Make Deals that Matter: Biz Dev & Partnerships for Startups | Alexander Taub | Skillshare

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Make Deals that Matter: Biz Dev & Partnerships for Startups

teacher avatar Alexander Taub, Biz Dev Builder at Dwolla

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

18 Lessons (39m)
    • 1. Introduction to Make Deals That Matter

    • 2. Unit 1 + 1.1 - Introduction to Business Development and What is Business Development?

    • 3. Unit 1.2 - Different Types of Business Development

    • 4. Unit 1.3- Networking

    • 5. Unit 1.4- Digital Identity

    • 6. Unit 2 + 2.1 - Introduction to Partnerships + Understanding Other Companies

    • 7. Unit 2.2 - Four Golden Rules Of Partnerships

    • 8. Unit 2.3 - Prove It

    • 9. Unit 2.4 - Partner Feedback Feeding Into BD

    • 10. Unit 3 + 3.1 - Rejection, Tools, More and Rejection

    • 11. Unit 3.2 - Finding A Champion In A Company

    • 12. Unit 3.3- Following Up, Reaching Out, Corresponding, Favors

    • 13. Unit 3.4- Tools I Like

    • 14. Unit 4 + 4.1- Pipeline, Pitching, and Closing + Building A Pipeline

    • 15. Unit 4.2- Getting In Front Of People You Don't Know

    • 16. Unit 4.3- Pitching

    • 17. Unit 4.4- Closing

    • 18. Final Project- 30, 60, 90 Day Plan

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About This Class

This class will teach you what you need to know about introductory business development and partnerships at startups. It is designed for beginners with no experience with working in business development or partnerships.

What You'll Learn:

Unit 1- Business Development Introduction

  • Video Lecture 1.1: What Is Business Development?
  • Video Lecture 1.2: Types Of Business Development (B2C, B2B, B2B2C)
  • Video Lecture 1.3: Networking
  • Video Lecture 1.4: Digital Identity

Unit 2- Partnerships Introduction

  • Video Lecture 2.1: Understanding Other Companies
  • Video Lecture 2.2: Four Golden Rules Of Partnerships
  • Video Lecture 2.3: Prove It
  • Video Lecture 2.4: Partner Feedback Feeding into BD

Unit 3- Rejection, Tools, And More

  • Video Lecture 3.1: Rejection
  • Video Lecture 3.2: Finding A Champion In A Company
  • Video Lecture 3.3: Following Up, Reaching Out, Corresponding, Favors
  • Video Lecture 3.4: Tools I Like

Unit 4- Pipeline, Pitching, and Closing

  • Video Lecture 4.1: Building A Pipeline
  • Video Lecture 4.2: Getting In Front Of Someone You Don't Know
  • Video Lecture 4.3: Pitching
  • Video Lecture 4.4: Closing

Meet Your Teacher

Teacher Profile Image

Alexander Taub

Biz Dev Builder at Dwolla


Alex Taub leads Online Business Development and Partnerships at Dwolla, a payments startup based in Iowa.

Alex previously led business development and partnerships for Aviary, a NY startup that provides a photo editing API for web and mobile devices.

Alex is on the board of NY Venture Community (NYVC), started the Digital Learning Series with Startl, is a NextNY Fellow, and advises early-stage companies. He has been featured in Business Insider as one of the "Top 20 Under 25" in the NY tech scene. Alex writes a popular blog called Alex's Tech Thoughts, has been published in The New York Observer, The Next Web and Venturebeat, teaches Business Development classes, and has been quoted on many tech websites including TechCrunch, Fast Company, The New York Times, Busi... See full profile

