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Hi

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In this session

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we are going to understand investors

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in terms of what they are looking for

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We are startups

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And startups need to meet 
and pitch our ideas to investors

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So, it is very important for us to know

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what they are thinking about

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and what they are
responding to the startups

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I am going to divide
two sub-sessions in this lecture

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The first session is about 
a lecture in practice

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So, more specifically,

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what are investors actually looking at,

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how they react, what they react to,

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and what they like

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Something like that

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In the second session,

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we will gather some scholarly papers

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that understand investors

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And we will review the research together

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It will be very beneficial for us

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to understand investors
throughout some researches

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So, let's begin with 
Michael Siebel's lectures

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at Standford University

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Michael Siebel

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He was the CEO of Y Combinator

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Y Combinator is a renowned 
accelerator in the world

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So we will be back

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after watching the short lecture
by Michael Siebel

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Let's watch it together

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How was Michael Siebel's lecture?

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In my opinion, 
his lecture was really great

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And I think it is very insightful

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Basically, his idea is to

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introduce your ideas to investors

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in a short, concise, and central way

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It is very important

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Because we should practice like this

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Why?

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Because simply, investors need it

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Michael Siebel is export investor

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and export entrepreneur

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Here is a short movie clip

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where Nikola Tesla introduced

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alternative current idea to the investors

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Let's take a look at it together

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It will be very fun

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So, did you finish watching
Nikola Tesla's demonstration?

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How was it?

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Nikola Tesla came to America from Europe

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He was one of the geniuses

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who worked in Thomas Edison's laboratory

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But he quit his job

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because he was against 
the Edison's idea of direct current

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As you can see in the movie,

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he simply demonstrated his idea
in front of the investors

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Actually, we don't know
much about the technology

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But rather than talking about technology,

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he simply shows 
how his idea works

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Throughout what?

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Throughout spinning egg

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Do you remember that?

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Actually, his simple demonstration
allowed investors to understand

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his concept immediately and intuitively

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Please keep that in your mind 
about the intuitive understanding

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Because the key to success 
of your idea pitch

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is about
intuitive understanding of investors

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Next, we are going to look at
the Steve Jobs' presentation

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He is Steve Jobs

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He's the king of the presentation

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You can see the big difference
from his presentation

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Let's take a look together

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How about his presentation?

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To be honest with you,

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I was really surprised 
when he took the iPod Nano

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out of his pocket from his jeans

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He's a genius, right?

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And his simple demonstration

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was much better
than a hundred words

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So, that's why so many people
love Steve Jobs' presentation

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We should copy and practice 
his presentation style

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Next, look at this picture

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Three men came into the hall

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These guys are presenting their idea

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in front of the Shark Tank

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So, let's take a look at the pitch
of the HyConn

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from the Shark Tank episode

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This episode is my all-time favorite

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Let's watch together

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It will be very fun

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How about the presentation?

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I think that 
the presentation itself is so great

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I could see right away

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what the situation was
and what the idea was

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So, did he get the enough funding

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from the investors right away
by his presentation?

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What do you think?

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It's good? It's bad?

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They are in or they are out?

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Let's watch the remaining
video clip together

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This is the remaining video clip

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Let's watch together

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Right, market it is

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We can understand that investors
definitely like a big market

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At first, HyConn targeted 
the local government-based fire station

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But targeting government side
is not easy

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And the size of the market itself,
they're very small

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So, that's why the investors 
didn't like HyConn idea first

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But, if he showed some kind of
technology inside this product,

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the investors would understand

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this technology can be applied
to the big market,

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which is just ordinary household market

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It could be very big

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So, this big market
can attract investors' attention

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So, the second important component

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when you pitch your idea to the investors

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You have to show 
how big your target market is

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Your market should be great

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Let's look at this picture

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This picture is the Sequoia Capital's logo

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Sequoia Capital is one of the big
venture capital companies in the world

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Sequoia Capital has put up

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a structured pitch deck online

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so that anyone can download it
by going to their website

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Here are the key questions
that Sequoia Capital gave us

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The first one is Company Purpose

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When you pitch your idea to investors,

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you mention about your company's purpose

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Second, the Problem of consumers

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Third, Solution of your businesses

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Four, Why now?

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Five, Market Potential

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Six, any Competitors

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Seven, the Business Model

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In other words, how to make money

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Eight, your Team

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Nine, your financial, projection

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And ten, your vision

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In my opinion

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Among 10 components
that Sequoia Capital gave us,

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those three components,
red marked, are very important

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The first one is Problem

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When you pitch your idea to investors,

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you show how critical
the consumer's problems are

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Second important thing is your solution

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So, how to solve this problem,
and what is your solution

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So, your solution could be your businesses

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Another important component would be

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Business model

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We already mentioned about
the business model

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So, the business model is about
the blueprint of your businesses

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Also, business model introduces us

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how to make money

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So, the investors are very curious

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and very interested in your way

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how to make money
throughout your business model

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So, please prepare

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your problem of your consumers,
your company's solution,

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and your business model
about how to make money

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Another important thing is

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investors expect 
structured flow of the presentation

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So, please do not create your own way

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about the presentation

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About the pitch of your idea

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Please follow the structured way

