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Creating A Compelling Pitch For Your Startup With PitchIt DDS · Orthodontic Products Podcast

• 0:04
  Hello and welcome to the Orthodontic Products Podcast.
• 0:07
  I'm your host, Alison Werner.
• 0:08
  Today we have with us veteran dental marketing experts, Mark Ross and Michael
• 0:13
  Ventriello.
• 0:14
  They recently joined forces to launch Pitch It DDS.
• 0:17
  This is an investor presentation creation service specifically for the dental
• 0:21
  interest.
• 0:22
  specifically for dental industry startup companies.
• 0:26
  Orthodontists are creative and innovative by nature, and that creativity and
• 0:30
  innovative drive often extends into product development and launching a
• 0:33
  startup company.
• 0:34
  But how do you get investor funding to take your product to the next level?
• 0:37
  How do you create a compelling pitch?
• 0:39
  That's where Pitch at DDS comes into play, as I understand it.
• 0:43
  So to tell us more, we have Michael and Mark to walk us through.
• 0:47
  So thank you for joining me today.
• 0:51
  It's driving us.
• 0:52
  Great, great.
• 0:54
  So can you talk to me about your experience kind of prior to coming
• 1:00
  together?
• 1:00
  You actually came together before Pitch It.
• 1:02
  So can you talk about your experience in the marketing industry, dental industry,
• 1:05
  and what led you to this point?
• 1:12
  It's kind of a funny story.
• 1:14
  Mike and I, at one point in time, competed against each other for a business.
• 1:20
  We were separate agencies and we would run into each other on the way out after a
• 1:26
  presentation, we could pass each other.
• 1:30
  But we were very respectful of our talents.
• 1:33
  And about a year ago, Mike and I started working on another project together and we
• 1:40
  said, you know,
• 1:41
  We just started talking more and more and we collaborated on a few ideas and
• 1:48
  relevant to a few customers.
• 1:51
  And that led us to this brainstorm of an idea called Pitch at DDS.
• 1:58
  What were you seeing in the industry?
• 2:01
  sorry, yeah, go ahead, Mike.
• 2:03
  That's a good and really, you know, the inspiration for that is really the nature
• 2:12
  of what's going on in dentistry right now.
• 2:15
  It's really a hotbed of innovation.
• 2:18
  There's a lot of investment money coming into the industry and there's more and
• 2:24
  more companies launching and pitching.
• 2:28
  And a lot of dental meetings and conferences will have a shark tank type
• 2:34
  scenario where companies go and they're vying for, you know, investment money or
• 2:40
  the big prize.
• 2:42
  And Mark and I have sat through some of these and the pitches just weren't good.
• 2:50
  And it's like, you know, we, you know, we could help here.
• 2:53
  So, you know, that was really the inspiration.
• 2:57
  Okay, well, Mark, you kind of alluded to this.
• 3:00
  You two actually came together last year to create a different platform.
• 3:04
  It's called the Virtual Focus Group Platform.
• 3:07
  And it's called, well, it's called the Virtual Dental Team, and it's a Virtual
• 3:10
  Focus Group Platform.
• 3:11
  So can you talk about that first, because that'll lead us into Pitch It DDS.
• 3:17
  Sure.
• 3:19
  Having been involved in several focus groups, one thing that was a constant in
• 3:26
  every one of them was a customer was saying, why don't we always do this?
• 3:30
  There were always aha moments, moments where they learned a lot or supported what
• 3:35
  they already knew.
• 3:38
  And from that, and you add in COVID and a pandemic and the need to be virtual at
• 3:45
  that time,
• 3:47
  I had just thought, you know, there's a way to do a focus group without having to
• 3:51
  bring everybody into a room in Chicago, in New York, in California, wherever, and be
• 3:58
  actually beholden to who could show up in those locations.
• 4:02
  The costs, the venue costs, the food, the travel, all those kinds of things.
• 4:09
  And it's very expensive.
• 4:11
  They're successful, but very expensive.
• 4:13
  So the virtual concept of doing a focus group.
• 4:17
  lowers the cost by one third, one half what it would normally cost.
• 4:21
  And that kind of led to the idea to create the virtual dental team.
• 4:29
  And at that time I reached out to Mike, because we had already been collaborating
• 4:32
  on some other projects.