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1. Introduction to Make Deals That Matter: - welcome to make deals that matter. - Biz DEVIN PARTNERSHIPS For starters, - I'm Alex Town, - head of business development in partnerships for online integrations at the Wall. - You can find me on Twitter at age 80 or email me any time that a Tower 24 June This class - introduces introductory concepts behind business development in partnerships at start of - companies. - My background consists of leading business development in partnerships for start up - companies that have a P i platforms and focus on third party product integrations. - Before joining Douala, - I lead business development for a photo editing startup called A Very. - I also contribute to the Entrepreneur section in Forbes Twice a month. - Enough about me. - Let's look at this overview. - The first unit of this class will cover business development. - The second unit will cover partnerships. - The third will cover things like rejection tools and other concepts you should know about - in the fourth and Final Unit will cover building a pipeline pitching in closing. - If you ever have any questions about the class, - please email me or tweet at me and I'll do my best to respond within 24 hours at the end of - this class, - I have a project that I think will be very helpful to anyone looking to break into business - development. - Or they're starting their job at business and business development in partnership rule. - Without further ado, - let's move to Unit one. 2. Unit 1 + 1.1 - Introduction to Business Development and What is Business Development? : - Welcome to Unit one in Unit one. - We're going to review four concepts in business development introduction. - The first is what is business development? - The second is different types of business development. - The third is networking, - and the fourth is your digital identity. - At the end of the fourth video lecture will go over a few things you should reflect on so - on to Unit 1.1. - What is business developed? - Business development is broken into three main functions. - The first is doing everything you can to help the business side of your startup. - That is everything for marketing, - selling, - developing strategies and executing on them for your company. - The second is networking. - Your job is to build relationships with key individuals in your industry and maintain them - . - And the third and final piece is finding a point of transaction and repeating it as many - times as possible. - I believe this is the most important one. - What happens here is that you build the infrastructure for your company to go out and bring - in deals at a large scale, - a good business Development Employees repeats a similar deal many times and streamlines it - for a sales team to come in and absolutely crush it over and over. - These three things cover the essence of what business development is at a start up. 3. Unit 1.2 - Different Types of Business Development: - welcome to Unit 1.2 different types of business development. - Knowing the different types of business development is very important at your job. - When someone says that a company is B two c B to B B to B to C, - you need immediately understand what they're saying. - This is a basic tenet of business development. - Let's talk about B two C First BTC stands for business to consumer companies like Facebook - , - Twitter and Foursquare R B two C companies and B to C. - We typically don't see a business development employees until the founder that focuses on - business development becomes overwhelming. - One of the founders always focuses on business development for a BTC company for BDC. - We also see the company offering an A P I. - Sometimes it's free. - Sometimes it costs money. - As part of these deals. - Think about Facebook and all the apse on their platform. - Most of the APP developers don't have a direct relationship with Facebook. - They just build on top of it, - the other a p I good business. - Two Consumer companies don't do many platform deals. - They do distribution and brand deals. - Think Foursquare and Bravo. - That was a great branded deal early on foursquare or four square in BlackBerry. - Now they have a new distribution deal where every BlackBerries preloaded with force for now - , - in terms of business to business or B two b. - I have very limited experience on this end, - but you should at least know about the term business to business biz. - Dev becomes sales very quickly or routes. - The company doesn't really go anywhere. - Examples of companies are salesforce Box 37 signals, - and they're typically doing government deals or enterprise deals and lastly, - business to business to consumer or B to B to C. - This is when you're offering a solution to businesses and their users are going to be - exposed to it. - Some people refer to this type of BT as business to developers. - I've spent my career in this space is what I know best. - Some great companies like a very stripe and twilio offer B two b two C offerings. - Think of what the actual partnership looks like when one of these startups work with - another company, - their product ends up being used by the consumers in this case, - photo editing payments, - or SMS. - Now you know the three types of business development and next time someone uses the word B - two C or b two, - b two c or B to be in a sentence, - you won't be confused. 