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Let me summarize

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When you pitch your business idea
in front of the investors,

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please remember

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Good pitch could be

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something that provides

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intuitive understanding for your investors

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Second, you target to a big market

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Third, you'd better follow standard

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Pitch deck suggested by Sequoia Capital

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Please remember those three components

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Let's move on

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This is a real-world example

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I prepared the early-stage
Airbnb's real pitch deck

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This is the real pitch deck

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You can get the idea from
Airbnb's early-stage pitch deck

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So, the founders of Airbnb introduced

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the problem of consumers first

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They identified three major problems

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The first problem for
the consumer at that time

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was the price

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Price is an important concern
for the travelers

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Second problem was,

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there is a hotel,

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but hotels were disconnected
from the local culture

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That could be one of the problem

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Then, the last problem was

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there's no easy way

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to book a room close to the local area

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So, those three are 
major problems for the travelers

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Great, right?

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And then,

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they introduced their own solution

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How to solve this problem

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They suggested their solution

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Their solution was

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That's why we created a website platform

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where users can rent out
their space to host travelers

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in order to
save the money for the travelers

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Great

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And in order to make
additional income for the host

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Lastly, in order to share
the culture together

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between host and the travelers

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It is great

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So good idea

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But the investors may ask 
one big question

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Is there any market?

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So, the founder of Airbnb just showed

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the alternative market already exists

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Look at the Couchsurfing.com

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Couchsurfing.com is an online website

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to connect the host and the travelers

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Then, travelers make a reservation

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for the host's vacant room

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And then, the host provides

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relatively cheap couch
or bed to the travelers

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How many people already
use the Couchsurfing.com?

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660,000 travelers and hosts

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already have used Couchsurfing.com

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What about Craigslist?

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The Craigslist is the online platform

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that connects sellers and buyers

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If you go to the Craigslist,

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so many people already 
try to rent out their room

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and so many people want a room

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So, how many people use the Craigslist

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for the temporary housing?

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If you go to the Craigslist,

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there are 50,000
temporary housing listings per week

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Per week in America

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So, the founders 
showed this number to the investors

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Investors, although we don't have

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any structured website for the Airbnb

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But in the market,

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so many people already use

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the very similar and alternative website

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This could be a market

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The market already exists

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We will use this market

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It's a great point

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How big the market size is

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So they demonstrate market size

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For example,

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entire trips booked is 2 billion

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2 billion trips are already booked

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And 560 million

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is budget and online booking

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And out of 560 million,

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84 million booking would be

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cheap trip or Airbnb type trip

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So, we will target to
the 84 million for the deals

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It's great

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So that's why we created a product

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Which is this simple website

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To search by city,

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consumers can review the listing,

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and consumers can book it very simply

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This is a three-step
and three-click booking system

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It's a great product

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Our business model is

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We take just 10% commission
on each transaction

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So we target to the 84 million transaction

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Million deal

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We focused on just 10%

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Just 10% commission
out of this transaction

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How much is it?

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We estimate to have
$2.1 billion as revenue

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This is our plan

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It's a great plan

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This is our strategy to penetrate to the market

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First strategy is

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We will reach out to some event

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Because in this event,

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so many travelers join in

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and so many hosts can join in

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So that's why we will focus on event

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Also, we will make a partnership

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with other existing travel websites

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such as Orbitz.com or Kayak

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Also, we will make a specialized link

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throughout Craigslist

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So we will attract the consumer

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who already use 
Craiglist temporary housing

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So we will target to how much?

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50,000 temporary housing a week

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So we will target to

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the Craiglist's temporary housing listing

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It's a great strategy to
how to reach out the market

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So the founder analyzed
the market situation already

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and they introduced
their position in the market

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Look at this graph

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There's an offline transaction
and online transaction

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On the Y-axis,

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there is Expensive at the bottom

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 and very cheap at the top

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The Airbnb can be located upper right side

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which is online transaction

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and also very cheap options

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So the Airbnb could be there

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This is a competitive position

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So from this plan,

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Airbnb can gain competitive advantage

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We will be first place to the market

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and consumers can use our service very easy

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And there are many profiles

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We will provide a profile

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What about the design and brand?

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We have a great design website

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This is our team

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Our team consists of three people

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Joe Gebbia, PR

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Brian Chesky is a designer 
and does business development

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Nathan, he's a developer

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The media press already covered our story

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Because our story is
very unique and interesting

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Also, we have many good feedback 
from the users

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who already used our service

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For example

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Airbnb is great

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I found something in my price range,

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and that is what really enabled me

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to come to the conference

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It's a complete success

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It is easy to use, and it made me money

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Why is this great?

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Because, I think she's a host

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Lastly, the Airbnb founders

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showed their financial projection

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They said that

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We are looking for 12 months financing

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to reach out 80,000 transactions on Airbnb

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This is a great plan

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Have you noticed that

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they follow standardized pitch deck?

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From the problem, solution,

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and some kind of idea

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or competitors and markets

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They introduced their team like that

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They exactly followed
standard pitch deck component

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So please keep that in your mind

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Investors expect you to

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give some idea

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that they understand
intuitively and immediately

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Also, they expect you
to target bigger market

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Finally, they expect you
to follow standardized pitch deck

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Thank you for listening to this session