• 4:33
  And I said, Mike, this is right up our alley.
• 4:36
  This is something we could be doing together.
• 4:38
  And I think it's got some legs in it.
• 4:41
  And a lot of people are already talking about it.
• 4:44
  and what I really liked about it, Allison, is as marketers, you always want to start
• 4:51
  from having the research you need to drive the brand strategy to go to market
• 5:00
  strategy.
• 5:01
  And sometimes companies just don't do this because of that expense of the focus
• 5:08
  group.
• 5:10
  And...
• 5:10
  This really ensures that there's a marketing baseline, a research baseline
• 5:17
  rather, for marketing going forward.
• 5:20
  So it really democratizes the whole premise of a focus group.
• 5:26
  Real fast, Allison, it's an opportunity to have voice of customer.
• 5:33
  Before you launch, before you spend money to launch, you can learn so many different
• 5:39
  things.
• 5:40
  And the focus group can be designed to work with different teams around the
• 5:46
  country so that it's not zip code biased.
• 5:52
  You can bring in a team of
• 5:56
  specialists, dental assistants, hygienists, the client can sit in and
• 6:03
  weigh in if they want to, or they can be, you know, just watching a video after it's
• 6:09
  done.
• 6:09
  And we would collaborate very early on to learn what the client wanted to learn and
• 6:15
  develop and design based on that.
• 6:17
  And sometimes you would go to companies, to participants that
• 6:25
  used the product or some that didn't use the product and you wanted to know why.
• 6:30
  Or they were even using a competitive product.
• 6:32
  Okay, so then, yeah.
• 6:37
  Okay.
• 6:38
  And so from there, you came into this idea for Pitch at DDS.
• 6:44
  So you talked a little bit there before about kind of the market with the
• 6:48
  innovation and new products and services and what you were seeing, especially with
• 6:52
  those like Shark Tank type, you know, events that are now happening.
• 6:57
  And, you know, there is a focus within, especially the orthodontic industry of
• 7:00
  really trying to help those startups started by doctors.
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  So can you talk about what
• 7:08
  a doctor needs to know if they are looking at they have a product idea.
• 7:13
  They want to start their own company, they want us to do a startup.
• 7:18
  What?
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  Where does pitch it come in?
• 7:25
  Mike, take the lead on this.
• 7:27
  This is something you like talking about.
• 7:31
  Sure.
• 7:34
  Really, there's so many entrepreneurial dentists and they say necessity is the
• 7:43
  mother of invention.
• 7:44
  And that's proven day by day in dentistry.
• 7:49
  A dentist is doing a procedure, says, I could do this better, or if only the
• 7:56
  design of this instrument was a little more intuitive, whatever that might be.
• 8:04
  You know, they're always thinking because they're using these things from day to
• 8:09
  day.
• 8:10
  So the starting point is, okay, you have an idea.
• 8:14
  You know, it has to be designed.
• 8:18
  It should be vetted every step of the way.
• 8:24
  You know, someone needs to be testing design.
• 8:26
  You need to have beta testers.
• 8:30
  You need to figure out how much money you're going to need to...
• 8:34
  put this into the marketplace and it's always much more expensive than the
• 8:39
  entrepreneur thinks.
• 8:41
  And they'll say, well, I'll put my house up in the morgue.
• 8:49
  And a lot of that happens too.
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  And it's scary for marketers because it's like, my God, this guy's betting the farm
• 9:00
  on this.
• 9:04
  We really have to dig deeper and see if this is a viable solution for whatever,
• 9:08
  you know, is the technology mature?
• 9:11
  Is there a need for it?
• 9:13
  Is, you know, is it a solution in search of a problem?
• 9:16
  You see that as well too.
• 9:18
  So, you know, we can, we can help in various phases, but so many companies are
• 9:26
  under capitalized and I think they resist going to...
• 9:32
  a venture capitalist or private investors, angel investors, because they don't want
• 9:39
  to give up control.
• 9:43
  But if you don't have anything, you're not controlling anything either.
• 9:47
  So there's a balance to that.
• 9:50
  One of the common threads with every invention is it's somebody's baby.
• 9:56
  It's somebody's idea.
• 9:58
  And they go at it very straightforward without looking at it with perspective.