4. Unit 1.3- Networking: - welcome to Unit 1.3. - Networking in business development. - Networking is one of the most important things. - When people say you are only good is your network they mean it. - Having a good network means that when your company needs to talk to someone at Company X, - let's say Facebook Well, - if you don't know anyone at Facebook or know anyone who knows someone at Facebook, - you're pretty screwed. - In the end of the day, - you need to build your network to a point where you're one degree removed from any company - or individual, - and if you need that 11th hour introduction or assistance, - you can get it. - Here are two ways to build your network. - I recommend doing a mix of both the first these events. - I think participating in organizing events is the easiest way to grow your network. - The first thing to figure out is what are the right events to go to? - If you're someone in payments space and you're going to a biotech, - meet up, - you're doing something wrong. - Unless you're looking to break into biotech, - you need to spend time going to relevant events. - Once you figured out the right events to go to now it's time to pre game the event and try - to identify who is going to be there. - I don't like wasting time at these events, - so I always do a little recon on the attendee list. - Sometimes it's easy to find out, - like on the bottom of some event, - right, - and sometimes it's not. - Once you get to the event, - you need a balance stained focus on on finding these pre identified people as well as going - with the flow and meeting new people. - I always make sure to follow up after the event, - even if I don't think there is something that could happen immediately. - A quick, - great meaning you Let's keep in touch with the Lincoln Connection is the best way to keep - growing your network. - You really don't know where you're gonna be in two years, - so make sure you connect with everybody. - If someone you pre identify didn't end up showing up or you couldn't find them, - don't feel embarrassed to shoot them. - An email. - It's not so hard to guess their email address. - It's usually first name at company or first name dot last name at company or first initial - last name at company, - So don't be afraid to shoot them an email and say you saw them on the list and we're hoping - to connect but didn't see them there. - I've sent and received many of these and have made some of my closest connections from - doing this strategy. - It really shows that you care. - The second item to grow your network is social media. - Building a digital identity helps you scale your networking. - Be active on social and distribution platforms. - I found that writing and publishing content, - whether it's on your own personal blawg or on a tech log, - it's a great way to grow your network because it's a lot easier to write one article and I - have 100 people. - Read it, - then go five events and me 20 people at each event. - It just takes a lot of time and a lot of effort. - And lastly, - Twitter is probably the greatest social networking tool out there. - It's actually really not a social network, - or rather, - it's an interest network like minded people interact. - If you become part of the conversation and get active out there, - you really meet some great people. - Networking is one of the main tenets of business development and should not be taken - lightly 5. Unit 1.4- Digital Identity: - welcome to Unit 1.4 Digital identity. - In the last video, - I briefly touch upon the idea of building a digital identity. - I firmly believe that the best beauty people are easily accessible online and put - themselves in a position to get lucky constantly. - This means having a visible profile on LinkedIn, - Twitter, - Facebook, - foursquare Instagram about me and others. - You should consider starting a blogger on Tumblr or WordPress, - as I truly believe that a good BT person can become a great beauty person by writing more - look at the V C space. - Fred Wilson is a great investor. - There are a ton of great investors in San Francisco that you've never heard of. - The difference is that Fred writes very well, - I might add, - and people listen. - I think writing has taken Fred from being a great V C. - To become one of the founding fathers of the New York Texan, - writing concern greatness into legendary status, - you should be spending time on early adopting platforms. - This is where a lot of tech people hang out. - I remember in the summer of 2011 I spent a lot of time on turntable. - For those of you that don't know. - Turntable was a really hot music start up in 2011. - So I spent a lot of time in these turntable rooms, - and I met some great people. - One of them even became a launch partner for a product we were we're releasing at a very - hanging out in new products. - You can put yourself in a position to get really look, - and lastly, - remember this. - There are so many great events you can go to, - but only so little time. - Unless you want to burn out. - You need to use your social media and your digital identity to scale your networking. - Because networking is not scalable, - your digital identity is now. - We finished Unit one Business Development Introduction. - The first units goal is to provide you with an entry level background on business - development at start ups. - On this slide, - you'll find some things you should be thinking about after watching. - If interested, - feel free to email me this to discuss in more depth Thanks for watching Unit One and get - ready for Unit two introduction department ships 6. Unit 2 + 2.1 - Introduction to Partnerships + Understanding Other Companies: - welcome to Unit two. - In Unit two, - you're going to review four concepts in partnerships introduction. - The first is understanding other companies. - The second is the four Golden Rules of Partnerships. - The third is proving to another company that you could help them, - and the fourth is talking about partner feedback feeding into beauty. - At the end of the