In Entrepreneurial Pitches, Stage Presence Is Everything

by?Juan Martinez

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: In entrepreneurial pitches, stage presence is everything.

蔡佳蓉（Chia-Jung Tsay）是倫敦大學學院管理學院組織行為學副教授，她要求1855位參與調查的受訪者以多種方式回看競標者演講，預測19場風險投資競標的贏家。這些方式包括有聲視頻與無聲視頻、錄音和速記稿。她發(fā)現，無聲視頻最有助于人們識別出投資者青睞的創(chuàng)業(yè)者。結論就是：在風險投資競標舞臺上，演講者的表現代表一切。

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.

蔡佳蓉：大多數投資者會說，在決定投資初創(chuàng)企業(yè)時，看重的是有趣的創(chuàng)意、才華橫溢的創(chuàng)始人，和有實質意義的商業(yè)方案。但是我通過12項調研發(fā)現，人們可以根據創(chuàng)業(yè)者的表達方式，特別是肢體語言和面部表情，而非實際競標內容，來預測風險投資的結果。通常而言，幾秒的無聲視頻后，人們就能準確識別出投資者青睞的創(chuàng)業(yè)者。在我的研究中，視覺表現比語言或其他信息更能影響人的判斷。

HBR:?How do you know it wasn't well-designed, information-rich PowerPoint slides that made the visuals so compelling?

HBR：你如何確定不是出色的PPT帶來更大的視覺沖擊？

Tsay:?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.

蔡佳蓉：這個研究中的創(chuàng)業(yè)者沒有使用PPT，所以是肢體表現對決策產生了重要影響。

HBR:?So both the VCs and the study partici-pants made snap judgments based on what they saw, not what they heard or read?

HBR:?那么，風險投資和參與調研的受訪者都是根據自己所見，而不是聽到或讀到的信息做出判斷的嗎？

Tsay:?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.

蔡佳蓉：是的，而且他們并沒有充分意識到視覺的作用如此強大。這也說得通。創(chuàng)業(yè)者需要激情、參與感和能量來取得成功，而這些信息可能不需要通過語言傳達。這是一種氣場，競標者在登上演講臺時就會體現出來，隨后的表現可以直接反映出他們的準備程度和承諾決心。

HBR:?But surely the idea and plan count for something, right?

HBR:?創(chuàng)意和方案還是很重要吧？

Tsay:?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.

蔡佳蓉：我們無法確定風投的想法，但是那些通過速記稿或音頻了解更多初創(chuàng)企業(yè)信息的受訪者，無論是否看過視頻，都會比只看過無聲視頻的人更自信。不過獲得的信息越多，就越不容易辨認出贏得投資者青睞的創(chuàng)業(yè)者。這也突出了一種矛盾，人們自認為關注的信息，與實際影響決策的信息并不一致。

接下來我們還將研究獲得投資者青睞的初創(chuàng)企業(yè)的后續(xù)發(fā)展，看看靠視覺主導決策是否為一種可靠的投資戰(zhàn)略。

HBR:?Could it be that professional investors heard something in the presentations of those entrepreneurs that the amateur study participants didn't?

HBR:?有沒有可能，專業(yè)投資者從創(chuàng)業(yè)者的演講中聽出了外行聽不出的信息？

Tsay:?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.

蔡佳蓉：好問題，這也是我當初第一個猜測。所以我找了一些不了解，或沒那么了解初創(chuàng)公司的外行，也找了一些有經驗的創(chuàng)業(yè)者、天使投資人和多輪眾籌的投資人，一同參與調查。結果顯示，專家和新手根據無聲視頻能夠最準確地識別出實際贏家。專業(yè)人士或許懂得更多，但他們似乎也同樣受視覺因素的影響。

HBR:?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?

HBR:?這可以歸結為人們傾向于更有魅力的創(chuàng)業(yè)者——或說得淺顯一些，更青睞那些看起來最像硅谷典型創(chuàng)業(yè)者和投資者的白人男性嗎？

Tsay:?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 attrac-tiveness 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 entrepreneurship 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.

