Amex taught me how to make PowerPoint presentations; Amazon taught me how to write, literally.
The Art of Powerful Presentations
I spent the first eight years at American Express writing PowerPoints. I spent hours refining decks, ensuring each slide was clear and concise in the takeaway. In addition, using the right color pallet, font size, graphs, and tables to make the slides “pop”, and create an aha moment for senior leaders with the turn of each slide. My boss and my boss’s boss scrutinized every word, font, and number before delivering it to their bosses upstairs. Then, finally, it was ready for prime time. You were sometimes honored to present the deck to the bosses as a reward. The presentation took hours of prep, writing notes, finding source data, and prepping multiple dry runs in front of layers of bosses. I hated it then and thought it was a waste of time.
Little did I know that it was the one skill I would not just need but need to hone to raise money for my Startup.
The Science is in detail
In 2014, I joined Amazon. Suddenly, my Ph.D. in Powerpoint was deemed redundant and antiquated. Instead, Amazon introduced me to the even older and forgotten — writing in long form- the working backward document.
I spent the next five years unlearning my Powerpoint skills and learning how to write documents with an imaginary press release that talks about the product from the lens of a customer. I wrote detailed stakeholder and customer FAQs. Each recommendation, assumption, and ask had to be backed by data. With all the details in a six-page document, there was no need for a presentation. Every detail was in the 11-font single-spaced document. You sat in a meeting, and everyone read the paper for the first 30 minutes. A passionate debate followed the reading. The entire team participated in the discussion to “disagree and commit,” a principle that states that individuals are allowed to disagree. However, once a decision is made, everyone on the team must commit to it. I am simplifying here. However, the main difference I want to highlight is the level of detail that differs and how it impacts decision-making. However, these two different communication forms are equally crucial for two different audiences. Founders should focus on both.
“You campaign in poetry. You govern in prose.” — Mario Cuomo.
According to Britannica, Poetry is literature that evokes a concentrated imaginative awareness of experience language chosen and arranged for its meaning, sound, and rhythm.
By contrast, prose is written or spoken language in its ordinary form, without rhythmic structure.
Let’s translate this quote into founder speak.
“You pitch to sell. You build to last.”
The Audience of One
Founders spend days and sometimes weeks refining their pitch, creating compelling decks, and practicing their delivery. As they should. Convincing VCs and investors is critical to the success. So it’s built with one Audience in mind — the investor.
The Startup Collective
It takes a village to raise a startup. A startup is, by definition, a “disorganization” held together with a shared vision. Therefore, writing a detailed document that is an instruction manual to build your Startup becomes equally essential. It lays out the ways and means of the “WHAT,” the “WHY,” and most importantly, the “HOW.”
A Startup is a thought experiment. However, articulating the thought experiment clearly and precisely helps the team rally behind the plan. There is a reason that Amazon still uses this tool before making an investment in any project.
The working backward document crystallizes the thought process and creates a real-time map. It helps to identify the watch-outs, opportunities, and risks. Finally, it connects the pitch, the business model, and the operational plan into a cohesive strategy with all the tactics laid out.
Here’s a link to the working backward template that Amazon uses. However, please focus on the content rather than the format. For example, if writing a press release in the future works for you, then do it. On the other hand, writing down what’s stored in your (founder) brain in a page or two is equally powerful. Feel free to add the link to your version in the comments or on the doc.
I would recommend you start with the five Working Backwards Questions in the doc:
- Who is the customer? — Eliminates ambiguity on who will use /buy your product or service.
- What is the customer’s problem or opportunity? — Similar to the problem statement in the investor deck.
- What is the most important customer benefit? — This one is my favorite question. It compels founders to think about the most crucial thing they want their customers to do.
- How do you know what customers need? — Let the data tell your story.
- What does the customer experience look like? — A picture is worth a thousand words. Use Canva, hand-drawn, or keynote. Whatever works best for you.
Some Additional Tips:
- This is not a vision document. So refrain from writing a rendition when you IPO the business. Instead, write a version that gets you to your next milestone. For example, if you are in the seed stage, write it backward from where you need to be to get to your series A.
- Get your team/advisors/engineers, interns, and everyone involved — Gives context and creates ownership.
- Use simple language and short sentences. For example, I keep my readability score above 60. The goal is to keep the text simple and digestible.
- Keep a tab on Investors’ questions in meetings and incorporate them in FAQs. This will help you get ready to answer questions in investor meetings succinctly. For starters, here’s a list of investor questions from Elizabeth Yin, GP at Hustle Fund.
- Keep the document fresh and update as you pivot and get new information.
Thanks for reading this blog. Please contact me at ankur@zeroto1.net or in the comments section if you have any questions.
