1.Good morning. My name is David Rose.
早上好。我叫David Rose。
2.I am a serial entrepreneur-turned-serial investor.
我以前是个连续创业者,后来变成了连续投资者。
3.And by the use of pitching PowerPoints to VCs, I have personally raised tens of millions of dollars from VCs through PowerPoint pitches.
我用powerpoint做演讲，集资 我亲身利用Powerpoint从风险投资者那儿， 集过千万美金。
4.And then, turning round to the other side of the equation, I have personally supervised the investment of tens of millions of dollars into companies
当我变成了一个投资人之后， 我自己监督了 对多个公司的千万美金的投资。
5.who have been pitching me with PowerPoint presentations.
他们也是用PowerPoint演讲来打动我给他们投资。
6.So I think it’s safe to say I know a little bit about the process of pitching.
我想，这些可以让我自信的说 我对集资还是有一点了解的。
7.So the very first question that you’ve all got to figure out is: what is the single most important thing that a VC is looking for when you come to them
你第一个要想明白的问题就是： 当你去给投资人 展示你的商业计划的时候，
8.pitching your new business idea?
他们最想要的是什么？
9.And there are obviously all kinds of things.
当然有很多的因素，
10.There are business models, and there are financials, and there are markets and there is that. Overall, of all the things that you have to do,
比如商业模型，财务， 还有市场。 但是，在所有你要做的事中，
11.what is the single most important thing the VC is going to be investing in?
哪一样是投资人 最看重的呢？
12.Somebody? What?
谁来猜猜？是什么？
13.Audience: People.
观众：人。
14.People? You! That’s it — you are the person.
人？你！没错，就是你。
15.And so therefore the entire purpose of a VC pitch is to convince them that you are the entrepreneur in whom they are going to invest their money
其实整个集资演讲的过程 就是要说服投资者，你就是这个 他们即将投资的创业者，
16.and make a lot of money in return.
会帮助他们赚到更多的回报。
17.Now, how do you do this?
那，你怎么能做到呢？
18.You can’t just walk up and say, you know, “Hi, I’m a really good guy, and a good girl, and you should really invest in me.” Right?
你不能上去就跟人家说， “你好，我是个特棒的人， 投资在我这儿吧。”
19.So in the course of your VC pitch, you have a very few minutes.
在你集资演讲的过程中，你只有很短的几分钟。
20.And most of VC pitches — most angel pitches about 15 minutes, most VC pitches should be less than half an hour — people’s attention span after 18 minutes begins to drop off.
大多数投资演讲的时间 — 对创投天使大概是15分钟 对其它大概不到30分钟。 人的注意力大概会集中18分钟， 然后集中力就开始下降了。
21.Tests have shown.
这是实验的结果。
22.So in that 18 minutes, or 10 minutes, or five minutes, you have to convey a whole bunch of different characteristics.
所以，在18分钟，或者10分钟，更或者5分钟之内， 你必须要传达许多特质。
23.You actually have to convey about 10 different characteristics while you’re standing up there.
在这短短几分钟之内， 你大概要传达10个特质。
24.What’s the single most important thing you’ve got to convey?
那么哪一条要传达的信息是最重要的？
25.What?
什么？
26.Audience: Integrity.
观众：诚实。
27.Boy, oh boy, oh boy! And that’s a straight line we got right over there. And I didn’t even prompt him.
没错！和我的幻灯片上一摸一样。 他不是我的托啊。
28.You’re right, integrity. Because that’s the key thing.
你是对的，就是诚实。这是最重要的一点。
29.I would much rather invest in somebody — you know, take a chance on somebody — who I know is straight than somebody where there’s any possible question
我更愿意投资给– 或者说在一个诚实的人身上下注。 而不是，一个让我怀疑到
30.of, you know, who are they looking out for, and what’s going on.
他的动机 或者有小动作的人。
31.So the most important thing is integrity.
所以最重要的就是诚信。
32.And what’s the second most important thing after integrity?
那么除了诚信之外，第二重要的是什么？
33.Let’s see if you can get this one.
看看你们能不能回答这个。
34.Audience: Self-confidence.
观众：自信。
35.Close enough! Passion.
很接近了！是激情。
36.Right, so here you want — entrepreneurs by definition are people who are leaving something else, starting a new world over here, creating and putting their life-blood into this kind of thing.
