Day Two of the 2016 elevate61 program, and we're pleased to announce all contestants remain in the arena! Following yesterday's jam packed schedule of minute by minute activities, the eleven companies were able to enjoy a slower start to the day with a sleep in to recuperate from the previous whirlwind 48 hours.
After a midday lunch (sustenance is key, after all) the seminars and networking began. Key takeaways below:
1pm: Immigration Law: Key points to consider when moving your company to the US. Naomi Seddon, Partner, Littler Mendelson
The key insight from this session was that it's vital to seek advice in the US from Day One. Don’t try and self-navigate, don’t cut corners, and don’t use Australian documents in the US. Other takeaways included:
The US is litigious, far more so than Australia.
If moving staff between the US and Australia, consider the implications in both jurisdictions, you could have obligations for benefits in both countries, tax impacts in both countries and superannuation obligations may also apply
When contracting for supply ensure there are arbitration agreements and provisions in place
Be very conscious of the difference between contractors and employees and the impacts of misclassification
1:45pm: Developing your US value proposition. Nathan Gold, Demo Coach.
Nathan Gold stressed the points of needing to be memorable when communicating to others what you do, as there are innumerable start ups in the US, so standing out for funding is important. He stated there are six signals every audience needs to hear when opening a pitch or presentation:
- I will not waste your time
- Let the audience know you know who they are
- I am well organised
- I know my subject
- Here is my most important point…
- I am finished
Different ways to start a pitch include:
- Ask a question … “how many people here own a car? … “
- Use the phrase “Imagine this …”
- Use a good statistic preferably one that gives you credibility … “Only 15% of CEO’s say they know what they are doing …”
- Use a good quote …
- Tell a joke (but be conscious of cultural differences)
- Demo your product
- State your value proposition
- Ask “Can you keep a secret … “
- Make a confession “I have a confession to make …”
- Use music and video
And lastly, how to get over your nerves and get the “butterflies flying in formation”
- Warm up your voice.
- Breathe from your diaphragm.
- Get yourself in the right mood - music is often good for this!
6pm: Cheers & Chill Networking Drinks. The Craftsman Bar and Kitchen, Santa Monica.
The crew gathered at The Craftsman Bar & Kitchen in Santa Monica for a well earned drink, and were soon joined by the wider Advance community in LA. Here, delicious drinks and great conversation were enjoyed throughout the evening. It was a great opportunity for the elevate61 companies to mingle with the Aussie community in the US, and chew the fat with some fellow Aussies.