fourth video, - we will go over a few things you should reflect on. - Let's go to Unit 2.1. - Understanding other companies When wanting to work in partner with other companies. - It is best to truly understand that this means finding out what they're most important. - Metric is, - this is the number when they wake up in the morning that they look at and if it is up there - happy and it is down there set. - This metric is different for different companies. - It could be anything from new users and unique visitors to page views and usage. - At the Walla, - it's no secret we care about users and usage. - Most companies care about users and usage. - It's pretty simple. - Same was that a V ery, - but this was more in lines of photo edits and monthly users. - So how do you find out this metric? - Sometimes it is an obvious. - And even if it is, - you should just ask the other company. - Once you figure out the metric that they really care about, - you need to find out how people and users view the company you want to work with. - How are they using the product? - At the same time, - you also understand how the company views itself. - For all you know, - they could be pivoting their business at this point. - Maybe hourly. - They have a startup for red ponies, - but really they want to be in the purple pony business. - Well, - if you don't know this and you come in starting to talk about a solution for game than more - red ponies, - you're sort of wasting everyone's time. - You're gonna waste 30 minutes of your time in their time. - So when you start the meeting, - ask them what they're focused on right now and what metric there really they care about - understanding other companies doesn't mean memorizing key stats about the company. - You need to know that also, - but this is holistically understanding what they're about. - The best way to do this is to be a user. - Try the Web. - Try the mobile. - Get active. - Worst case you drop it. - Once you finish the conversation best case you find a new and useful tool. 7. Unit 2.2 - Four Golden Rules Of Partnerships: - welcome to Unit 2.24 Golden Rules of Partnerships. - There are only four reasons why any company would want a partner with another company. - They are. - The partnership will make you money. - The partnership will save you money. - The partnership will grow your user base. - The partnership will improve your product. - Any successful deal has had one of these as their core aspect. - Some companies hit one. - Others hit multiple. - Once you figure out which golden rule you hit now, - you need to ask yourself and think back to Unit 2.1. - What is important to them? - Which golden rules relevant them Are they focused on growing their user base? - Maybe they're all hands on deck for modernization. - Understanding. - Where the company is on the road map will help figure out if there is a partnership to be - had. - Start ups are usually in one of three phases. - Phase one is product building. - Phase two is products Kaylan, - and Phase three is part of monetizing. - Bigger companies typically straddle all three phases in various divisions. - If you go to a company with the solution to monetize the product and they're focused on - scaling the product, - you probably will need to re approach then in a few months when they're ready to monetize - their product. - The four Golden rules play an important part in prospecting. - Whether or not you will have a deal for the most part, - by going through this process, - you will know whether there is a deal to be had. 8. Unit 2.3 - Prove It: - welcome to Unit 2.3 prove it. - There is a logical progression of deals. - In the last video, - we spoke about the four Golden rules of partnerships. - That's the first part figuring out what you offer. - Then we spoke about what the company finds important and where the company is on the road. - Now. - Imagine you get through the process. - Let's take growing your users as what you offer the other company. - Your product helps Company X grow their user base. - They care about growing their user base and there at the scaling phase. - The next two questions are by how much can you grow their user base? - And can you prove it? - Are you growing the other companies user base by five users or 50,000 users? - Obviously, - this has huge ramifications on working with the perspective partner. - In the end of the day, - it all comes down to proving it. - When dealing with partnering with another company, - they want to know who you have done this with before. - Either you have companies you've worked with before and can prove it or you don't have any - proof, - and you get the proof from smaller opportunities when it gets to the later stage of - partnerships. - You'll need to be able to prove it should show some legitimacy and validation for anyone - will want to work with you. 9. Unit 2.4 - Partner Feedback Feeding Into BD: - welcome to Unit 2.4. - Partner feedback Feeding into BD. - This is the last section of the second partners and prospective partners are the best - source of feedback on building products. - Is a much smarter strategy to get feedback from perspective partners and find out what they - truly want before building anything every good started does this. - They make sure there is a demand before spending any technical? - Paul Graham, - the founder of Y Combinator, - is famous for saying, - Make things people want. - This is the same idea. - Make sure there's a market for your offer. - This is a big part of partnerships and plays into business of L. - The business team really helps dictate product direction. - Now we have finished unit to partnerships introduction. - The second unions goal is to provide you with an entry level background on partnerships