Maria Halpern, MBA Career Management Megan Mitchell, Wharton Entrepreneurial Programs

Transcription

1 PITCHING YOURSELF TO STARTUPS Maria Halpern, MBA Career Management Megan Mitchell, Wharton Entrepreneurial Programs

2 AGENDA Startup Hiring at Wharton Strategy & Research The Approach The Pitch WEP Startup Auction & Fellowships Panel Discussion 2

3 STARTUPS HIRING MBA INTERNS The class of 2012 received over 60 internship offers from exciting and promising startups across a range of sizes, funding levels, and industry sectors last summer. Companies Hiring Wharton Interns

4 SOURCE OF WG12 STARTUP INTERNSHIPS While 30% of accepted offers came from Wharton Job Postings, more than 50% of offers came from personal networking or Wharton alumni Accepted Startup Internship Offers, WG12s N = 43 19% 14% 30% 37% Personal Networking Connections Wharton Job Posting / MBACM Contact Wharton Alumni Contact Other Key takeaways: Important to have both a proactive and reactive strategy in place MBACM / WEP have relationships with over 400 startups / VCs Leverage Wharton resources and your own research to come up with a plan of attack

5 STRATEGY & RESEARCH Start by asking yourself Do I really want to work at a startup? Aspirations Risk profile If yes think about Role Sector Size of company / risk Team / culture / reputation Region

6 STRATEGY & RESEARCH Follow industry press, leverage industry databases, monitor job board activity, and attend industry events to Identify companies of interest Determine which companies are growing Uncover hidden issues / challenges where you might be able to lend a hand Industry press/blogs: VentureBeat, TechCrunch, Quora, AVC, BusinessInsider, Startupdigest Job Boards: VentureLoop, VC Websites, Startupshiring, Indeed, etc. Wharton Resources: CareerPath and Offer Directory (search by startup), Thompson s, VentureXpert and i3 CleanTech Platform (Lippincott)

7 STRATEGY & RESEARCH BUILD A LIST

8 STRATEGY & RESEARCH BUILD A LIST Look at VC sites for more info / find VC Key Milestones / Events contacts Identify Key People / find them on LinkedIn Read Top News / come up with ideas

9 STRATEGY & RESEARCH MANAGE YOUR DIGITAL BRAND Before reaching out to start up company contacts / VCs, make sure your digital brand reflects the personality you want portrayed to the entrepreneurial community Key considerations: What pops when your name is googled? How does your Linked-In profile portray you? Do you have followership via Twitter, a blog, etc.? What are you writing about?

10 THE APPROACH Typical startup job seeker Typical entrepreneur I want to take time from you, to give me something I have no time, but I need you to give me stuff

11 THE APPROACH Ask not what startups can do for you Read job descriptions at companies of interest and come up with ideas for how you d tackle issues related to that job Suggest ideas for how your unique skills can be leveraged (think beyond strategy think sales, users, brand, product, etc.) Interview the start-up for class-related work / ISP and report back with your findings Demonstrate that you are awesome at something, but willing to do lots of things Show you care about the product/company/service

12 THE APPROACH I am a first year MBA student at the Wharton School

13 EXAMPLE NETWORKING WHAT WOULD YOU CHANGE? John, I found your name in the Wharton alumni directory. I am currently a first year MBA at Wharton and I am very interested in working for an early-stage startup this summer. Before Wharton, I spent 4 years investing in Internet-powered technology companies and I am now looking to gain some operational experience. I would be curious to learn more about potential opportunities at the following companies within your portfolio: Fab.com, StumbleUpon, Storenvy. I d greatly appreciate any information and advice you can offer. What would be the easiest way for us to connect? Best, Todd

14 EXAMPLE NETWORKING Our mutual friend Brian Doe recommended I reach out about my interest in mobile payments and startups. I m a first year student at Wharton where I ve been working on an ISP focused on how the payments landscape will change over the next 25 years as a result of mobile and cloud-based technologies. Before Wharton, I spent 4 years investing in technology companies, but came to school with the goal of transitioning to an operational role at a startup where I could put my analytical skills into action I ve been studying customer analytics and am becoming an expert at how to analyze data to drive user acquisition. One company I ve been following closely (and using everyday) is Venmo. I ve been wondering whether it would make sense for them to build micro-communities of users (perhaps by affinity group) to drive greater adoption? I m not sure if you have a contact there based on your VC relationship, but I d welcome an introduction to anyone at the firm. I d also welcome the opportunity to get your perspective on the space as someone who has invested in several mobile payments companies. I ll be in NYC next Friday 1/27 between 10-4pm if you have minutes free, or could jump on a call at a time most convenient for you.

15 THE PITCH STANDARD MBA PITCH START UP PITCH Intro What you want to be known for What they are known for and why you are interested in their business Evidence Relevant examples of your talents with results Relevant examples of traits they seek (self-starter, low maintenance) and specific skills you can deliver Value proposition What you have to offer Uncover a potential business challenge / issue that you can help solve Ask How they can help you (by providing advice, information, referrals) How you can help them (by proposing a specific idea for a project, sharing ideas on their sector, etc.)