• 10:05
  And they don't necessarily have advisors that can help them and a support system
• 10:11
  that can help them.
• 10:12
  And somebody to help them look in the mirror and go, hey, this is a great idea,
• 10:17
  but here's where you need to channel it.
• 10:20
  and what you need to do next.
• 10:22
  And that's how actually the VDT, the focus group, is actually a great adjunct to the
• 10:28
  Pitch It concept, because you can really learn what's needed and actually help
• 10:33
  define your presentation based on what you learn through the focus group.
• 10:39
  It's not like you need to do both, but it certainly doesn't hurt, and it helps a
• 10:44
  lot.
• 10:45
  So when should an orthodontist who has a product and wants to do a startup, when
• 10:52
  should they be reaching out to you?
• 10:58
  I would say the earliest, the better.
• 11:03
  And I'll tell you why from my experience.
• 11:07
  A lot of entrepreneurs, when they start up their company,
• 11:14
  They call their accountant.
• 11:16
  They have a lawyer.
• 11:19
  You know, they have other professionals.
• 11:21
  And many times they bring in the marketing person, the marketing consultant last.
• 11:30
  And this could be after they gave the product a less than optimal name or they
• 11:39
  don't have a clear message.
• 11:41
  And sometimes they're already going down.
• 11:44
  a path and then a marketing consultant goes in and says, whoa, whoa, whoa, we,
• 11:49
  you know, we have to put the brakes on this because we should, we should have
• 11:53
  done it this way to begin with.
• 11:56
  And so you're, you know, you're, you're, you're backing up to almost relaunch
• 12:01
  rebrand reposition, and you lose time and money when you do that.
• 12:07
  Would you agree Mark?
• 12:08
  100%.
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  We have a data sheet that shows what founders wish they did differently after
• 12:16
  the fact.
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  And I can run through that fast.
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  58 % said more research prior to the launch would have helped.
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  A stronger business plan, better marketing, more financial backing, of
• 12:30
  course, that's why they're doing it.
• 12:32
  Better financial management, a better product, which is
• 12:38
  interesting because at that point somebody should have said not a good product.
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  A better team, right?
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  A better team, the board, advisors, anybody that's going to actually help
• 12:52
  really keep.
• 12:54
  And one of the, it's actually the lowest percentage, but one of the more
• 12:58
  interesting elements is the pivoting.
• 13:02
  Learning at what point do you need to kind of redirect?
• 13:10
  And that's actually, I think while that's a lower percentage out of the mix with
• 13:16
  like marketing being 50 % and more research being 58 % and pivoting being
• 13:22
  15%, that's a big move at the end.
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  And pivoting is always gets to the point where like, I'm not gonna be successful
• 13:29
  here or they've launched, but it's not catching.
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  And they've got to be able to shift gears a little bit and find a better niche.
• 13:39
  Mm.
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  And sometimes that's all it takes.
• 13:43
  Yeah.
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  And a good example of, of, of pivoting and it, you know, it's certainly not the only
• 13:48
  example is you'll have a company that, you know, they want to get the biggest market
• 13:54
  share possible.
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  So they'll launch a product into the GP universe because, Hey, there's a hundred
• 14:04
  and eighty thousand practicing dentists or whatever the latest number is.
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  So, you know, of course we want to have that market share.
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  but the product might be very specialized where it would appeal first to a
• 14:23
  periodontist, an orthodontist and endodontist.
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  And rather than starting with that baseline of specialists who are most
• 14:31
  likely to be an early adopter and build social proof of it working and then maybe
• 14:40
  giving testimonials that a general practice particularly.
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  practitioner might say, well, if the specialist says that this is good, maybe I
• 14:49
  should use it.
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  So that's one example of that pivot.
• 14:56
  Well, I want to take us back to pitch it and part of the whole idea is helping, you
• 15:03
  know, startups, orthodontic startups develop that, that compelling pitch for
• 15:09
  something like funder backing, which you talked about how many of them say, I wish
• 15:14
  I had had more.
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  So can you talk to me about like, what it means to have what an investor pitch
• 15:21
  encompasses?
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  Let's start there.
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  It's very easy.
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  It starts off with the mission or the vision the founder might have.
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  Why did, you know, they found the need, but what was the mission?
