Design Thinking for Innovation: Reflection     Author:  Surya Mohamad ©      Title: The Power of Storytelling for a Start-up Pitch    Challenge:  My team and I are in the pre-start-up phase of incorporating our own BioTech Start-up company. We  are currently working on the first prove of concept on a new drug delivery system against a specific  cancer type. Already in this early phase of development, we are dependent on financial support as  BioTech require a lot of resources from a financial and people point of view. A huge challenge is to  bring business angles, private equity investors or venture capitalists on board at this very early stage  of high risk. How to convince them to support such innovation although “everything” remains  unclear at the beginning of this journey (Piero Vicari; module 1)? In a pitch the biggest challenge is  the limited time window (5-7 minutes) for convincing the right investors. Hence a short, simple and  compelling story has to attract them to invest into you and the team.    Selection:  I was choosing the Storytelling tool to address our challenge. According to Elroy Ford’s analysis  (Global Leadership Development Director @ Mars; Module 2) most business leaders are bored 90%  of the conversation. But he showed a great way to change that. In order to draw their attention  towards the prime goal of inspiring them!  In my view a very good example of storytelling is how Apple managers sell their new creations during  Apple’s Keynotes. They are able to connect emotions, characters and values of people that live that  product every day (see following video: https://www.youtube.com/watch?v=tQSdE32O5KE). They  don’t only present a list of things but rather a connection of emotions and actions of what people can  do with their products.  Storytelling encompasses logics, emotional connection and a larger purpose. That’s why “The- Storytelling-Tool” is the ideal instrument to sell innovation in pitch and get the right people inspired.    Application:  First of all we started to put ourselves into the shoes of the investors and we analysed audience.  What is the background and what is the expertise of the individuals. It was clear at the beginning that  we need to simplify our scientific story in a way that everybody in the room understands what we  intent to achieve without losing the connection to a few hard scientific and financial facts. We  wanted to create emotions at the very beginning of the story. Over the course of the presentation  we targeted to create an arc of suspense by always referring back the initial feelings.  By telling a compelling story based on a logical path of how to realise our invention, my goal was to  visualise the bigger picture in a way that dry financial data come across juicy. Investors want to  understand the larger purpose. They want to know why they should invest into a creative team  knowing the high risk level. That’s a good way to inspire them to engage themselves personally by  supporting “their” winning team.    Insight:  Appling the Storytelling Tool from the “Design Thinking for Innovation” training was very  inspirational. The feedback rate from the audience was much better than we actually anticipated.  Nevertheless I realised that we have to do better next time.  Creating emotions is very important but the most powerful part of my message should have been  selling the larger purpose. More preparation time beforehand is needed. Explaining in a few  sentences that the challenge (how to treat the disease successfully) can effectively be solved at the  end and an investment seem to be logical.

One key approach to reduce the high risk of large investments would have been “prototyping”. I  need to spend more time on explaining what will happen in the “Wow-Phase” and why a money in  the beginning is needed to create prototypes for first tests before the pretended end solution is  developed (fail fast, fail cheap). That’s an important element of the story.  The “Design Thinking for Innovation” course opened my eyes towards successful innovation  management. It connects emotions with characters and as a consequence it creates a cause. In order  to tell a good story I also realised that most elements of the Design Thinking process can be unified in  the Storytelling Tool. Hence the story gets tangible and the audience starts to believe in you.      Approach:  Definitively I will use the Storytelling Tool again for the same purpose because it effectively addresses  the purpose of business leaders to be inspired. But I need to sharpen my skills by practicing it as  often as possible. Not only for pitches but also to sell an idea or products in general.  I also learnt once again that the preparation time is crucial and always takes a longer time as  planned. The more research and analysis you do on the audience and specific elements of your story,  the easier it gets to create a compelling story that people consequently will believe in you.


Design Thinking for Innovation : Reflection Author : Surya Mohamad © Title : The Power of Storytelling for a Start - up Pitch Challenge : My team and I are in the pre - start - up phase of incorporating our own BioTech Start - up company . We are currently working on the first prove of concept on a new drug delivery system against a specific cancer type . Already in this early phase of development , we are dependent on financial support as BioTech require a lot of resources from a financial and people point of view . A huge challenge is to bring business angles , private equity investors or venture capitalists on board at this very early stage of high risk . How to convince them to support such innovation although “ everything ” remains unclear at the beginning of this journey ( Piero Vicari ; module 1 ) ? In a pitch the biggest challenge is the limited time window ( 5 - 7 minutes ) for convincing the right investors . Hence a short , simple and compelling story has to attract them to invest into you and the team . Selection : I was choosing the Storytelling tool to address our challenge . According to Elroy Ford ’s analysis ( Global Leadership Development Director @ Mars ; Module 2 ) most business leaders are bored 90 % of the conversation . But he showed a great way to change that . In order to draw their attention towards the prime goal of inspiring them ! In my view a very good example of storytelling is how Apple managers sell their new creations during Apple ’s Keynotes . They are able to connect emotions , characters and values of people that live that product every day ( see following video : https://www.youtube.com/watch?v=tQSdE32O5KE ) . They do n’t only present a list of things but rather a connection of emotions and actions of what people can do with their products . Storytelling encompasses logics , emotional connection and a larger purpose . That ’s why “ The- Storytelling - Tool ” is the ideal instrument to sell innovation in pitch and get the right people inspired . Application : First of all we started to put ourselves into the shoes of the investors and we analysed audience . What is the background and what is the expertise of the individuals . It was clear at the beginning that we need to simplify our scientific story in a way that everybody in the room understands what we intent to achieve without losing the connection to a few hard scientific and financial facts . We wanted to create emotions at the very beginning of the story . Over the course of the presentation we targeted to create an arc of suspense by always referring back the initial feelings . By telling a compelling story based on a logical path of how to realise our invention , my goal was to visualise the bigger picture in a way that dry financial data come across juicy . Investors want to understand the larger purpose . They want to know why they should invest into a creative team knowing the high risk level . That ’s a good way to inspire them to engage themselves personally by supporting “ their ” winning team . Insight : Appling the Storytelling Tool from the “ Design Thinking for Innovation ” training was very inspirational . The feedback rate from the audience was much better than we actually anticipated . Nevertheless I realised that we have to do better next time . Creating emotions is very important but the most powerful part of my message should have been selling the larger purpose . More preparation time beforehand is needed . Explaining in a few sentences that the challenge ( how to treat the disease successfully ) can effectively be solved at the end and an investment seem to be logical . One key approach to reduce the high risk of large investments would have been “ prototyping ” . I need to spend more time on explaining what will happen in the “ Wow - Phase ” and why a money in the beginning is needed to create prototypes for first tests before the pretended end solution is developed ( fail fast , fail cheap ) . That ’s an important element of the story . The “ Design Thinking for Innovation ” course opened my eyes towards successful innovation management . It connects emotions with characters and as a consequence it creates a cause . In order to tell a good story I also realised that most elements of the Design Thinking process can be unified in the Storytelling Tool . Hence the story gets tangible and the audience starts to believe in you . Approach : Definitively I will use the Storytelling Tool again for the same purpose because it effectively addresses the purpose of business leaders to be inspired . But I need to sharpen my skills by practicing it as often as possible . Not only for pitches but also to sell an idea or products in general . I also learnt once again that the preparation time is crucial and always takes a longer time as planned . The more research and analysis you do on the audience and specific elements of your story , the easier it gets to create a compelling story that people consequently will believe in you .