at - start ups. - On this slide, - you'll find some things you should be thinking about after watching, - If interested, - feel free to email me. - Discuss in more depth. - Thanks for watching unit to and get ready for Unit three rejection tools and more 11. Unit 3.2 - Finding A Champion In A Company: - welcome to Unit 3.2. - Finding a champion in a company. - When looking toe work with big companies, - you'll need a champion to get the deal done. - This is someone at the big company that gets it. - They will push your company's agenda and have your best interest in line. - They're also helpful when things get rough and they almost definitely get rough. - It always happens in so many deals. - Both sides are at one point about to walk away from the deal. - The champion keeps the eye on the prize and make sure the right deal gets done in some - really big deals. - There could be more than one champion and most definitely one on each side. - That is usually you on your side. - Finding the champion at a company is neither easy or hard. - It just happens. - You pitch a company, - and a person in the decision making process is in love with your offering. - They're not always the sole decision maker, - though. - That person sells it internally and then supports you coming in to talk more. - So finding this person is very crucial as not finding one can potentially derail your deal - . 12. Unit 3.3- Following Up, Reaching Out, Corresponding, Favors: - welcome to Unit 3.3. - Following up reaching out corresponding and favors in this section, - we review various types of outward facing aspects of business development in partnerships. - Everything here is a learned art. - Always remember that is about building and keeping relationships in terms of follow ups and - reach up. - Always keep them short. - They should be concise into the point. - People don't have all day to do email. - So if you have a long email, - you'll be buck. - It'd in the long email list. - Some people never get to deny important long email list. - I truly believe there is a correlation between short emails and the response rate. - Keep your email short and people just respond. - I like to keep them five sentences or under. - The next thing to think about in your follow ups and reach outs is getting your ask out - quickly. - You should have only one major asked for email. - This is unless you are very close with the person or in late stages of a deal, - and you have a lot of things to talk about, - you're asked, - is what you need from the person you're emailing. - If you don't have an ass or aren't sharing important information and you aren't so close to - them. - Don't send email. - It's really not worth it. - I'm a big believer of corresponding, - often with contacts. - I like to keep relationships born. - I think favors helps with this. - It goes both ways, - asking for a favor and doing a favor. - Sometimes they're initiated by the other side, - and sometimes you need to initiate it. - But doing a favor, - whether it's an introduction, - some product feedback or something else is the best way to keep your relationships warm. - I think you always need to be giving and taking to stay relevant. - I'm not on not, - but I'm not a believer of that. - You only have one ask from somebody. - It's a very old school mentality that you have to save your ass. - If someone is really important, - I think it's much better to build a real relationship with the person and offer value to - them, - and hopefully one day they'll be. - You'll be able to ask for value from them. - These outward facing pieces of business development and partnerships take some time to - master, - but they are crucial for your development 13. Unit 3.4- Tools I Like: - Welcome to Unit 3.4 Tools I like. - This is the final section of Unit three, - and we will review tools that I like in use. - Let's start out with the essentials. - Twitter. - Twitter is the greatest business development in partnership Tool out there. - Remember, - it isn't a social network. - It's an interest network. - I've met some of the best people from following and interacting with them on Twitter. - If you aren't on Twitter right now, - get on it. - If you aren't active on Twitter, - get with it next. - Islington after meeting anyone, - whether you could do something with them immediately or not connect with them on LinkedIn. - This way you can have them in your network and be able to keep tabs on them wherever they - go. - Here are four tools that I've been using actively right now and I think are very helpful. - The first is reported report. - It is an awesome plug in for Gmail. - It lets you see all the social media accounts and connect with them with the person you're - emailing. - I've also used it to figure out if I'm emailing the right person at a company on the right - side. - It syncs up and if you enter their correct email address, - it shows all their social media. - If you're guessing someone's email address, - you can enter it enough times in different variations and figure out what they're really - email address is. - The next tool is Falcon. - This is similar reported, - but it works for hacker news, - Twitter Get Hub and other websites. - It's very useful to see who people are on these potentially anonymous websites. - The third tool is yes, - where there another plug in for Gmail that allows you to see who opened your emails and - what they clicked on. - This is very helpful when sending out cold emails, - following up on deals and other functions in business development in partnerships. - I've actually started to pay for it, - so I have unlimited access. - Now the free version comes with only 50 tracks promote. - The last tool is job changed. - Notify air. - This is an email alert I get every day. - The email summarizes which of my contacts on LinkedIn have changed jobs and where they have - gone. - As you can imagine, - this is very useful. - Now. - We finished Unit three rejection tools and more. - The third units goal is to provide you with some tips on business development and - partnerships that startups on this slide, - you'll find some things you should be thinking about after watching, - If interested, - feel free to email me to discuss, - to discuss and more death. - Thank you for watching Unit three and get ready for unit for pipeline pitching and closing - . 