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  What are they trying?
• 15:39
  What is in their heart?
• 15:40
  Where is that passion?
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  Because they've got a lot of passion.
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  That's why they pursued it.
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  That's why they could be potentially putting, you know, using part of their
• 15:48
  mortgage, you know, on a home.
• 15:51
  So that it starts there.
• 15:53
  Then there gets, it's pretty basic.
• 15:55
  It's what problem?
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  is being solved, what financially and what market size and what's the opportunity,
• 16:06
  what's the upside, how big is the marketplace for whatever the product is.
• 16:12
  Then it gets into what makes the product unique and then how do you build traction
• 16:19
  and revenue on down to evidence that their team can execute.
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  And quite often,
• 16:27
  An idea is great and quite often there's a good market for it and quite often they
• 16:34
  can even show that it'll gain traction.
• 16:38
  They can prove out that it'll get traction at some point, but they don't have the
• 16:42
  team to execute.
• 16:44
  And sometimes some of the guidance comes in, who do you bring in so that when an
• 16:49
  investor comes in, they don't look at you and go, well, you're an orthodontist and
• 16:54
  you came up with a great idea, but you know.
• 16:57
  This is a totally different animal.
• 16:59
  A product is totally different from a practice.
• 17:02
  And it's not something you're trained for.
• 17:04
  And it's not to take anything away from the orthodontists that have launched and
• 17:10
  have successfully managed a new product and built a business.
• 17:14
  But more often than not, that's not something that's scalable.
• 17:20
  That business mentality is not there.
• 17:23
  And so you do need to surround yourself with the right team.
• 17:27
  And the importance of having, you know, an optimal pitch deck, you know, it's
• 17:35
  obviously, you know, you only have one chance to make a first impression.
• 17:39
  That's, you know, that's the old bromide that's still, you know, is true.
• 17:45
  But the exercise and the development of a pitch deck is very often a foundation of
• 17:55
  the marketing that's going to come forward afterwards.
• 18:00
  So, you know, in the pitch deck, you know, you know, what's the reason for this, you
• 18:06
  know, for this product?
• 18:07
  How is it different?
• 18:09
  So, you know, the positioning of it, what is the, you know, what is the branding
• 18:15
  statement?
• 18:16
  How are you describing the company and the product?
• 18:20
  Once you nail that down and you kind of distill that in the investor pitch,
• 18:25
  That's a jumping off point for a lot of different forms of marketing
• 18:29
  communication.
• 18:31
  I think Mark and I have said that to each other a couple of times as we've been
• 18:37
  doing this.
• 18:38
  Yeah.
• 18:40
  So if you imagine that they've got a product, they've got a deck, they've got
• 18:44
  all those things, there's a story to be told.
• 18:48
  And for somebody developing and has their, they want their baby to grow to a full
• 18:54
  grown adult at some point, meaning a successful product, there has to be a
• 19:02
  brand story that is really the baseline for the entire presentation.
• 19:08
  There has to be something they can be passionate about and they can talk to.
• 19:14
  Because it's important that they're able to talk to it.
• 19:16
  Because at the end of the day, you're selling to an investor.
• 19:19
  They've got to feel that they're going to come away in the long run making their
• 19:23
  money, making their money back.
• 19:27
  You talked a little bit earlier about how you know, you've watched a lot of pitches
• 19:32
  from doctors for their products.
• 19:36
  What are the things that you know, you've seen them do that you're like, that's not
• 19:40
  going to work or that's handicapping you down the way you talked a little bit about
• 19:43
  that, but I'd like to see if you could go a little bit further into the mistakes
• 19:47
  you've seen.
• 19:53
  Well, I think from a copywriter point of view, no, it's the clarity of the message.
• 20:01
  Yes, there's the brand story, but how do you execute upon that?
• 20:06
  So, you know, when you're saying things in PowerPoint slides, how do you distill that
• 20:14
  in a form that's easy to comprehend and retain retentionism?
• 20:22
  important too.
• 20:24
  And, you know, that's throughout the deck.
• 20:27
  You have to make a case for it.
• 20:29
  You know, that's where the choice of words, how you use them, economy of
• 20:37
  language is always important.
