In Entrepreneurial Pitches, Stage Presence Is Everything

"Chia-Jung Tsay, an associate professor at the UCL School of Management, asked 1,855 study participants to predict the winners of a total of 19 venture capital pitch competitions after being assigned to review the contestants' presentations in various ways, including as videos with sound, silent videos, sound recordings, and transcripts. She found that the silent videos best enabled people to identify the entrepreneurs the investors funded. The conclusion:

TSAY Most investors would say that when they're deciding which start-ups to back, they focus on interesting ideas, talented founders, and substantive business plans. But across 12 studies I found that people could predict VC funding decisions based not on the actual content of entrepreneurs' pitches but on how they were presented, especially body language and facial expressions. Often people watching the silent videos took only a few seconds to correctly identify which pitches had been favored by the investors. In my studies the visuals influenced judgment more than words or other information did.

HBR: How do you know it wasn't well-designed, information-rich PowerPoint slides that made the visuals so compelling? The entrepreneurs in the competitions I looked at didn't use slides, so it was simply their own physical presence that had such a profound impact on decisions.

So both the VCs and the study participants made snap judgments based on what they saw, not what they heard or read? Yes -- but without being fully aware that visuals were having such a strong effect on them. This makes sense. Entrepreneurs need passion, engagement, and energy to be successful, and it's possible to convey all those things without words. There's something about the way presenters carry themselves as they walk onto the stage and then make pitches that may reflect their level of preparation and commitment.

But surely the idea and plan count for something, right? We can't be certain about the VCs, but the study participants who received more information about the start-ups by reading transcripts or listening to the pitches with or without video felt more confident about their picks than participants who saw only the silent videos. But the participants who got more information were also less likely to identify the entrepreneurs who won over the investors. This underlines the discrepancy between what people say they value and the information that actually drives real-world decisions.

A future step would be to look at the winning start-ups' outcomes to see if letting visuals drive decisions is a sound investment strategy.

Could it be that professional investors heard something in the presentations of those entrepreneurs that the amateur study participants didn't? Great question. That was one of my first guesses too. So I brought in amateurs with little or no experience with start-ups as well as experienced entrepreneurs and angel and repeat crowdfunding investors to review the pitch competitions. It turns out that both the experts and the novices were best able to pick the actual winners based on the silent videos. Professionals may be more knowledgeable, but they seem to be similarly influenced by visuals.

Could this all boil down to people's tendency to favor attractive entrepreneurs -- or worse, white men who look most like prototypical Silicon Valley founders and VCs? You might think that. But my study participants weren't able to correctly identify the competition winners at rates significantly over chance using photos alone. So it seems to be less about gender, race, and attractiveness than about dynamic visual information that conveys passion and energy. Of course, many other studies have demonstrated the professional benefits associated with representing the majority-group race or gender or being deemed beautiful or handsome by society. That's not just in entrepreneur-ship but in other domains as well.

I should note that I also varied my experiments to check for participants' bias on these issues and their perceptions about the biases VCs might have. In some studies I asked, "Who won?" In others I asked, "Who do you think should win?" This might seem like a minor nuance, but it's important. With "Who won?" people can say, "Well, I'm not biased, but the judges probably are, so they chose him or her -- for spurious reasons." Phrased differently, when giving their own opinions, most people try to avoid showing bias based on gender, race, or looks. But my findings were consistent under both conditions. The predictions of people who watched the silent videos best matched the VCs' decisions.

What was it about the winners' visual presentation that was so captivating? We've published previous research on the importance of hand gestures when showcasing a new product. Is it that kind of body language? Posture? Facial expression? It's the passion that comes through in the pitches, which is reflected in a constellation of ways, including energy, gesture, and expression. When I asked participants to identify not the winners but the most passionate entrepreneurs, their choices mapped to the actual winners.

What's your advice for entrepreneurs making pitches? Develop more stage presence and worry less about your business plan? I think it's still important to hone your idea and polish your content. But you should also acknowledge the importance of your visual impression, especially at the start of your pitch, and spend at least a little more time on it. You should consider how you might convey your passion about your idea in a way that feels authentic to you. The judges are likely to assume your enthusiasm reflects a high-quality product and start-up.

What about VCs? Can they guard against this potential visual bias that might or might not play out for them? I'm hesitant to call it a bias until that's empirically shown. It's more like a preference or a shortcut. In some domains people are acknowledging the issue and making attempts to guard against possible bias. For example, one study showed that blind auditions of musicians, where those evaluating the performers couldn't see them, resulted in the hiring of significantly more female musicians. But well-intentioned as these efforts are, they could lead to a discrepancy between what the judges base their decisions on -- sound only -- and what the audience enjoys or doesn't, which includes the visuals.

