The Type of Pitch That Would Raise Funds with Donna Griffit

In this episode, we are talking with Donna Griffit who has written a new book all about "The Alchemy of Storytelling", and she's here to help us understand how entrepreneurs can use storytelling to raise money.

Donna also helps us understand at least 10 tips for entrepreneurs that are raising money, and how they can keep the investors in the room with them while they're pitching. She explains why the essence of a great story for an entrepreneur is “authenticity”, and shares some tips on how entrepreneurs can prepare for a pitch.

Finally, she also encourages entrepreneurs to trust their gut and follow their passions.

The UnNoticed Entrepreneur podcast is sponsored by Prowly, the all-in-one software for leveraging PR activities. Boost the media relations game for your business - get more coverage while saving time and money on everyday tasks.

Transcript

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The UnNoticed Entrepreneur Podcast is sponsored by "Prowly." The All in one tool for PR experts. Hello, and welcome to this episode of The UnNoticed Entrepreneur, with me, Jim James, over here in the UK. Today, we're going all the way to Palo Alto in San Francisco, California with Donna Griffit. Welcome to the show, Donna. Thank you so much for having me, Jim. Hi. Great to be here. Well, it's great to have you because we're going to talk about "storytelling and fundraising". And you've got a new book all about "The Alchemy of Storytelling", and you're going to help us to understand at least 10 tips for entrepreneurs that are raising money, and how they can keep the investors in the room with them while they're pitching. So, Donna, tell us about the book, and why storytelling is so important? If not the alchemy for entrepreneurs that are raising money. Thanks, Jim. So, yes, it's called "Sticking to My Story, The Alchemy of Storytelling for Startups". And it's such an apropo title because, so many times entrepreneurs do not stick to their core story and what is unique about them, and they cover it up with layers of info and data, and numbers, and not that those are not important, but that's not what's going to get you funded. So, after nearly 20 years of working on pitches that start off got awful and transform into something very powerful, where people tell them, when investors tell them,"This is the best pitch deck I've ever seen." I figured it was time to write down my secret recipe for both building the deck in terms of structure and content, but also all the tips around it. Mistakes I've seen made, how to avoid them, and how to really shine, especially in times like 2022, 23. Yeah, we really all need it, Donna. So you've helped companies raise over a billion dollars worth of funding. And my teeth nearly came out when I said, "A billion dollars there." 1 billion dollars. Billion dollars, such a big number. But what is the essence then of a great story for an entrepreneur? What is that, that they should be explaining? The word that just popped to my mind right now is "authenticity." Because I think... and it's funny, it's, kind of a misnomer because it's authenticity, but it's like, the power of storytelling is creating that authenticity. So you can take your story and polish it, in a way. I mean, Mark Twain said,"Never let the truth get in the way of a good story." So it's finding those stories, finding those moments, not being afraid of like,"Oh, my gosh, that's not the exact detail, that's not the exact timing." And bringing something forth that's truly your signature, your origin story, why you're doing this, why it's helping clients like yours. And then, there's a structure to the entire overreaching story, but then it's weaving stories and metaphors into it that people resonate with. So, quick question, why the founders not get that? Why do they get the wrong story or not tell a story? What is if you like, some bad habits that entrepreneurs have got? I think the bottom line is... and this is something we all tend to do, we operate out of fear. We're afraid of forgetting what we wanna say. We're afraid of looking like, we don't know what we're talking about. We're afraid they're not going to get it. We're afraid we're going to forget to say X, Y, Z. So what do we do? We take everything. Copy, paste onto a slide. So it basically looks like you've put documents on a slide. No one wants to see that. And you're there reading it, not you, other people, of course, are reading that looking like you don't know what you're talking about because it's not flowing naturally. And the fear has created what you're trying to avoid. So interesting. So you think the entrepreneur knows the story but sort loses track of how to tell it. It should be part of your DNA. And if you're telling it in a way that comes truly from your journey, from your belief, from your passion, blood, sweat, and tears, then you can't go wrong. Now, you wanna have things up there that remind you to say, but if you build it in the right flow, in the right structure, you're gonna remember it. Even if you, they say,"Ah, don't open your computer, let's just chat." So Donna, let's do that then. Assume like I'm an 18 year old entrepreneur. I come to you and and I've got an origin story. How would you use the methodology that you've got in your upcoming book to guide me through telling that story in a compelling and comprehensive way that's