16 THE PITCH (DIRECT TO COMPANY) John D recommended I reach out about my interest in mobile payments and Venmo. I ve been using Venmo since it launched in 2009 and continue to be impressed by how quickly the product adapts to recommendations from users (my favorite enhancement is XYZ). When I m not using Venmo, I m a first year MBA student at Wharton studying customer analytics. Before Wharton, I spent 4 years investing in technology companies, but came to school with the goal of transitioning to an operational role at a startup where I could put my analytical skills into action I ve been studying customer analytics and am becoming an expert at how to analyze data to drive user acquisition. I m sure you are incredibly busy, but I d love an opportunity to share ideas and explore whether there might be an opportunity for me to deliver some project work. I ve been wondering whether it would make sense for Venmo to build micro-communities of users (perhaps by affinity group) to drive further adoption? I m a strong believer in the future of the product which is why I d like to help in any capacity you see fit. I ll be in NYC next Friday 1/27 between 10-4pm if you have minutes free, or could jump on a call at a time most convenient for you.

17 THE PITCH DOs Get introed Show you know and you re willing to adjust to startup culture Your contribution: offer specific points but stay open and coachable Show you care about the product and why DON Ts No business jargon (no verbs that end in ize) Don t say things without backing them up Don t mention constraints (time, salary, function) Don t take a no personally

18 THE PITCH Use prior research and LISTEN during networking conversations to identify key issues and challenges at companies of interest Analyze how your experience and skills can be leveraged to meet their goals Leverage resume book system and offer directory to read project descriptions of students who interned at start-ups DON T COPY Set weekly/monthly job search goals and track your progress. Put yourself out there and don t be afraid of rejection! Target Company Contact Phone Date action taken Notes Company A John Doe jdoe@coa.com 212-XXX-XXXX 1/14/2011 Commented on blog Company B Jane Jones jj@cob.com 215-XXX=XXXX 1/30/2011 May have job in Spring Next Steps Track response Call 3/2011

19 THE PITCH BECOME PART OF THE CONVERSATION Leverage the digital space to connect with contacts and express your POV DO: DON T: Read & interact with relevant questions Attempt to contribute knowledge where it makes sense to do so

20 WEP RESOURCES: START UP AUCTION Working with VCs, WEP identifies companies willing to receive resumes and pitches from up to 5 students Using MBA auction system students bid to send pitches to start-up companies Pitch materials prepared for a company include resumes and responses to questions the company has selected from an existing list Program does not guarantee interviews or position offers Timing mid-march through early April Feb 29: Preliminary list of companies will be released in early March March 14: Applications to participate due; approx 30 students selected to participate March 16: Student participants and final list of companies announced March 19 (week): Auction will take place during last weeks of March March 27: Student pitch materials due; Companies asked to reply within one week

21 WEP START UP AUCTION: 2011 QUESTIONS 1. Discuss what you believe to be the most innovative use(s) of social networking for commercial/corporate benefit. 2. What do you consider to be the most innovative new product, service or company of 2011? 3. What book (magazine, article, movie, etc) has most impacted your philosophies on innovation and business? 4. What makes you WANT to get up in the morning? 5. What have you done in the past 3 months to help you prepare for the future you really want? 6. How would you sell me hot chocolate in Florida in the summer? 7. What are 5 uncommon uses of a brick, not including building, layering, or a paper-weight?

22 WEP START UP AUCTION: 2011 COMPANIES

23 WEP START UP AUCTION: PITCH EXAMPLES

24 MISSION CRITICAL DOSSIER Warning. Warrant out for Wharton MBA armed with hi-tech engineering, finance, operations and investing skills. Prospect in danger of joining high profile startup, and is sought after by each. Last Seen. Working with CEOs developing go-tomarket strategy for next-generation software technology Possible Locations. Tennis Courts Golf Course Rock Climbing Mountains Known Employers. HarbourVest Partners Jefferies Broadview Lockheed Martin Education. BS in Electrical Engineering at Villanova University MS in Telecommunications at University of Pennsylvania Affiliations. Big Brothers Big Sisters Minds Matter Private Equity Assoc. of Boston

25 WEP RESOURCES: INTERN FELLOWSHIPS Traditional Intern Fellowship Number awarded determined by need and number of applicants Cash awards ranging from $500 to $5,000 Students apply after securing their summer position Agree to serve as Ambassadors of Entrepreneurship Ambassador stories here: Application Deadlines: late April & May

26 SY PANEL DISCUSSION

27 UPCOMING NETWORKING OPPORTUNITIES DIP Week Take advantage of this time Wharton Alumni Panel discussion: Entrepreneurial Career Paths Thursday, 2/16 from 4-6pm Location TBD Wharton Entrepreneurship Conference Friday, 2/17 at Ritz Carlton Meet presenters and panelists, check out Start-Up Fair

28 PARTING THOUGHTS FROM MBACM Condition yourself for a marathon, not a sprint Stay motivated by keeping multiple irons in the fire, setting goals and holding yourself accountable Remember you only need 1 opportunity to come through Leverage a mentor or career advisor to keep you accountable Start-up jobs are not for everyone focus on self assessment

29 CONTACT INFORMATION WHARTON MBA CAREER MANAGEMENT Maria Halpern, Senior Associate Director WHARTON ENTREPRENEURIAL PROGRAMS Megan Mitchell, Senior Associate Director eclub Tech Club