What makes the big difference between successful pitches and the significantly failed others? Before you dive in on this one, grab yourself a cup of tea, coffee, or a soda, perhaps. I really would love you to be relaxed and comfortable for the pitch.
A pitch is mainly a presentation to investors to share business ideas. The target of a pitch depends on the goal of the pitch. A pitch to sell a product would be to users. For startup funding, the target would be VCs and angel investors.
I would take a huge guess that you are interested in the latter. So, are you, pitching it right?
Let’s get started.
1. Tell a Real User Story for your Pitch
Some would say the difference between a speaker and an exceptional speaker is great story-telling. If you want to make an impression that will resonate with your investors (have them thinking about your pitch long after you are done and gone), tell a real user story. Use real names and show existing user challenges.
Don’t forget to highlight where in the user story, your idea or product comes in. Try keeping it simple!
2. Communicate Your Business Model
As an entrepreneur, developing your idea into a startup is only the first phase of your journey. The other unavoidable stage would be getting investors on your wagon (pitching). And you’d want that. So, communicate your business model most explicitly.
An investor wants to see how your idea would translate into a high-value startup. You can use bullets for clarity. It should answer the questions: What is your product? Why your product? For whom? How much?
3. Show Your Product
Let your product be seen. It doesn’t have to be a fully functional product. It could be an emulation. Having an MVP (minimum viable product), that is distinct is a necessity. Although some businesses do not require a product for their pitch, some others do. Sharing your product features can affect the effectiveness of your pitch by showing investors its potentials.
4. Acknowledge Your Competition
While it’s easier to fall for the idea of having no competition, it’s necessary to do extensive research.
Every startup idea has competition! Admit it, and then, you tackle it head-on.
Be sure to address it when pitching to your investors. It shows your understanding of the competitive terrain.
5. Share Yourself
Yes, share yourself. While you may have a beautiful idea that needs investing, people invest in people. Ideas are secondary.
It wouldn’t hurt to pitch yourself alongside your startup. Investors who may not be interested in your pitched startup idea might get on board subsequent ones because of you. They invest in you and not the product. Share your achievements (your team’s as well). Think about that.
6. Keep Your Pitch Clear and Concise
Your idea may be grand, but then your investors won’t want to spend the whole day listening to you go on and on about how great it is. So, be straight to the point. Keep it simple, clear, and concise.
Practice your pitch to someone outside your team. If you can communicate your idea to someone who doesn’t understand how it works, then it’s a good start.
7. Show Responsibility as a Founder
Sometimes you are surrounded by people who seem more passionate about your startup than you are. But, you must show ambition, passion, responsibility, and commitment to your venture as a founder.
Let it all show in your pitch. Not only what you say, but how you say it makes a lot of impressions.
Be prepared. If you must make that pitch, be prepared. Pay attention to the details and stay organized. Have your digital organizer and everything you’d need for a successful presentation (no assumptions).
It’s okay to get nervous before or during a pitch. It’s just you being more alert and responsive, but don’t let it get the best of you. I recommend you read my posts on 5 powerful things nobody (probably) told you as a startup and startup or small business: what is the strong difference?
Until next time, Keep pitching it right!