蔡佳蓉：會有人這么想。但是我調研的受訪者僅憑照片并不能準確識別出獲勝者。因此，性別、種族、外貌等影響并不如可以傳達激情和能量的視覺信息重要。當然，其他很多研究也證明了，如果是代表大多數群體的種族和性別，或被公認為外貌出眾，是會給事業(yè)帶來一定好處。不僅創(chuàng)業(yè)如此，其他領域也是如此。

應該說明，我會刻意區(qū)別試驗參數，來觀察參與者就這些問題的偏見，以及他們認為投資方會有的偏見。在一些研究中我會問，“誰贏了？”在另一些研究中我會問，“你認為誰會贏？”兩種問法看似相同，但其中差異非常重要。對于“誰贏了？”人們會說，“我沒帶偏見，但評判員不一定，所以他們出于某些虛假的理由選擇了某人?！比绻麚Q種讓他們發(fā)表自己觀點的問法，大多數人會避免表現出對性別、種族或相貌的偏見。但我的發(fā)現在兩種條件下是一致的。觀看無聲視頻的人可以給出最貼合投資者決策的預測。

HBR:?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?

HBR:?是不是因為獲勝者的視覺表現非常吸引眼球？我們之前曾刊登過有關新品展示時手勢重要性的研究。這里是否也關乎特定的肢體語言？姿態(tài)？面部表情？

Tsay:?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.

蔡佳蓉：競標過程中展現出來的激情是關鍵，它可以反映在很多方面，比如精神、手勢、面部表情。當我讓參與者選出最有激情的創(chuàng)業(yè)者時，他們選出的往往就是最后的贏家。

HBR:?What's your advice for entrepreneurs making pitches? Develop more stage presence and worry less about your business plan?

HBR:?你對競標的創(chuàng)業(yè)者有什么建議？更注重鍛煉表現，少擔心商業(yè)方案？

Tsay:?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.

蔡佳蓉：我認為打磨創(chuàng)意和內容依舊重要，同時也要承認視覺表達的重要性，特別是在演講之初，至少在這上面花些時間。你要思考，如何把對創(chuàng)意的激情以真誠的方式表達出來。評判者可能會認為你的熱情能體現出高品質的產品和創(chuàng)業(yè)精神。

HBR:?What about VCs? Can they guard against this potential visual bias that might or might not play out for them?

HBR:?對于風險投資者呢？他們能否防止?jié)撛诘囊曈X偏見，避免受其影響？

Tsay:?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.

蔡佳蓉：我還不能稱之為偏見，除非有實踐經驗為證。這更像一種傾向或“默認選項”。在一些領域，人們會認可這一問題并嘗試防范潛在偏見。例如一項研究表明，當評委看不到音樂家而進行盲選試鏡時，會錄用更多女性音樂家。盡管這樣做是出于好意，但可能會導致評委只根據聲音做出的判斷與觀眾偏好產生偏差，這其中就包括視覺。

HBR:?Right, because how you carry yourself and how people perceive you are important in most jobs—whether you’re a musician or an entrepreneur.

HBR:?沒錯，因為對大多數工作來說，你的舉止和別人對你的看法都很重要——無論你是音樂家還是創(chuàng)業(yè)者。

Tsay:?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.

蔡佳蓉：對，激情和自信與成功息息相關。也就是說，如果你想防止視覺依賴，可以避免驅使人走“選擇捷徑”的工作環(huán)境。你要減輕認知負荷，才能有更多時間思考——例如，別在短時間內給決策者提供過多信息。

HBR:?You just described the conditions of a VC pitch competition—lots of ideas and business plans, delivered quickly, all in one day.

HBR:?你剛剛形容的就是風險投資競標的環(huán)境——大量創(chuàng)意和商業(yè)方案在短短一天之內快速交付。

Tsay:?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.

蔡佳蓉：確實。在現實世界中，如果你接觸的投資者參加了很多會議，聽到了很多提案，情況也是如此。他們會記住那些不需要說話就能激勵別人的人。

柴茁 |譯? ? ?劉雋 | 校? ? ?孫燕 | 編輯