对，你想– 创业者的定义 就是要抛弃其它的东西，开始一个新的世界， 而且会把自己的心血倾注到这个新世界中的人。
37.You’ve got to convey passion.
所以你一定要传递激情。
38.If you’re not passionate about your own company, why on Earth should anyone else be passionate?
如果你对你自己的公司都没有激情。 其他人怎么会对它有热情？
39.Why should they put more money into your company if you’re not passionate about it?
如果你对自己的公司都没有激情？ 别人怎么会投钱到你的公司。
40.So integrity and passion — the single most important things out there.
所以，诚信和激情是两件最重要的事情。
41.Then there are a whole panoply of other things that you’ve got to do to wrap up in this package that you’re presenting to a VC.
之后你还需要许多其他事情， 去充实你要传递给投资人的 整体形象。
42.Experience.
经验。
43.You’ve got to be able to say, “Hey, you know, I’ve done this before.”
你要能告诉他们，“我之前干过这个。”
44.And “done this before” is starting an enterprise and creating value, and taking something from beginning to end.
这代表了你曾经试过创业，创造价值， 并且从头坚持到尾。
45.So that’s why VCs love to fund serial entrepreneurs.
这就是为什么投资人喜欢投资给连续创业者。
46.Because even if you didn’t do it right the first time, you’ve learned the lessons which are going to stand you in very good stead the next time.
因为即使你第一次没有成功， 你已经从失败中学到了功课， 这些经验会在你第二次开创时会很有用。
47.And now along with that, along with the experience of starting an enterprise, or running something — and it doesn’t have to be a business.
同时， 除了曾经开过公司， 其它的经验也有帮助。
48.It can be in an organization at school, it can be a not-for-profit.
比如说学校的组织， 或者是非盈利机构。
49.But they want experience in creating an organization.
但是他们想看到一些组织经验。
50.Next up is knowledge.
下一个就是知识。
51.If you’re telling me you’re going to be the great developer of the map of the human genome, you’d better know what a human genome is.
如果你说 你要画出人类基因的图谱， 你最好要知道基因是什么东西。
52.I mean, I want you to have domain expertise.
我的意思是，你要有专业知识。
53.So I don’t want somebody who’s saying, “Hey, I’ve got a great idea in a business I know nothing about.
我不想看到有人说， 嘿，我有个特别好的主意，但是我对它一点也不了解。
54.I don’t know who the players are, I don’t know what the market is like.”
我不知道我的竞争者， 我不了解市场是什么样的。
55.So you’ve got to know your market.
所以你要了解你的市场。
56.You’ve got to know your area.
你要了解你的领域。
57.And then you have to have the skills that it takes to get a company going.
你要有所有 运营一个公司的能力。
58.And those skills include everything from technical skills, if it’s a technology business, to marketing and sales and management and so on.
这些能力包括了技术能力， 如果是科技公司的话， 还有市场营销， 管理，等等。
59.But, you know, not everybody has all these skills.
但是，不是每个人都能具备所有的能力。
60.There are very few people who have the full set of skills that it takes to run a company.
只有很少的人会有 运营一个公司的所有技能。
61.So what else do you require?
那么还需要其它什么呢？
62.Well, leadership.
领导力。
63.You’ve got to be able to convince us that you either have developed a team that has all those factors in it, or else you can.
你要能说服我们， 你，或者你的团队 拥有了所有这些技能。
64.And you have the charisma and the management style and the ability to get people to follow your lead, to inspire them, to motivate them to be part of your team.
你要有感染力，还有管理的方式 能让人们跟随你的领导， 鼓舞，激励他们成为你团队的一部分。
65.All right, then having done all that, what else do I want to know as a VC?
但做好了这些后， 做为一个投资者，我还想知道什么呢？
66.I want to know that you have commitment.
我要知道你能坚持你的承诺。
67.That you are going to be here to the end.
你会从开始坚持到最后。
68.I want you to say, or I want you to convey, that you are going to die if you have to, with your very last breath — with your fingernails scratching as they drag you out.
我要你告诉我，传递给我， 你死都要坚持，坚持到最后一口气。 愿意拼死一搏。
69.You’re going to keep my money alive and you’re going to make more money out of it.
你会让我的钱周转 你会用它们挣更多的钱。
70.So I don’t want somebody who’s going to cut and run at the first opportunity.
我不想投资在一位一碰到危机 就逃跑的人。
71.Because bad things happen.
