University of Helsinki
In 2019, Slush Y Science, the University of Helsinki HiLIFE organised official side event of Slush 2019, was bursting with innovations and inspirational stories. Held in Messukeskus, this life science-based event links science and business to promote world-changing innovations. Selected presentations from science to commercialization and a pitching contest showed how researchers and entrepreneurs have tapped into the power of science to help solve global problems, such as those that affect healthcare and the environment. Due to an aging population and overpopulation, those problems are demanding to be addressed. The showcased science presentations introduced a method that helps target specific nerve cells in the treatment of memory disorders, an anti-spoilage packaging material that cuts down the waste of fruits and vegetables, and a study that uses elephants to investigate how life experiences affect the way people age.
Another emerging aspect during Y Science was that investors have become increasingly interested in socially conscious projects as well. Purpose-driven investors look for start-ups that bring both financial return and societal changes by for example promoting equality. If you’re a scientist, you might want to carry out a project simply because of scientific curiosity, but it’s still important to attract funding. Furthermore, telling an inspirational story about the passion for change behind your project can help create a brand that grabs the customers’ attention even before all the research or product development is completed.
The pitching contest shone as the highlight of Slush Y, with eight Nordic, early stage life science start-ups competing for a prize of 30,000 €. The entries were Medicortex’s non-invasive test for diagnosing brain injuries, Nanoglue’s paste that boosts wound healing, Cohesys’ tape and adhesive system for repairing bones, Twelve Bio’s CRISPR variant that helps diagnose lung cancer early, Nordetect’s device that helps farmers analyze the nutrients in soil, Chain Antimicrobial’s antimicrobial medical equipment that reduce healthcare acquired infections, Proxi Biotech’s new way of developing vaccines against antibiotic-resistant bacteria, and Anison’s ointment for the removal of warts. Attending the Y Science as a student, I took it as an opportunity to analyze the contents of the pitches to glean pointers on how to deliver an effective pitch.
Pitching is based on the thought experiment that you’re riding in an elevator with someone you wish would get interested in your project, but you only have until they reach their floor to influence them. Pitches are a typical part of start-ups’ toolboxes for enticing investors, but the ability to write and perform them can benefit everyone. For example, a cover letter for a job application is basically a pitch on paper. Learning the principles of pitching can help anyone become a more efficient communicator in both work and personal life.
Before you can convince others of your message, you have to believe in it yourself. It’s not enough that your product is interesting or unique, it also needs a clear purpose. Ask yourself the following questions: Why are you doing what you’re doing? What problem does your product solve? Whose problem does it solve? Describing the problem by telling a story about a person whose life your product changed keeps the audience engaged by evoking empathy, such as Nanoglue’ story of a young patient, which in the competition was voted as the audience’s favorite pitch. You can then connect the story to a description of the whole target demographics. Ideally, the demographics are large but specific, just like the problem. Here, you have the chance to talk about what values your project brings and what positive impacts it has on society.
Before you can convince others of your message, you have to believe in it yourself.
Another vital part of a pitch is to demonstrate that your product can tempt people to open their wallets. For example, a product can help the consumers save time or money, or make a task easier and more comfortable, like the pitch competition winner’s – Medicortex’s – non-invasive brain injury test does. Additionally, you should study the existing competitors and confirm that you provide an essential novel approach or an improvement. Using clear and very visual graphs and charts, the speakers in the pitching contest proved that their products solve real problems and that there is an underexplored market for them, often one that is predicted to boom.
Explaining the scientific details in a short pitch can be a challenge. Even though you’re excited about the science, it’s best not to overwhelm the audience by making them process a wealth of data in the moment that a pitch takes. Most of the pitches kept it simple, focusing on the functionality of the product and delivering information in visual and colorful formats. Pictures and animations demonstrated how the product works in practice. This doesn’t mean that the science isn’t important – it should be novel and solid, but the audience can always ask to hear more about it after the pitch, so be prepared to explain things that you haven’t planned to include in your presentation. At the end of each pitch, the jury panel asked these types of questions.
Finally, the audience doesn’t only want to hear about the product, but also the people behind it. Don’t be afraid to show your personality and introduce your team as well as your history and plans. Investors want to know your team has the chemistry required to work together and there is potential to grow your start-up into something big. Personality and charm also play a role in situations such as writing job applications or negotiating group work.
In conclusion, I learned what products that have a clear purpose and are targeted at a specific problem look like, whereas in the past, I had always thought about what simply sounded interesting to me. This doesn’t mean that you can’t follow your curiosity, but that you should think about what applications the science that interests you could have. Furthermore, I found out that a much deeper understanding of the market and the competitors than I thought was sufficient is needed. Additionally, as a stereotypical humble Finn, I had thought talking about yourself and your team is the least important thing, but it turned out to be something that shouldn’t be rushed through. Finally, I learned that being able to explain the science of your product in a couple of sentences can be a great way to grab the audience’s attention.
– Pauliina Rautanen, IHB student and LSE blogger