• 20:39
  We've always, you know, we remember sitting through what we call death by a
• 20:44
  thousand bullets kind of presentations.
• 20:47
  Those don't resonate well.
• 20:49
  And then there's the design aspects and I'm going to...
• 20:52
  turn that over to Mark on that.
• 20:58
  Well, I think it just comes down to telling a compelling brand story.
• 21:04
  And the branding incorporates the visual part of the presentation, the verbal part
• 21:10
  of the presentation, and then the bones of the presentation, which is the product,
• 21:17
  the financials, the team, and all those things coming together.
• 21:21
  But how that story comes together and that common thread that takes a...
• 21:27
  an investor through very quickly.
• 21:31
  They don't want to see more than eight to 10 slides, 15 slides max.
• 21:36
  They're not, they don't have a lot of time.
• 21:37
  And sometimes they ask you to just send over what you have right now, maybe a one
• 21:41
  cheater or, or just five slides.
• 21:44
  And they can make a decision the same way somebody, you know, HR could look at a
• 21:50
  resume and it could just go in and out and that's it.
• 21:53
  Cause they're looking at hundreds and hundreds.
• 21:56
  Thank you.
• 21:57
  presentations.
• 21:58
  So you've got to get, it's got to be compelling and it's got to be something
• 22:02
  that stands out against everything else.
• 22:05
  And so having the background of being participated in several pitches and seeing
• 22:12
  several pitches, it's to our benefit that we can help or to a customer's benefit
• 22:18
  that we can help them and guide them the right way and even, even connect them with
• 22:24
  others in the, in the,
• 22:26
  cycle of raising money.
• 22:27
  It could be a financial wizard that can help them work on their numbers.
• 22:32
  It could be venture capital firms who we're closely associated with.
• 22:36
  There's a lot of different elements we can bring to the table.
• 22:39
  I think another element of a successful pitch is who's actually making the pitch?
• 22:48
  Who is going before the investors with the deck and is basically going to perform on
• 22:57
  behalf of the company, the founder, to really resonate with the investors?
• 23:04
  That may...
• 23:06
  not be the founder and very often it shouldn't be because they may not be
• 23:13
  personable.
• 23:13
  They might be geniuses, but they may not be great communicators.
• 23:19
  Hmm.
• 23:21
  Okay.
• 23:22
  So...
• 23:24
  Yeah.
• 23:25
  who is going to do the pitch.
• 23:29
  You know, you have the investor, the inventor, the developer on premises to
• 23:37
  field any questions that are very technical and that, you know, that's very
• 23:42
  easy to moderate and monitor.
• 23:44
  And, but a lot of times that's the Achilles heel, not having the right
• 23:50
  presenter.
• 23:53
  that's really interesting.
• 23:55
  Yeah.
• 23:56
  if you're an investor thinking about putting on money and the presentation by
• 24:04
  the inventor is just not there, it's not compelling, you're also going to judge
• 24:08
  them on whether they're able to bring a team together and successfully get your
• 24:14
  product to market.
• 24:17
  Well, and I'd also imagine they're judging them on whether they can make the decision
• 24:21
  to step aside and let someone who's better at a different aspect of the business
• 24:27
  handle it.
• 24:28
  an X factor that we always mention that to clients that you're better off having a
• 24:37
  piece of something that's going to be successful and let somebody really take
• 24:41
  your product to market versus struggling because you don't really have a business
• 24:46
  mentality.
• 24:47
  just to tie up the, you know, the quality of the presenter, I have a background in
• 24:55
  computer software.
• 24:57
  And in that industry, a lot of companies had a high level executive called the
• 25:03
  chief evangelist.
• 25:05
  And that was a seed level executive.
• 25:10
  And that person's job,
• 25:12
  was to go before investors, industry analysts, maybe regulators, you know, what
• 25:22
  have you, make the pitch, do the presentation.
• 25:28
  And he had his backup team of, you know, the geeks and the nerds that developed the
• 25:34
  software and the product in case those questions really got granular in that way.
• 25:39
  But they were very, very...
• 25:41
  charismatic people and that's why they were in that position.
• 25:49
  Can you talk to me about why an orthodontic startup should work with an
• 25:54
  outside team to develop their strategy rather than keeping it all in -house?