因为没有什么事情会是一直顺利的。
72.There’s never been an angel- or a venture-funded company where bad things didn’t happen.
从来没有一个被投资的公司 是一帆风顺的。
73.So I want to know that you’re committed to be there to the very end.
所以我想要知道你会承诺 坚持到最后。
74.You’ve got to have vision.
你还要有视野。
75.You’ve got to be able to see where this is going.
你要能看到你公司前面的方向。
76.I don’t want another “me too” product.
我不想看到一个“我也是”的产品。
77.I want somebody who knows, who can change the world out there.
我想找的人要知道，他们可以改变世界。
78.But on top of that I also need realism.
当然，这要建立在现实的基础上。
79.Because I need to know that you know, that while the change in the world is great, it doesn’t always happen.
我要知道你明白， 尽管改变世界是很美好的事，但那并不常常发生。
80.And before you get to change the world, bad things are going to take place.
在你改变世界之前， 总会有各种难题。
81.And you’ve got to be able to deal with that.
而你要能解决这些难题。
82.And you have to have rational projections and stuff.
你要有理性的计划。
83.And then finally — you’re asking for my money, not just because it’s my money, but because it’s me you need to be coachable.
最后，当你向我筹钱时， 不仅仅是因为我的钱，还因为我。 你要能听别人的指导。
84.So I need to know that you have the ability to listen.
我要知道你有聆听别人的能力。
85.We’ve had a lot of experience — people who are VCs, or angels investing in you — have had experience and they’d like to know that you want to hear that experience.
我们都有很多经验– 这些投资人，天使投资者 都有很多经验，他们想要知道 你想听，学这些经验。
86.Okay, so how do you convey all these 10 things in 10 minutes without saying any more?
那么，你怎么能够在10分钟里传递这10件事， 又不至于说太多话呢？
87.You can’t say, “Hey, I’ve got high integrity — invest in me!” Right?
你不能说，“嘿，我很诚实， 给我投资吧！”
88.You’ve got to do a whole pitch that conveys this without conveying it.
你要在整个演说过程中不露声色地 来传达这些信息。
89.So think about your pitch as a timeline.
要把你的演说当成一个时间轴。
90.It starts off, you walk in the door.
它从你进门的那一刻开始。
91.They know nothing at all, whatsoever, about you.
他们在这一刻之前对你一无所知。
92.And you can take them on an emotional — all pitches, or all sales presentations, are emotional at some level.
你要带动他们的情绪– 所有的演说，所有的销售演讲，都要带动人们的情绪。
93.You can go up, you can go down, right?
情绪可以变浓，也可能会变淡，对不对？
94.And it goes from beginning to end.
这个过程会从开始持续到最后。
95.You walk in the door. So the first thing you’ve got to do — the overall, you know, arc of your presentation — it’s got to start like a rocket.
你走进门。你第一件要做的事情– 就是要让你的演讲快速升温– 你要像个火箭一样开始。
96.You’ve got maybe 10 seconds — between 10 and 30 seconds, depending on how long the pitch is — to get their attention.
你大概有10秒钟–10到30秒钟， 根据你总共的时间–来吸引投资人的注意力。
97.In my case: “I’ve invested. I have got tens of millions of dollars from PowerPoint pitches.
以我为例：“我投资过。我用集资演说得到 上千万的投资，
98.I have invested tens of millions of dollars.”
我也投资过上千万的资金。”
99.That’s it — that should get you right there.
就象这样，让你有个成功的开始。
100.This can be a factor, and everybody can be saying it’s counterintuitive. It can be a story, it can be experience.
这也可以是一个出其不意的情况， 或者是一个故事，一个经历。
101.But you’ve got to grab their emotional attention, focused on you, within that first few seconds.
不管是什么，你要从一开始就要抓住他们的情绪， 让注意力集中到你身上。
102.And then from there, you’ve got to take them on a very solid, steady, upward path. Right from beginning to end.
然后，你要带着他们开始一个 坚固，稳定的上升线。从开始直到结束。
103.And everything has got to be reinforcing this.
你的一切表现都要加强这一点。
104.And you’ve got to get better, and better, and better, and better.
你要把情绪调动的更浓，更浓，更浓。
105.And it’s working up to the very end, and then at the very end you’ve got to — boom! — pull them in, knock them out of the park.