consistent? And that I can remember when I'm facing the fear of those VCs across the table. Yep. So it's funny because it's like you normally you'd think, how much of an origin story does an 18 year old have? But, I've worked with some very young entrepreneurs that they are very in touch with their own generation and with the pain points, and that's where you want to start. What is the need? What is the gaping hole? Now, some of your listeners might be saying,"Oh, yeah, she's really telling us something that we didn't know. Pain, problem, solution." Yes, and it works, and it's the archetype of every single Marvel film out there because it's ancient, and it's the way our brain processes and we wanna understand that pain or that opportunity of something sweet and amazing happening in our lives. So, that's where the story can come in. So that would be the second step. First, identifying the pain or the opportunity. And then, how do I tell it as a story, my own story as an entrepreneur. The story of a customer of mine, or of a user of mine in their life before, and how abysmal it was before they started using my product. A story taken from the news. Something that shows that there's a big problem here and there's a gap. Nothing right now is filling that gap, and that's where we come in. So when you can draw that picture of a hole that nothing quite has filled, there's other solutions out there. You can't deny that. And that's another tip. Know everything out there in your competitive landscape. And then, when you get to your solution, it's so much more powerful because what you've done is you've made your audience go,"Ah-ha." Sing it. I hear you. So, Donna, here's a question for you though. If you have a product, maybe let's say it's a product for Gen Zs and your VCs, the funders are probably not Gen Z, they're probably older people like me. I mean, I'm not quite a baby boomer, but I'm the next lot down. How do you get that story to resonate with an audience that probably is a different generation, and the product for which may not be intended? So, that's great. And I've heard the same question with, you know,"As a woman founder, how do you pitch to male investors and get them to understand? And how do you pitch something about that's pertinent to developers, if your audience aren't developers?" And that's where I say your story has to be, I call it,"A day in the life." So, you know, Beatles, we're in the UK right now. What take them through a little day in the life of your audience through the story? So, not ain't, this is Jim. Jim's a podcaster, Jim's a entrepreneur. Be a little bit more sophisticated. I don't wanna tell you about one of my clients, Jim. So when Jim and then talk about the pain, true pain, the more authentic it is, the more it's going to resonate. And like, Jim, there are over 80 bazillion Gen Zers out there that are struggling with this. And Forbes or Gartner says,"And so back it up with some big things and show there's money there that's being thrown at it and still not solving it, because that again, you have to have the validity in the eyes of investors to back it up with money." Yeah, I was going to say, so in your book you've got Tim Draper, who's the founder of Draper Fisher Jurvetson, one of the most famous Sandy Hill Road VCs. Does he really think that there are so many entrepreneurs that get it wrong that they need a book, Donna? Tell us about that. Well, he basically wrote that in the foreword that he's had his ears basically bleed over, you know, how bad these pitches have been over the years, and he's heard hundreds and hundreds. And he also has Draper University, which is like a little condensed MBA for entrepreneurs, and he's like, you know, finally someone is telling them how to do it by the book. There's no more excuses. So yeah, investors have to sit through abysmal pitch after abysmal pitch. And you can help them to sit through less of those, Donna. Let's go through in the time we've got left, as many as we can from your upcoming book, but without giving the whole book away, of course. Take us through the top ones that you'd like to, you know, share with my fellow unnoticed entrepreneurs. Okay, so we started off with the story and your origin story, and that shows your passion, that shows your drive. Be very clear on the solution and how it meets that need that you identified in the problem statement and the problem story. Take them on a user journey. So you started off with the pain of the user. Great. Now go back and show us that same gem, how his life will now be better using your product. Show it. Show off the features through Jim's journey, and you don't have to tell absolutely every single feature, because nobody needs to hear it. And then, you take them through, let them see the product, let the product take center stage, and let them be going,"Wow, I could see myself using that. I know someone who could use that. A friend, a child, a spouse, whatever." You want them to be imagining themselves into your product. Then, you need to have the data to back it up. So, your plan of action, your business plan, how are you gonna make money with this? How are you going to be different? How are you going to market? What's the market analysis? What are some trends that really back this up? So you're guiding them through this whole hero's journey that you're fighting that villain that you've brought up at the beginning, and then you're giving