to help. Though I truly believe students can benefit from this app, I wonder what is the budget of universities and how much they would invest to lower students’ stress levels. Big universities will go on with their business without the app… maybe private colleges might worry more about retention rate? But private colleges will have less budget…
I wonder if it’s possible to be developed by the “university”, similar to how WebCT was developed by UBC.
David William Price 8:11 pm on November 30, 2011 Permalink | Log in to Reply
Thanks. Great questions.
Individual spending on apps for smartphones is way heavily weighted to games. This kind of app is unlikely to sell enough to individuals to recoup the investment and pay decent returns. Getting bulk license sales in the multi-thousands and ongoing commitments provides a more predictable revenue stream.
Would universities pay for it? Consider the tuition fees charged by American universities (10x those here). Some of them issue laptops and iPhones or iPod touches to their students. A dollar per student for this kind of performance support would not be a big deal.
bcourey 2:56 pm on November 30, 2011 Permalink | Log in to Reply
Hi David,
I may be repeating some of the comments mentioned before, but overall I was very impressed with your presentation – and as you said in today’s post, you feel strongly about have a personal Elevator pitch and your conviction on that front shows – you do have a more professional presence in your pitch than others I have viewed on YouTube when I was searching for examples.
I am very intrigued by your idea of Mind Traction – your pain point of anxiety for post secondary students is very real – which would also make your product useful for many secondary students as well – we see anxiety disorders more and more each year because of the perceived pressures the students feel even in that younger environment. So since these students are all carrying some kind of portable device – it makes perfect sense to have an application right there in their pocket for quick access – better than some of the other products they may be turning to instead!
I also see the advantages of adding other components to the product – such as the calendar and GPS – all pieces that help ease anxiety as well. Your use of language such as cheerleader, and collaborator would appeal to your consumer as well. I didn’t find the end notes distracting at all – in fact, I agree with you that they give credence to your claims.
Your request for funding seems very reasonable and you provide great details about the return on their investment – the question is: will students pay for this? Maybe the parents will, knowing the stress their child may be feeling as they leave home. I also agree that your competition is either low-tech or require prescriptions.
I believe your venture is a worthwhile investment!
Brenda
David William Price 8:13 pm on November 30, 2011 Permalink | Log in to Reply
Thanks.
Your question about students paying for this is an excellent one. I don’t think they would. THat’s why I’m going after universities to buy it in bulk with the argument it will improve performance of their students, reduce dropouts from courses and programs, and increase retention in maths and sciences.
These are real issues for universities. Concordia even offers a BONUS for grad students who graduate on time!!!
schiong 6:33 pm on November 30, 2011 Permalink | Log in to Reply
Hi David,
Fascinating product.
It gave me an impression that I have my own electronic psychiatrist.
Just curious …
How do you go about implementing :
a) Calms panic, grief, anger
b) Helps identify and challenge negative thoughts & mistaken beliefs about self, others, life
cheers,
Steve
David William Price 8:18 pm on November 30, 2011 Permalink | Log in to Reply
Thanks for your questions.
a) cognitive behavioural therapy (CBT) deals with panic, grief and anger primarily through deepened and lengthened breathing and focusing thoughts on accepting and surfing emotions rather than fighting or repressing them or blaming the self or others for them
b) the set of negative thoughts and mistaken beliefs are very common. THe plan is to produce the most typical versions and when people pick them, they are guided through an understanding of where those thoughts and beliefs come from, how they affect their thinking and emotions, and how to change them.
Actual implementation is intended to present the symptoms, allow people to choose the symptoms, then run them through an insight-reinforcing diagnostic with tips to use immediately to address the problem. THis would be a combination of text, images, and audio.
schiong 9:05 pm on November 30, 2011 Permalink | Log in to Reply
Hi David,
Very clear explanation.
Definitely worth investing.
cheers,
Steve
khenry 4:41 am on December 3, 2011 Permalink | Log in to Reply
Hello David,
Forgive me. It’s over 300 words but you gave me a lot to say.
I really enjoyed both your pitches.