14. Unit 4 + 4.1- Pipeline, Pitching, and Closing + Building A Pipeline: - in unit for we're going to discuss a few new topics. - The first is building a pipeline. - The second is about getting in front of someone you don't know. - The third is about pitching, - and the fourth is about closing. - At the end of the fourth video lecture, - we'll go over a few things you should reflect on. - Let's go Unit 4.1. - Building a pipeline First, - let's start off with what a pipeline is and why you need one. - A pipeline is what your business development team will use as its guiding light for where - all your deal stand. - There are tons of tools that could help you manage your pipeline. - But let's start with the Basic Pipeline Management Tool, - which is Excel or Google spreadsheets Your pipelines. - You could bind a list of all your current partners. - If you have any and a hit list of the ideal partners you'd like to work. - You can coat the color to tell what stage they're in. - Green is live oranges pending your hopeful and red is no in the pipeline. - The columns you need tohave are first column is the company name. - The second column is how big they are. - If you have exact numbers, - use that. - If not, - go with large, - medium small, - but use your best judgment. - The next column is how likely they are to work with you. - This is basically a gut feeling, - which will be checked in the percentage assessment in the next column. - The last two columns are adding the contact point at the company and the status of the deal - . - The status on the deal is really important because it keeps you honest on where you really - are. - With the deal, - it goes from 0% to 100% 0%. - You haven't made contact with the company or even identified anyone there. - At 20% you've identified the right person and made contact at 40%. - You've sent materials and they're evaluating the opportunity at 60%. - They have requested a contract and you've sent it at 80%. - The contract signed and the terms are agreed on and 90% here in the middle of integration. - At 100% the integration is launched and there's press about it. - This helps you know where the deal really is and set the expectations accordingly. 15. Unit 4.2- Getting In Front Of People You Don't Know: - Welcome to Unit 4.2. - Getting in front of someone you don't know. - You can't leave getting in front of some video Noted Chance. - You need to strategize. - Everyone is different. - But in terms of hair icky, - the best way to get in front of someone is a warm introduction in real life from someone - who notes both sides. - Sarah knows you. - Sarah knows. - John, - You want to meet John, - and Sarah is willing to introduce you to John. - This is the best scenario. - The second best scenario is scenario one, - but not in person. - Rather, - the email The third best scenario is meeting someone in real life at a networking of it. - And the last and sort of final resort is a blind reach out to someone you have never met - and have no connection to. - I do believe, - though, - that you should always try to keep your cold, - reach out skills up to date, - and every once in a while, - try to flex that muscle and try to get in front of someone you don't know without getting - an introduction. - Obviously, - when you do that, - you need to keep your email short into the point, - and this is getting in front of someone you don't know 16. Unit 4.3- Pitching: - welcome to Unit 4.3 pitching. - My thoughts on pitching have changed in the past few years. - When I started off, - I would come to each meeting with a full deck, - ready to pitch the company on the other side. - The problem. - Waas that instead of being guided by the pitch deck, - I became restricted by any time the conversation veered away from the pitch deck, - I would try to bring everyone back to it. - What I didn't understand was that if the conversation goes somewhere you don't expect, - you need to let it. - If the person you are meeting with at the company you want to work with wants to talk about - purple ponies, - you should talk about purple ponies. - Purple ponies is just an example of some some sort of shared interest that you might take - away from the conversation and pitch. - The rationale here is that if you build a meaningful relationship with that person, - I promise you they will give you enough time to properly pitch. - They will definitely hear you out, - maybe even more so. - I feel like a pitch deck takes away from this. - This is more of a personal thing, - but it's just my feelings towards pitching. - Now I come to a meeting ready to pitch, - but I approach it a bit differently. - I try to ask two questions. - Listen a lot to what they're really saying in get to demo ing the product at hand, - the two questions asked, - Are very simple. - The 1st 1 is, - what do you folks focused on? - This fills a gap of intelligence that I can't possibly know before entering the meeting. - You can do all the research in the world, - but until you talk to the other side about what they're focused on at that moment, - you may be going down a 30 minutes to an hour. - Waste of everyone's time. - Imagine