Business Week says it wants to start its own version of YouTube. Essentially, people who are looking for money for their business venture would get an opportunity to develop a video pitch with the intent of receiving funds to back their idea or new company.
The magazine's Executive Editor John Byrne, even envisions a contest in which wanna-be moguls can participate in an online contest to for the chance to win a cool half-million bucks. Visitors to the portal would vote on the pitch they think is worthy of funding.
When I first read the story, I thought, "What a cool idea!" It's a sure-fire way to keep people coming to the Business Week web site. All print publications are seeking to drive more online traffic as interest in print continues to slide. But then my second thought was, "Wait a minute! Voting for the best video is hardly a way to demonstrate good journalism, which is one reason Business Week is one of my favorite magazines."
As I've mulled the idea, though, I'm liking it better and better. After all, daily newspapers have been involving their audiences through blogs. In fact, USA Today's subscription rate has skyrocked since revamping its online presence and asking people to exchange views on stories. Even CNN encourages its viewers to send in their own potential news clip to iReport for the chance to have it selected for an actual broadcast.
I think Business Week is on to something. Before joining Edelman, I ran my own consulting practice for nine years. During that time, I helped numerous small companies put together their presentations for pitches to venture capitalists. Many entrepreneurs really struggled with the idea of telling their story in five minutes, which was the typical timeframe they were given at VC pitch-a-thons. The most common complaint I heard was, "I can't possibly relay how passionate I am about this through slides!" This BW video idea helps to solve that problem because now pitches can be anything from a talking head to an office tour to a person writing on a white board to a fancy PPT presentation with a voiceover narrative, along with dozens of other ideas.
If Business Week does move to this new format and you decide to "go for it," take my advice and work with a professional to ensure you have the best video possible. Remember, this isn't YouTube, where most of the videos are slapped together with little thought or creativity.
There are no "do-overs" or "let's put it out there and see what happens" when the world is watching - and voting - for you to get money.
Great post, Marilynn. And it probably IS a good idea (not just a good idea for BW). My first reaction, though, was that it smacked of yet another reality-show (minus the breathless babbling of a vacuous host).
What I like, though, is that it forces people to be concise about the value they offer. That doesn't mean there won't be a lot of "All About Me" pitches, but the voting process should take care of those. :-)
And to add my two-cents to your recommendations, with only five minutes to tell their story, companies should focus on only one thing, not three or four or twelve, and definitely not a long slog of bullet points. Trying to get 20 minutes of material into a five-minute video is a sure way to get voted off the island. Tell one story really well and let the process continue on from there.
Posted by: John Windsor | May 29, 2007 at 09:18 AM
Thanks for your comment, John. You're absolutely right about the importance of focus in a short pitch, especially if trying to persuade people who may not know much about the subject you're pitching.
Trying to cram too much in and using overly-complex illustrations are the two biggest mistakes I've seen people make in VC pitches in particular.
Storytelling is definitely the secret.
Posted by: Marilynn Mobley | May 29, 2007 at 09:49 AM