直到最后。 然后再最后，你要–轰！–拉他们进来， 让他们不能在安坐一旁。
106.You want to be able to get them to such an emotional high that they are ready to write you a check — throw money at you — right there before you leave.
你要把他们的情绪调动到， 他们想马上给你写张支票， 在你离开之前把钱扔给你。
107.Okay, so how do you do that?
好，怎么做到这个？
108.Well, first of all, logical progression.
首先，要有合理的发展。
109.Any time you go backwards, any time you skip a step — imagine walking up a staircase where some of the treads are missing, or the heights are different heights.
任何时候你后退，或者是跳过什么步骤– 就像你走到一个楼梯，发现有些台阶不见了， 或者是台阶的高度不一样。
110.You stop, you’ve got to figure it out.
你会停下来，想搞明白这是怎么回事。
111.You want a nice logical progression.
你需要一个合理的递进。
112.Start with telling them what the market is.
从告诉他们你的市场开始。
113.Why are you going to do — X, Y, or Z.
你为什么要创业，一，二，三。
114.And then you’ve got to tell me how you’re going to do it, and what it is you’re going to do. How you’re going to do it.
你要告诉他们你会怎么做， 你要做什么，你怎么做。
115.And the whole — it’s got to flow from beginning to end.
从头到尾都要很流畅。
116.You’ve also got to let me know that there are touchstones.
你要让我知道这些是可信的。
117.You want to tie in to the rest of the world out there.
你要把你所要做的和外界联系起来。
118.So for example, if you reference companies I’ve heard of, or basic items in your business, I want to know about them. Things that I can relate to:
例如， 如果你提到我听说过的公司， 或者是你公司的基本要点的话， 我就想更多的了解他们。通过我能够理解的事情：
119.validators, or anything that tells me somebody else has approved this, or there’s outside validation.
我需要验证，这是否已经得到其他人的认同。 或者是外界的证明。
120.It can be sales, it can be you’ve got an award for something, it can be, people have done it before, it can be your beta tests are going great.
比如销售情况，比如一些奖项。 或者，有别人做过相似的事情， 或者是你的测试版反响很好。
121.Whatever. I want to know validation — that you’re telling me not just what you’re telling me, but that somebody else — or something else out there —
无论是什么，我需要证明。 证明不只是你告诉我能成功， 而是其他人，或者是其他事
122.says this makes sense.
证明你说得有道理。
123.And then, because I’m looking for the upside here, I’ve got to have believable upside.
再有，因为我在看你是否有前景， 你需要有可信的前景。
124.And that’s two parts.
这有两个部分。
125.It’s got to be upside, and it’s got to be believable.
一是要有前景，二是要可信。
126.The upside means that if you’re telling me that you’re going to be out there five years out making a million dollars a year — hmm. That’s not really upside.
前景是如果你告诉我说 我要在5年挣100万， 这不是真的前景。
127.Telling me you’re going to be out there making a billion dollars a year — that’s not believable.
你说你能一年挣10亿， 这让我无法相信。
128.So it’s got to be both sides.
所以它需要有两方面。
129.On the other hand there are a lot of things that drive me down, take the emotional level down, and you’ve got to recover from those.
另外，有许多东西会给我泼冷水， 降低我的情绪。 你要能从这些东西中恢复过来。
130.And those, for example, are anything you tell me that I know is not true.
比如，任何你告诉我的， 明显不真实的事情。
131.”We have no competition. There’s nobody else who’s ever made a widget like this.”
比如，“我们没有竞争对手，从来没有人 做过类似东西。”
132.Odds are I probably know somebody who has made a widget.
没准我就知道已经有人做过了。
133.And the minute you tell me that — boom! You know, I discount half of what you’re saying from then on.
当你告诉我这的一刹那，砰！ 我对你说的所有的话就开始有疑问了。
134.Anything that makes me think. Anything that I don’t understand, where I have to make the leap myself in my own head, is going to stop the flow of the presentation.
任何让我怀疑。任何让我不理解。 任何让我需要我自己去猜测的， 都会让这个演讲不流畅。
135.So you’ve got to take me through like a sixth grader — dub, dub, dub, dub — but without patronizing me.
你要像教小学生一样，让一切可以很容易理解– 咚咚咚咚–但是又没有居高临下的态度。
136.And it’s a very tricky path to do it.
这很不容易做好。
137.But if you can do it, it works really, really well.