• 25:58
  And I think you did talk a little bit about this before, but if you could go a
• 26:01
  little bit more on it.
• 26:06
  Well, we kind of touched on that.
• 26:08
  It's having people that understand your industry.
• 26:14
  They know how to develop a compelling story.
• 26:16
  They have relationships with VCs, legal, the media, understanding the best way to
• 26:25
  structure a pitch deck.
• 26:28
  All those things come together.
• 26:31
  Yeah.
• 26:32
  And some companies or founders are coming from outside of dental.
• 26:42
  So they might have a pretty mature team, a company, but as they go into a new
• 26:49
  vertical and they say, you know what, we have this AI insurance validation
• 26:56
  application that we've been using in medical.
• 27:02
  We want to launch it into dentistry.
• 27:07
  And they're more dissimilar industries than a lot of outsiders think.
• 27:13
  They're not the same.
• 27:14
  Yeah.
• 27:15
  Yeah.
• 27:16
  So.
• 27:16
  The dental industry is so nuanced like no other.
• 27:22
  And not having a true understanding of the mindset of influencers in the industry,
• 27:31
  the buyers in the industry, workflow within practices, because if it's a
• 27:38
  product that's being sold into the practice, that's very, very important to
• 27:45
  understand that dynamic.
• 27:46
  And another scenario that I've seen quite often is a company will think they're
• 27:55
  going into the major leagues by hiring a firm or a consultant that specializes in
• 28:02
  medical.
• 28:03
  And that's not the case.
• 28:06
  So, you know, you're better off vetting the consultant or agency that you're going
• 28:13
  to work for when you're evaluating them.
• 28:16
  Like what do they know about this industry?
• 28:19
  You know, can they walk into this and like on a dime introduce me to who I need to be
• 28:25
  introduced to, you know, recognize the key opinion leaders, the key distributors,
• 28:34
  what meetings I should go to without me paying them to basically finance their
• 28:41
  learning curve, which is gonna happen if you don't make that decision.
• 28:46
  Okay, are there any other tips you have for orthodontists as they are looking for
• 28:53
  an agency to work with?
• 28:56
  Because those are some really good tips that you just gave.
• 28:59
  Is there anything else that stands out to you?
• 29:04
  I think research into your marketplace is very important before you even reach out
• 29:13
  to anybody.
• 29:14
  you need to have a handle on it yourself.
• 29:17
  Regardless of your background or your expertise as an orthodontist, and you may
• 29:24
  think you know what other orthodontists are thinking or other practices need, it's
• 29:29
  important to try to understand as deep as possible what...
• 29:36
  What is potentially acceptable with your product?
• 29:39
  Where does it fit in?
• 29:41
  What is that unique selling proposition?
• 29:43
  All these little things are really key.
• 29:47
  If you have a...
• 29:49
  a good handle on that.
• 29:50
  And then you sit down with a team like Pitchett DDS.
• 29:53
  I mean, I think then you, it's impressive and it's important because it speeds up
• 30:00
  the process.
• 30:02
  So that's one of the re understanding the dynamics, the research I think is really,
• 30:06
  really key.
• 30:10
  Well, Mike and Mark, thank you so much for taking the time to talk us through this.
• 30:17
  And it's a really interesting pathway for, yeah.
• 30:23
  It's really interesting that, you know, there's so much innovation and there's so
• 30:26
  many opportunities.
• 30:27
  Yeah.
• 30:29
  And I hope this is valuable to the viewers of the podcast, the readers of the
• 30:37
  magazine and the website.
• 30:40
  And if they have any questions, Mark and I are available.
• 30:45
  But hopefully this has been useful.
• 30:48
  Yeah, and if they do want to get in touch with you, what's the best way to do that?
• 30:55
  You could go to v -d -t .com.
• 31:00
  That's the VDT main website right now.
• 31:04
  So v -d -t .com.
• 31:09
  And by the way, I just want to say that we're happy to offer some time at no
• 31:18
  charge to learn a little bit more about a product and help them and guide them.
• 31:23
  great.
• 31:25
  Great.
• 31:25
  Well, I'm sure our listeners will appreciate that.
• 31:27
  So thank you again so much.
• 31:29
  I really appreciate it.
• 31:31
  Thank you.
• 31:32
  Thanks, Alex.