Summary List Placement
When Andrew Parker saw his grandfather, who he called Papa, needed help with daily activities, he wrote a post on Facebook asking if any college or nursing students would be interested in helping out.
After seeing the positive effect on his Papa, Parker tested the idea on family and friends to see if the personal solution could scale to help others. His idea blossomed into a business — named after his grandfather’s nickname — that pairs older adults with caregivers who can provide companionship and assistance with tasks such as errands, transportation, and technology lessons. Think of it as grandkids on demand.
“Papa was an entrepreneur, so I’ve always been inspired to think of the world that way,” Parker said.
The Miami-based business announced on September 22 that it raised $18 million in a Series B led by Comcast Ventures, bringing its total to $31 million. Papa’s Series A round of $10 million was led by Reddit co-founder Alexis Ohanian. Papa is one of many startups aiming to find new elder care solutions for Baby Boomers, who are the second-largest living adult generation, according to the population estimates by the Census Bureau.
Papa declined to share revenue figures with Business Insider but said the company has grown 20% month over month since inception and expects to increase membership growth fivefold compared to last year. The two-year-old company has 85 employees and more than 5,000 students working as caregivers.
Parker shared Papa’s pitch deck exclusively with Business Insider and explained how he organized the presentation. Sensitive information has been redacted. He also gave his advice for creating a standout pitch deck.
SEE ALSO: We got an exclusive look at the pitch deck open-source platform Almanac used to raise $9 million in funding. The CEO breaks it down and gives his advice for entrepreneurs to perfect their pitch.
The first two slides set up the problem and how Papa solves it.
Parker starts his pitch deck by presenting the problems Papa is trying to solve. He uses relevant statistics that show the scope of the issue in a quick and digestible way for investors. For example, there are 50 million US seniors and social isolation costs the US $7 billion per year.
“There’s a cost associated with loneliness and isolation,” Parker said. “In a one-second view, you can see this is big and costs money.”
He also starts his process by drafting headlines of the major points he wants to hit. In this case, he wanted to show that elder care is an increasingly important industry that Papa can capitalize on.
Next, present your progress to-date.
The next phase of Parker’s pitch deck looks at Papa’s progress since its launch in 2018, an important factor for investors who want to be sure the company is scaling. Graphics walk investors through the company’s growth, noting milestones like contracts with health providers and number of customers.
This phase also shows how the company has developed with a small team of sales people and the number of potential customers it could serve in 2021, pointing to future successes.
And show how the product works.
The five previous slides explain how Papa works, from connecting with health plans to booking recurring weekly visits for customers. “You want to show there’s a huge problem,” Parker said, “and that you figured out how to solve it and you’re able to make money doing it.”
This section dives further into Papa’s process, including how it recruits and onboards caregivers. The 8-step movement goes from the application phase, to background checks, and identify verification. It also explains what these workers can do for clients, ranging from reminders and essential assistance to companionship and personal safety.
Parker said it’s vital for startups to have a slide that explains how their company works. He opted for a simple display instead of getting into the weeds of the complicated healthcare and insurance process. “The whole point of the slide deck is to capture enough attention from the investor community to where they want to dig in more,” he added.
Highlight your positive data.
Data is crucial to investors and entrepreneurs should take pains to highlight growth or any other positive metrics. For example, Papa’s previous five slides show gross profit retention, recurring revenue, and 2021 expansion plans.
Graphics also portray how the company grew after offering virtual services this March in light of the coronavirus and social distancing orders. That information shows how Papa will endure the pandemic and still recruit customers.
Show off your team.
Parker wanted to highlight where his C-suite staff previously worked because it shows their relevant industry experience. He didn’t draw a connection between companies and people, but if asked, he could explain how Papa’s executive vice president of client success Leslie Courtney applies her experience from BlueCross BlueShield to Papa.
Don’t fret if your staff doesn’t have robust resumes or years of experience in a certain industry — there are other ways to highlight a person’s professional accomplishments and why they’re valuable to the team. For example, some of his staff worked at Home Depot and Lyft. While the two have nothing to do with elder care, they are impressive to investors and can showcase other vital skills like customer support or approval.
Explain how you’ll use the funds.
Parker suggests entrepreneurs use these slides to show investors exactly what they plan to do with the funding. However, he stressed the need for specificity. For example, he’s telling investors that he wants to scale the sales team, the engineering team, and bring on more caregivers to support growth.
Those factors are displayed in a pie chart and broken down by percent. This shows investors exactly where their dollars will go and how much will be allocated for each goal.
While Parker mastered this pitch, he says he’s made mistakes along the way like stuffing too much information into a slide. Entrepreneurs should find a balance of their enthusiasm and relevant information to investors.
Originally published at https://www.businessinsider.com/papa-pitch-deck-advice-backed-by-alexis-ohanian-2020-9 on .