them the proof points that this really can work, that this really is different, that this can really make the money. But then, you step it up. You go for the big vision. And that's where a lot of entrepreneurs miss out. They think,"Okay, but this is what I'm doing now. I'm not going to the moon." But you need to show in a way, the bigger moonshot. You might be shooting for the moon and you're gonna hit a lot of stars, and it's not necessarily your MVP, what you're working on right now, but you will be able to go bigger, bolder, more horizontal, more vertical, and hit on bigger markets and get them excited about the potential of this. That's fantastic. So that's in a very high level. My "Four Act Play" I call it. Yeah, I can see that's fantastic, getting people both emotionally connected but also practically involved in delivering the solution. And I'm sorry, I can't, you know, we're in the UK right now. So I cannot call on the Bard, who was one of the greatest storytellers of modern times and not so much, but everything was written act and it really took us through the same journey. Something has happened. Something is rotten in the kingdom of Denmark, and then what happens to solve it? What go now? The tragedies go a bit south, but at the same time, we have this heroic image of someone who's going to save the day. Yeah, and it's very interesting, as you say that you draw the parallel with, well with theater, which it is. Now in theater, there are monologues, but also there are many characters on stage. In a pitch, give us some guidance who should present and how much? So, yes, you definitely wanna know who Hamlet is. So, you're gonna have your Hamlet in, and it has to be the CEO. I mean, that's who they want to hear from. That's who currently is in the leadership position may not necessarily be, and that's something that's hard for founders sometimes to let go of being the CEO. But, if you have your CTO with you, and they can speak to the technical pieces, that makes sense. If you're talking about your marketing plan and your CMO is with you, that makes sense. But the main kind of storyteller is the CEO. So it's fine for the CEO to talk all the way through, and then when questions come up to defer it to your partners, make sure you set these dynamics before. The last thing you want is dirty laundry aired in the place and tension. They see it. They sense it. Yeah, and I think as you said before, the VCs are seeing so many, they become very practiced at watching people. What about practicing the pitch in advance? The rehearsals? Donna, do you want to give us some guidance? back Going back to the stage. Actors, singers, dancers, athletes, they all have practice periods and rehearsals. Nobody just gets on stage and is brilliant. You rehearse the role, and then founders oftentimes will be working on their deck till two o'clock in the morning, and then they have an 8:00 AM 9:00 AM meeting. They haven't had a chance to talk it through, and it's like, don't do that. Give yourself some time, not just to read it, to practice it not in front of a mirror. That's way too self-conscious. Record yourself not on selfie mode. So you're looking, you know, but record yourself. Practice in front of your team, in front of your neighbors, in front of your family, in front of your Uber driver, whoever will listen to you. Get comfortable. Like, we said,"Have it part of your DNA." And then you're never going to forget it. And Donna, what about from a practical point of view? You've got, let's say, one hour with Tim Draper, you know. Wow, that would be a ton. If you have an hour, getting 15 minutes with him would be amazing. Well, okay, so time is precious. How long should the entrepreneur spend talking? And what else should they be doing when they're not talking? So, in the book, the way I lay out the pitch, if you were to go straight through, it probably would take you at about 10 minutes. But you want to hope for them stopping you and asking questions. It's actually a good thing if they're asking you questions or writing down questions. Don't get nervous, because it probably means they're interested. They're not necessarily there to argue, but they are there to kind of challenge you, inspire you and see how you respond. Take a breath before you respond. Listen to the question, reflect it back. So, what you're saying is,"Oh, okay." And then you answer. You show active listening. Take notes as they're speaking, as they're giving feedback. It shows that you have flexibility of thought, that you're coachable. They want to see, this is someone they're going to be working with for years to come. I mean, Jim, we know that investment periods last longer than marriages today. And they wanna know this isn't someone they want to hang out with on holidays. Seriously. Well, that's a sobering thought, Donna, isn't it? It is. But it's true. I mean, I'm lucky I've been married, 12 years but I mean, the reality is it doesn't always last, but with investors it will. Yes. Well, and you've got a lot of commitment with an investor, haven't you? As well as you do with your spouse. What about, you know, if you get married using that analogy, of course, there's the attraction and there's the dating, and also you know, you are not going to marry everybody, right? So in "The Storytelling Alchemy," your book, how do you help entrepreneurs to decide who to have as an investor? Because that's also, as you say, if