you have a tool that will help a company focused on photo sharing improve their - product. - But unknown to you, - they have actually silently pivoted towards video sharing. - Asking this question helps you not waste anyone's time. - The second question is what? - What is important to you right now? - The answer here will come inform of metric. - The answer could be one of the following three things. - Building the product, - scaling the product, - monetizing the product. - Their answer will fall into one of these three buckets. - Some big companies do all three things at once, - but understanding what is most important to them will help you know whether or not your - company's offering will actually help them at all. - Once you've asked these questions, - you're ready to properly pitch. - I like to just demo working product. - If you don't have a working product, - you should go with selling the dream, - getting good at vapour sales vapor sales being that selling something that is not there is - tough. - But if you keep tweaking your offering when listening prospective partner feedback, - you may come up with something that the companies actually want. - I like to listen to the person on pitching to truly understand if there is a problem or - pain point that my offering can can touch. - You should be a proactive problem solver for the other side. - Now that you have a good sense of pitching and what that entails, - let's go to the final video closing 17. Unit 4.4- Closing: - welcome to Unit 4.4 closing. - Before we begin, - you need to know that even the best closers have problem closing bad deals. - Bad deals are when your solution is not right or doesn't make sense for the other side. - The other thing you should know is that closing takes time to get good. - I would recommend anyone in their first time started job. - And if you're responsible for closing deals and you have no previous experience closing - deals, - you need to leave that job and go work for a seasoned veteran for 1 to 2 years and really - learn out of clothes. - But if you do not heed this warning and you are, - you need some help closing deals, - and you need to understand what you need to be thinking about. - Here's a few tips. - First, - let's talk about your solution. - Does the other side care about your offering right now? - If so, - you're in a good place. - But that's not enough to close a deal. - You need to understand how much your solution is actually going to help them think back to - the four Golden rules of partnerships. - How much? - Improving the magic formula for closing deals is very simple. - You're offering gives the partner something they care about. - Right now, - the offering can affect them enough to prioritize it over other opportunities. - And you have a proven track record of doing this for others. - This is how you close the deal. - It's very simple. - If you don't have it or you don't have any of these things, - there are ways around it. - For example, - one strategy is the launch apartment strategy, - in which you release a product with partners. - The accelerant for the partners is that you will be doing a lot of press and hopefully - sending users and usage their way. - So is worthwhile for them to spend time to re prioritize their road map to get involved for - your launch. - I've used this many times to my benefit and is one of my favorite strategies. - The main down side is that you delay publicly launching a product so partners can integrate - and go live. - A second example is giving away your product to a few small partners and working your way - up with building use cases and eventually working up the chain to get bigger and bigger - partners. - This takes more time, - and you should be working on smaller opportunities in early on. - But sometimes this doesn't work fast enough for startups who needed proof. - Traction, - quickly Closing deals is a complex beast. - Considering that this is an intro class, - I truly hope that you work for someone that knows how to close deals and have them take you - under their wings for two years to truly learn. - There's so much you can't learn from taking a lecture. - When you're in the meeting, - you need to understand that the person should be able to teach you. - You know, - when someone pushes for something, - you know whether to walk away for something. - How to negotiate all these things you can't really learn unless someone who's done it - before it takes you under their wing and shows you Now you finished. - Unit for Pipeline pitching In closing the fourth and final units goal is to provide you a - framework on building a pipeline, - getting in front of people you don't know pitching and closing at start ups. - On this slide, - you'll find some things you should be thinking about after watching, - If interested, - feel free to email me to discuss in more depth. - Thanks for watching you before and get ready for the final project building a 30 60 90 day - plan 18. Final Project- 30, 60, 90 Day Plan: - welcome to the final project building a 30 60 90 day plan. - I've had to build one of these at every single job I've had. - The goal is to get a good sense of what you need to accomplish in the 1st 90 days to be - successful at your job. - This could be realistic or hypothetical. - This could be everything from building out a few small to medium use cases for other - partners to see, - trying to get one partner in every vertical that you're attacking or something totally - different build this plan and sent it to me. - I will do my best to give you feedback and tips to be successful at your job. - Thanks for taking this course and feel free to email me at any day or time. - I'll do my best to get back to a soon as possible thanks