Elevator Pitch
Your elevator pitch created a sense of confidence, trust and belief in your product and insight into your competence to lead your venture. You defined the essential elements within your venture and were very clear about what you were asking for. I also liked the fact that you did not have any distracting backgrounds and that it was neutral. I had this problem with many that I have seen and your pitch gave a professional feel that I missed from many video pitches I viewed (and did not like :-)). One thing that struck me though is that you were reading from a script and so at times I lost contact with you because of the shifting of your eyes. You seemed confident enough to go off script and it would sell you better and is a greater catch for investors. Reading your venture pitch I would definitely invest but if I am wading through many ideas/pitches I am not sure the elevator pitch would have hooked me enough to call. Perhaps more emphasis of your hook at the beginning or end? Something that stands out more? But overall it was a strong pitch.
Venture Pitch
One of the things I really liked about your venture pitch was the format you presented in and the clarity with which information was presented. It was very reader friendly. The bullet point format was effective and efficient and as a busy investor I would really appreciate this.
You presented all essential aspects well: Pain Points, Solution, Differentiation, Marketing, Leadership, Competition, Investment needs and Investment returns. You showed that you have a viable and well needed product and your target market is well placed to attract investment and realise your forecasted returns.
Your research in anxiety and learning is a big trump card. However, you did not discuss anyone else in your team except the CEO (you) and I would wonder at your experience and ability to deliver, navigate and provide innovations for mobile applications/ products (advising clients in a law capacity does not necessarily translate that you have the requisite experience and skills to develop and deliver the software yourself). I also did not get an idea of how you would deal with issues with mobile applications such as interoperability issues. Who, if any, will form the rest of your team?
Good breakdown on how your ask price will be spent and the return for investors.
I like the visuals presented as it gives the idea of a mobile app on a phone. However, I wondered at the titles in captions vs your titles in the documents e.g. mentor, collaborator, socialiser. Why is that?
(This is the Smile section of the Analysis)
The English language is such a beautiful thing. I smiled when you said ‘Competition is simplistic’. You are correct for what you are talking about but your point would be well made from your list and discussion without having the need to qualify them in your heading as simplistic. And for self-help books ‘cheap, aimed at middle age women’, that had me laughing out loud. You could delete cheap and go for ‘aimed at middle age women’ (if you have the statistics of course). BTW I agree with the use of endnotes.
Great job! Enjoyed it and would invest. It is a problem everywhere and would be a great global app. Hope you do go for it.
Kerry-Ann
David William Price 11:24 am on December 3, 2011 Permalink | Log in to Reply
Thanks.
Yes, my reading was a big problem! You’re absolutely right.
You’re also right about the team. I thought about this a bit but didn’t feel comfortable either making stuff up here or including names without permission… and I left this late enough that I didn’t think I could get that kind of sign-on. It’s definitely a weakness.
I’m not sure I follow about interoperability issues on mobile… my intention was to use one standalone app solely on android.
TItle in captions vs titles in documents… not sure I follow.
Interesting point about the headers on the slides. This follows from the “assertion evidence” model of slide design where you make an argument at the top and give evidence in the slide below. It’s supposed to help frame the point and reduce the amount of thinking required to figure out what the slide is about.
I actually had a reference for the middle-aged women part… I think it was a Forbes article analyzing the self-help industry.
Thanks for the detailed comments.
Allie 11:39 am on December 3, 2011 Permalink | Log in to Reply
i didn’t read your VP, but from the comments, I think it would be weird to have people signed on as team members. I think that for the purposes of this pitch-as-assignment, it’s perfectly appropriate to simply identify the roles that you would need to fill.
khenry 9:13 pm on December 4, 2011 Permalink | Log in to Reply
Hi David,
I think that is admirable that you did not want to make up anything and getting permission to sign off and I support that point. Your target of the android market focuses your approach and answers my question.
Re titles: I meant that the captions on your visuals say: Stress surfer, About me, About them, plans and progress etc. , whereas your titles in documents are: anxiety manager, mentor, socializer, collaborator. I just wondered what the app would look like on the screen (the possible selections). Would it show text as shown in your current visuals or would the text used be the titles: anxiety manager, mentor, socializer, collaborator etc?
I was sure you referenced the middle age women. I was just generalising for the sake of the point.
Kerry-Ann