Attitude shift<\/strong><\/p>\n <\/p>\n
According to Rachel Slattery, director of Slattery IT, which organises the home-grown Tech23 event, it\u2019s the attitude of Australian start-ups at gatherings, rather than the trade show itself, which needs to shift.<\/p>\n
<\/p>\n
\u201cThe first time I went to Silicon Valley, I couldn\u2019t believe how shy I felt,\u201d she says. \u201cThe Americans give out so much when they meet you. They are in constant sale mode.\u201d<\/p>\n
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\u201cAustralian entrepreneurs are a bit more shy, almost introverted. They don\u2019t want to big note themselves, but they really need to get up and flaunt themselves at these events.\u201d<\/p>\n
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\u201cAustralians are very good at innovation but aren\u2019t always at their best in an event environment. They end up speaking to \u2018go-betweens\u2019 a lot of the time, rather than the actual investors and customers they need to get in front of.\u201d<\/p>\n
<\/p>\n
Slattery says that she organises Tech23 with the aim of getting around the \u201cChinese whispers\u201d that warp start-ups into thinking that all investors look and act the same way.<\/p>\n
<\/p>\n
The event works by offering cash prizes of between $25,000 and $50,000 to start-ups who get five minutes to pitch to a panel of investors. It regularly attracts 400 applicants.<\/p>\n
<\/p>\n
Getting the conversation flowing<\/strong><\/p>\n <\/p>\n
Slattery says that Tech23, along with other pitch-focused events such as Innovation Bay\u2019s Angel Dinners, give new ventures the chance to get vital feedback.<\/p>\n
<\/p>\n
\u201cThe frustration for many businesses is that they can\u2019t get feedback from their customers or investors,\u201d she says. \u201cI don\u2019t think young companies do as well as the big end of town at this.\u201d<\/p>\n
<\/p>\n
\u201cYou just hope that the applicants don\u2019t expect to do a pitch for three minutes and walk away with a cheque. It can take a year or two to close a large funding round but sometimes young companies think it\u2019s much easier than that.\u201d<\/p>\n
<\/p>\n
\u201cThere was one company that thought they\u2019d turn up and corner John Dyson (co-founder of VC firm Starfish) and get funding out of him the following week. They did get $5 million, but it took three years.\u201d<\/p>\n
<\/p>\n
\u201cYou\u2019ve got to keep the conversation going and even if they can\u2019t fund you, they can point you in the right direction.\u201d<\/p>\n
<\/p>\n
Slattery says that she sees common errors in the way some start-up approach the event.<\/p>\n
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\u201cYou need to keep it simple and convey it succinctly to customers,\u201d she says. \u201cA lot of new companies don\u2019t do this.\u201d<\/p>\n
<\/p>\n
\u201cI\u2019m also surprised at the number of people who say to me \u2018can I have so and so\u2019s email address?\u2019 after an event. You may as well be emailing them cold from their website. If you\u2019re at an event, go up and approach them yourself.\u201d<\/p>\n
<\/p>\n
Don’t be cow-ed<\/strong><\/p>\n <\/p>\n
A start-up that has extracted value from events is Heard Systems, which has come up with a new device for diagnosing pregnancies in cows.<\/p>\n
<\/p>\n
Despite (or perhaps because of) the rather niche area of the business, Heard has managed to use trade shows as a valuable springboard, despite not officially launching its product until later this year.<\/p>\n
<\/p>\n
Ed Catherwood, CEO of Heard, says that the $2,000 he spent on a model of the pregnancy testing device was \u201cthe best money I ever spent\u201d.<\/p>\n
<\/p>\n
\u201cIt\u2019s lucky in a way that we have a tangible, physical product,\u201d he says. \u201cPeople can see how it works and it provides humour in a way.\u201d<\/p>\n
<\/p>\n
\u201cEvents have been a good profile raising exercise for us. We already have a cornerstone venture capital investor in place, but events helped get other angels on board.\u201d<\/p>\n
<\/p>\n
\u201cWe were in talks with one who turned up to an event to see me showcase the product. It provided confidence to the angel that the CEO, me, could get up and sell it. That\u2019s what they invest in after all \u2013 a story.\u201d<\/p>\n
<\/p>\n
So what\u2019s the secret to plugging your product or service at an event? Despite all the high-tech presentation options now available to start-ups, Catherwood recommends good old-fashioned salespersonship.<\/p>\n
<\/p>\n
\u201cConsider your target message and get the right message across to them,\u201d he advises. \u201cUse props and humour so that they\u2019ll remember you and not all of the other businesses presenting to them that day.\u201d<\/p>\n
<\/p>\n
\u201cDon\u2019t be afraid to engage your audience with questions. Be memorable. A lot of people make the mistake of talking endlessly about the features of the product. The customers don\u2019t really care about all of the product details \u2013 they care about what\u2019s important to them.\u201d<\/p>\n
<\/p>\n
Heard not only does the Australian circuit, it has also trekked to the Euro Tier event in Germany and the World Diary Expo in Wisconsin, US.<\/p>\n","protected":false},"excerpt":{"rendered":"
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