Right, because how you carry yourself and how people perceive you are important in most jobs -- whether you're a musician or an entrepreneur. Yes, passion and confidence are related to successful outcomes. That said, if you want to guard against a dependence on visual information, one suggestion would be to avoid work conditions that prompt people to take mental shortcuts. You want to reduce the cognitive load on people so that they have more time to think -- for example, by not overwhelming decision-makers with tons of information in a short time frame.

You just described the conditions of a VC pitch competition -- lots of ideas and business plans, delivered quickly, all in one day. Indeed. And the same would be true in a more real-world setting if the investors you're approaching are taking a lot of meetings and hearing a lot of proposals. They're going to remember the people who are somehow able to inspire without saying a word.” [1]

 

1. In Entrepreneurial Pitches, Stage Presence Is Everything. By: Tsay, Chia-Jung, Harvard Business Review, 00178012, Sep/Oct2021, Vol. 99, Issue 5

Geriausi darbai nebūna skelbimuose, bet vis tiek galite juos rasti

„Beveik kiekvieną dieną kažkas, kas tyliai ieško pasamdyti svarbų darbuotoją, skambina Diane Hessan ir užduoda tą patį klausimą: ką jūs rekomenduojate?

 

    Ponia Hessan, buvusi konsultacijų grupės generalinė direktorė, dirbanti „Panera Bread“, Rytų banko ir Tuftso universiteto valdybose, yra viena geriausiai susietų verslo veikėjų Bostone – ir panaši į slaptažodžių saugotoją slaptoje smuklėje, šešiaženklius atlyginimus gaunantiems darbo ieškotojams.

 

    Visuose miestuose tokių žmonių yra, o buvimas jų radaruose gali atverti paslėptas duris.

 

    „Vyksta visas pokalbių kanalas apie galimas darbo vietas“, – sako ponia Hessan ir priduria, kad daugelis jos skambučių ateina iš privataus kapitalo įmonių, ieškančių lyderių portfelio įmonėms.

 

    Toli nuo viešųjų „Indeed“, „LinkedIn“ ir „Monster“ darbo biržų slypi kitos karjeros galimybės – dažnai pelningos,– kurios niekada neskelbiamos. Tokių angų tūrį sunku išmatuoti; tie, kurie samdo ir buvo pasamdyti už akių, sako, kad pozicijų kokybė yra svarbesnė, nei kiekybė.

 

    Kai kurie iš jų yra vadovaujantys vaidmenys, kuriuos šiuo metu užima žmonės, kuriuos vyresnieji vadovai nori išstumti, bet ne anksčiau, nei diskretiškai suranda pakaitalų.

 

    Kitos į sąrašus neįtrauktos pozicijos gali būti susijusios su naujomis verslo iniciatyvomis arba naujomis įmonių iniciatyvomis, kurių dėl konkurencinių priežasčių įmonės nenori reklamuoti konkurentų atžvilgiu.

 

    Vadovai jau seniai pasitikėjo savo profesionaliais tinklais ir galvų medžiotojais, kad galėtų atlikti šiuos slaptus vaidmenis, nors įdarbinimo žaidimas linkęs į atvirumą. Niujorkas šią savaitę pradėjo reikalauti, kad darbdaviai į darbo skelbimus įtrauktų atlyginimų diapazonus, o kai kurios valstijos yra pasirengusios tai padaryti arba jau padarė. Tačiau įmonės, kurios nenori atskleisti kortas (arba parodyti darbuotojams, kas siūloma naujokams), gali tiesiog daugiau samdyti privačiuose kanaluose.

 

    Dažna atlyginimų skaidrumo įstatymų spraga yra ta, kad įmonės neprivalo skelbti kiekvieno darbo ir neturi atskleisti numatomos kompensacijos už šias nepaskelbtas pareigas, sako Stephanie Merabet, Holland & Knight darbo advokatė.

 

    Dar per anksti žinoti, kiek įmonių atsisakys atskleisti informaciją, nes daugiau laisvų vietų nebus darbo biržose, bet kai kurios greičiausiai tai padarys, sako Tae-Youn Park, kuris tiria atlyginimų skaidrumą, kaip Kornelio universiteto žmogiškųjų išteklių studijų docentas.

 

    Tai reiškia, kad galite nesužinoti apie įdomų vaidmenį tol, kol kas nors kitas jo neįgis, nebent jūs ateinate į galvą, kai įmonė nori pasamdyti gudriai.

 

    „Norite būti sąraše žmonių, kurie dirba tam, kad rastų jums tinkantį darbą“, – sako Mattas Massucci, įdarbinimo įmonės „Hirewell“ vadovas. "Vienintelis būdas tai padaryti yra išlikti jų galvoje."

