It’s time we talk about how and why we do what we do
We need to rethink the demo day. Demo days are so accepted that we never question them. We sit through identical, standard-format, cinema-seating events where startups pitch investors without asking why.
If you’re like me, you’re not an enthusiastic demo day attendee. Unless I’m hosting the event, I’m at the back by the coffee or the beer, answering e-mails, and listening with half an ear. It’s time I got off the fence and proved my love for our industry by giving the format a swift kick in the backside. Here goes.
The format is past its sell-by date
What we do isn’t rocket science and as entertainment goes, it ain’t that entertaining. Television has evolved. Live entertainment has evolved. But since it’s introduction in Europe nearly a decade ago, demo day has not. You can’t sell innovation without innovating at least occasionally.
Let’s start by asking questions
Who are we pitching and why? We say investors, but really? How many investor matches resulted from your last event? And if it’s not investors, then who? And why? And is the cinema-seating, one-pitch-after-the-other the best way to achieve our goal? What if there was a way to let those who want to watch passively do so, while helping those who want to be more engaged?
What does your audience want?
Most of these events are more graduation ceremony than an investor matching. Acknowledge this. What is our audience looking for in our event? Have you asked them? I have and it ain’t what we’re giving them. How about we ask who else in the audience can help our startups? What other kinds of help do they need?
A/B testing, anyone?
Let’s test some assumptions. I say let’s design some of our events to enable the network match. Introduce our teams to as many people in our network as possible. Make as many connections as we can and see what happens. Investors are cool, but so are partners and customers. Lots of types of help can make a big difference for our startups – and for the people who support and pay for our programs.
Inspiration from elsewhere
The fashion industry knows a thing or two about presenting things. Theatre stages seldom serve their purpose, so they use runways. A runway does two things. It gets people as close to the clothes as possible and it gets people close to each other. VIPs get front row seats so everyone can see them – and so they can see everyone. Why not steal their good idea?
Let form follow function
Runway stages can do more to create connections. They help the audience connect. It is easier for the hosts to introduce people to each other when it’s easy for those people to see each other. The audience can also see each other’s reactions to each pitch. They can see who else might be interested.
I’ve tried it and it works
The Swedes are good about trying new things. Earlier this year, I hosted a medtech demo day. During the planning, I was shown around the ‘event space’, which looked a lot like their cafeteria… because it was their cafeteria.
I pitched the runway idea and they went for it. We had the audience face each other. We held a long break halfway through. The audience seized the networking opportunity with both hands and the teams made a lot of useful connections. It worked like a charm.
Let’s try something new
The demo day is a worn concept that needs some love. It’s time we try some new takes on solving the problem we’re trying to solve. Form should follow function, not tradition.