但是如果你做到了，就会很成功。
138.Anything that’s inconsistent within the concept of your thing.
任何前后不搭的观念都会造成负面影响。
139.If you tell me sales of X, Y or Z are 10 million dollars, and the next slide, or five slides later they’re five million dollars.
如果你告诉我X, Y, Z的销售是1000万， 下一页，或者是5页后变成了500万。
140.Well, one may have been gross sales, one may have been net sales — but I want to know that all the numbers make sense together.
也许一个是总销售额， 一个是纯利润– 但是我想知道这些数据是前后合理的。
141.And then finally — anything that’s an error, or a typo, or a stupid mistake, or a line that’s in the wrong place.
最后，任何的错误，比如一个错字， 一个低级错误，一条放错位置的线。
142.That shows me that if you can’t even do a presentation, how the heck can you run a company?
这都让我觉得你连个演讲都做不好， 怎么能打理好一间公司呢？
143.So this all feeds in together.
所以这些全都很有关系。
144.All right, so the best way to do this stuff is to look at our betters — look at people who have done this before.
那么，最好的学习方法就是看看成功的人， 看看别人是怎么做的。
145.So let’s look at the most successful technology executive in the business and see how a presentation goes.
那么让我们看看成功科技公司老总 是怎么做演讲的。
146.Bill Gates’ PowerPoint presentation over here.
这是比尔盖茨的演讲。
147.Here’s Gates doing a thing for Windows.
他在为Windows做一个演讲。
148.Is this the way you should do a PowerPoint presentation?
这是你应该学的方式么？
149.What do you think?
你们怎么想？
150.No. Who do you think we should look at as our role model?
不。那么我们应该学谁呢？
151.Oh, isn’t that funny! There’s another great one over here.
好笑吧！再看一个很棒的。
152.Yes? OK, Steve Jobs.
是不？Steve Jobs.
153.You want absolute — this is the Zen of presentation, right?
你想要最棒的–这就是演讲的极致，不是么？
154.Here he is. One little guy, black jeans and stuff, on a totally empty stage.
看他，个不高，黑裤子，便装， 在一个空旷的舞台上。
155.What are you focusing on?
你会集中在那里？
156.You’re focusing on him! This is Steve Jobs.
集中在他身上！这就是Steve Jobs。
157.So, you know, our great — these wonderful long bullet points, a whole list of things, you know — good!
所以，你知道，我们钟爱的– 美妙的，长长的要点，列表，等等 — 很好！
158.No, they’re not.
不，他们并不好。
159.The long bullet points are bad.
长长的要点很糟糕。
160.What’s good? Short, short bullet points.
什么好？短，简短的要点。
161.But you know what?
但是其实，
162.Even better than short bullet points are no bullet points.
更好的是没有要点。
163.Just give me the headline over here.
给我标题就好了。
164.And you know what?
但是你知道吗？
165.How many bullet points or headlines does Steve Jobs use?
Steve Jobs用多少的要点或者是标题？
166.Basically none.
基本没有。
167.What do you do?
那么你该怎么办？
168.Best of all: images. Just a simple image.
最棒的是办法是用图片。一个简单的图片。
169.I looked at the image — a picture’s worth a thousand words.
我看一眼图片–百闻不如一见。
170.You look at the image and you see that, and you drop the whole thing.
你看一眼图片，看完后，清理思绪，
171.And then you come back to me.
转回来注意到我。
172.And you’re focused on me and why I’m such a great guy, and why you want to invest in me.
你专注在我的身上，想为什么我是个很棒的人。 为什么你要给我投资。
173.And why this whole thing makes sense.
和为什么这个投资项目很合理。
174.So with that said, we only have a very, very short time.
说了这么多，我们只剩下很短的时间了。
175.So let’s run through the things you’ve got to include in your presentation.
让我们来总结一下 你演讲中要包括的要点。
176.Well first of all, start out. None of these big, long-titled slides with blah, blah, blah, blah, blah, blah and I’m presenting to so-and-so, such-and-such a date.
首先，你一开场时，投影片不要使用过长的标题， 也不要说一堆废话。 比如我给谁演讲，在哪一天等等，
177.I know the day, I know who I am, I know you’re presenting.
我知道日期，我知道我是谁，我知道你在演讲。
178.I don’t need all that.
我不需要这些。
179.Just give me your company logo.
我只需要你公司的标志就够了。
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