 

    M. Massucci siūlo bent 30 minučių per savaitę skirti tinklų kūrimui ir pataria kryptingai. Pasistenkite prisistatyti žmonėms, dirbantiems jus dominančiose įmonėse. Susisiekite su savo srities įdarbintojais, net kai aktyviai neieškote naujo darbo. Eikite į konferencijas. Kalbėkite panelėse (taip, tose, kurios jaučiasi kaip neapmokamas papildomas darbas). Atnaujinkite šią nuotrauką.

 

    Būkite matomi, kad gautumėte darbą, kurio nėra.

 

    Maisto pramonės vadovas Brianas Pestana sako, kad iš pradžių nesidomėjo, kai Sietle dirbantis įdarbinimo darbuotojas paprašė prisijungti prie LinkedIn šį rudenį. Jis gyvena Majamyje ir nesvarstų persikelti, todėl nemanė, kad užmegzti ryšius su kuo nors kitoje šalies pusėje būtų verta. Bet niekada negali žinoti, pagalvojo jis.

 

    Jis šnekučiavosi ir susipažino su įdarbintoju, kuris supažindino jį su Maria Elena Ibanez, „El Latino Foods“ vykdomąja direktore Dorale, Fla., maždaug už 15 mylių kelio automobiliu nuo Majamio.

 

    P. Pestana prie El Latino prisijungė spalį, kaip verslo plėtros viceprezidentas. Ši pareigybė niekada nebuvo įtraukta į jokią darbo biržą.

 

    „Neatmeskite nedidelės galimybės, nes ta, kuri atrodo tolima, gali būti ta, kuri pasiteisins“, – sako jis.

 

    Markas Goldbergeris šią savaitę pradėjo eiti verslo pardavimų vadovu „Ramp“, finansinės programinės įrangos startuoliui Niujorke, po to, kai jis ir įdarbinimo specialistas iš pradžių aptarė kitokią poziciją su kita įmone. Jis sako, kad galvų medžiotojas greitai nustatė, kad jis tinkamas Rampos darbui, remdamasis jų ankstesniais pokalbiais, dėl kurių jis paspartino įdarbinimą, kuris niekada nebuvo paskelbtas.

 

    Jo ankstyvosiose užduotyse yra įdarbinti daugiau pardavimo atstovų savo komandai. Viena pareiga buvo paskelbta viešai – įmonės paskyros vadovas, kurio numatomas atlyginimas yra nuo 221 000 iki 260 000 JAV dolerių, tačiau ponas Goldbergeris sako, kad gali būti, kad jis pasamdys kelis žmones iš vienos kandidatų grupės, ir jis nelaukia, kol bus pateiktos paraiškos pagal skelbimą.

 

    „Aš kreipiuosi į savo tinklą – žmonės, kuriuos pažįstu, būtų puikūs, nes mačiau juos, darant kažką panašaus – taip pat ketinu tyrinėti „LinkedIn“, – sako jis.

 

    G. Goldbergeris ir kiti samdymo vadovai bei įdarbintojai pažymi, kad įmonės kartais įvardija pareigas kaip atviras, kai jau yra apsisprendusios, dažnai siekdamos laikytis vidaus politikos ar kolektyvinių derybų sutarčių, kuriose reikalaujama skelbti viešas pareigas. Tikras įdarbinimo veiksmas, jų teigimu, dažnai vyksta toli nuo darbo biržų.

 

    Shawnas Cole'as, vadovų paieškos įmonės „Cowen Partners“ prezidentas, sako, kad visi jo įmonės apdorojami vaidmenys neįtraukti į sąrašą. Jo klientams patinka atrodyti, kad jie turi talentų atsargas, o paskelbus atvirą kvietimą kandidatams į vadovus, verslas gali atrodyti beviltiškas arba netvarkingas, sako jis.

 

    Ponas Cole'as sako, kad, norint dalyvauti veiksme, reikia užmegzti ryšį su tokiu galvų medžiotoju, kaip jis. Būkite tiesioginiai – neištarkite neaiškių prašymų „pasinaudoti tavo smegenimis“ – ir nesivarginkite su kvietimu kavos ar pietų.

 

    „Atsiųskite atnaujintą gyvenimo aprašymą ir pasakykite, kas jus domina“, – sako jis. "Kalbėkite apie kompensaciją, vietą ir konkrečius karjeros tikslus. Pietūs ir panašūs dalykai? Liūdna pasakyti, bet niekas neturi laiko tokiems dalykams."" [1]

1. On The Clock: The Best Jobs Aren't Posted, But You Can Still Find Them --- The right networking skills can help snag a six-figure position that wasn't listed
Borchers, Callum. 
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 03 Nov 2022: A.9.