it's a relationship this is a fundamental part of the story to tell, isn't it? Absolutely. So you don't want to take money at any price. Okay? I know it's hard and you never want them to smell desperation. You never want them to feel like, this is someone with two months of salaries left in the bank and you're running out. Nobody's going to invest in you like that. But you also are interviewing them. You also will be doing your due diligence. You also want to see what can they bring to the table other than just money. Money is important, but it's not everything. Look at the terms. Have a good lawyer. Review those terms. Listen, we all need experts. I have a bookkeeper, and an accountant, and an attorney, if needed to review. I'm not an expert in that. And that's why people come to me, they're not an expert in storytelling. And why do we waste all our time on something that we're not great at? It's so crucial. It's so crucial. It's your business. Yeah, it's a really good point. And you've also mentioned, your own business. And you've been running your own business now for 18 years. Congratulations. So, you've been both self-employed and married for that time, which is fantastic. But it's your first book. What have you done, Donna, in terms of as an entrepreneur getting noticed and the launch of your book? Tell us about the role the book's going to play in your own business. So, I think the book is gonna play a role, but right now, my community and the people that I've worked with, and the people whose lives I've touched over the years are going to help drive the book. Because people can't wait, and people are like,"As soon as it's out, I want to read it. I'm here for you." When you bring value to people and you're there for them, and you bring really good content and really good val-, and people ask for a conversation and you take the time for it, and you go the extra mile and you're good at what you do, that is how you win as an entrepreneur. So, you're coming back to your authenticity there, aren't you, Donna? And you know, what about, you've mentioned here about helping other people. If I ask you one final question, you know, what would you say is your number one tip in terms of getting noticed? If you could give anyone a piece of advice on the best way to get noticed in and amongst VCs, for example, what would that be? Again, I'm going to come back to storytelling. It's be authentic with your storytelling, with your sharing. Be bold. Don't be afraid to go the path less traveled. When I was starting out, nobody knew what storytelling was. They thought of, you know, librarians or someone who gathers a circle of kids around and tells them a story, and people were saying, you know,"Really? Startups? That's who you're going to work with. They're never going to pay you." So listen to the voices. Thank them. Don't let them stop you, very well-meaning people could often derail you and that's not what you want. If you believe in something and you're that passionate about it, take in advice and then go with your gut, and let that guide you. Listen for those "Aha! moments." The angels singing, and the lights flashing, because they come and sometimes our eyes are down and we're not noticing it because we're busy looking at our phone. Don't miss those moments. Donna Griffit, I'm glad I haven't missed this moment with you. Tell us if people want to find out more about you and the book, where can they do that? So, Donna Griffit,'T' no 'H' at the end. Double 'F.' donnagriffit.com is my website. The book also has a site stickingtomystory.com. It's funny because it's been my name of one of my workshops for many years that I teach more to corporates. And when I started writing a book, I'm like, "I'm sure somebody's written a book by that name," and it was free. And I bought ".com" and I was so excited and people were like,"Oh, great, you have the '.com'. Your book is half done." Yeah, well, that's, I was going to say, stickingtomystory.com is a great '.com' to have. Thank you. Thank you. Yeah, so reach out there, and be sure to mention that you heard me on Jim's podcast. You'll have special discount on any of my services. The book will be coming out late February, both Kindle and paperback on Amazon. So, it's my joy to bring this to entrepreneurs everywhere. Donna, thank you so much and really got a sense of the passion and the experience that you've got over so many years. You've seen out comings and goings of many entrepreneurs, and with a great forward from Tim Draper, that's really a testament to how well respected you are in the industry. So thank you for sharing with me, Donna Griffit, today from Palo Alto, on The UnNoticed Entrepreneur, with me, Jim James. Thank you, Donna. Thanks, Jim. So you've been listening to Donna Griffit, and as always, I'll put her details in the show notes. And if you've enjoyed this, do please share it with the fellow entrepreneur. And if you've got the time, review this show on a podcast player because it all really helps. And until we meet again, I do just encourage you to keep on communicating. The Unnoticed Entrepreneur Podcast is sponsored by a company called "Prowly." Prowly is an all in one software for leveraging your public relations activities. You can boost the media relations game for your business. Find media contacts, send out press releases, and get more coverage while saving time and money on everyday tasks. Check it out prowly.com