The Best Jobs Aren't Posted, But You Can Still Find Them

"Almost every day, someone who is quietly hunting for a key hire calls Diane Hessan to ask the same question: Whom do you recommend?

Ms. Hessan, a former consulting group CEO who sits on the boards of Panera Bread, Eastern Bank and Tufts University, is one of the best-connected business figures in Boston -- and something like a password keeper at a speakeasy for six-figure job seekers.

All cities have such people, and being on their radars can open hidden doors.

"There's a whole back channel of conversations going on about jobs that are available," says Ms. Hessan, adding that many of the calls she fields come from private-equity firms seeking leaders for portfolio companies.

Far from the public job boards of Indeed, LinkedIn and Monster lies another set of career opportunities -- often lucrative ones -- that are never posted. The volume of such openings is hard to measure; those who hire and who've been hired out of sight say the quality of the positions is more notable than the quantity.

Some are management roles that are currently occupied by people whom senior leaders want to push out, but not before discreetly finding replacements.

Other unlisted positions may be at venture-backed startups or relate to new corporate initiatives that, for competitive reasons, companies don't want to advertise in view of rivals.

Executives have long relied on their professional networks and headhunters to fill these stealth roles, though the hiring game is trending toward openness. New York City this week began requiring employers to include salary ranges in job postings, and some states are poised to do the same or already have done so. Yet businesses that don't want to tip their hands (or show employees what's offered to newcomers) can simply do more recruiting in private channels.

A common loophole in pay-transparency laws is that companies don't have to post every job and don't have to reveal the projected compensation for those unposted positions, says Stephanie Merabet, a labor attorney at Holland & Knight.

It is too early to know how many businesses will skirt disclosure by keeping more openings off job boards, but some likely will, says Tae-Youn Park, who researches pay transparency as an associate professor of human resource studies at Cornell University.

That means you might not learn of an exciting role until someone else gets it, unless you're the one who comes to mind when a company wants to hire on the sly.

"You want to be on the call list of somebody who's working to fill a job that would fit you," says Matt Massucci, chief executive of the recruiting firm Hirewell. "The only way you do that is to stay top of mind."

Mr. Massucci suggests devoting at least 30 minutes a week to networking, and advises a targeted approach. Make a point to introduce yourself to people who work at companies that interest you. Connect with recruiters in your field, even when you're not actively looking for a new job. Go to conferences. Speak on panels (yes, the ones that feel like unpaid, extra work). Freshen up that headshot.

Be visible to get a job that is not.

Brian Pestana, a food industry executive, says he wasn't interested at first when a Seattle-based recruiter asked to connect on LinkedIn this fall. He lives in Miami and wouldn't consider relocating, so he didn't think that networking with someone on the other side of the country would be worthwhile. But you never know, he figured.

He chatted and hit things off with the recruiter, who introduced him to Maria Elena Ibanez, chief executive of El Latino Foods in Doral, Fla., about a 15-mile drive from Miami.

Mr. Pestana joined El Latino in October as vice president of business development, a position that was never listed on any job board.

"Don't dismiss a small opportunity because the one that seems far-fetched might be the one that works out," he says.

Mark Goldberger started this week as head of enterprise sales at Ramp, a financial software startup in New York, after he and a recruiter initially discussed a different position with another company. He says the headhunter quickly identified him as a fit for the Ramp job, based on their previous conversations, which put him on the fast track for the job that was never posted.

His early tasks include hiring more sales representatives for his team. One position has been posted publicly, an enterprise account executive with an estimated salary of $221,000 to $260,000, but Mr. Goldberger says it's possible that he'll hire multiple people from a single candidate pool, and he isn't waiting for applications to roll in.

"I'm reaching out within my network -- the people that I know would be great because I've seen them do something similar -- and I'm also going to be scouring LinkedIn," he says.

Mr. Goldberger and other hiring managers and recruiters note that companies sometimes list positions as open when their minds are already made up, often to comply with internal policies or collective bargaining agreements that require public postings. The real hiring action, they say, often happens away from the job boards.

Shawn Cole, president of executive search firm Cowen Partners, says all of the roles his company fills are unlisted. His clients like to appear to have talent pipelines, and posting an open call for executive applicants can make a business look desperate or disorganized, he says.

Mr. Cole says that to get in the running, it helps to build a rapport with a headhunter like him. Be direct -- no vague requests to "pick your brain," please -- and don't bother with an invitation to coffee or lunch.

"Send an updated resume and say what you're interested in," he says. "Talk about compensation, location and specific career goals. Lunch and things like that? Sad to say, but no one has time for that stuff."” [1]

1. On The Clock: The Best Jobs Aren't Posted, But You Can Still Find Them --- The right networking skills can help snag a six-figure position that wasn't listed
Borchers, Callum. 
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 03 Nov 2022: A.9.