How to make your business pitch stand out
Years ago, entrepreneurs used to pitch their business ideas to potential investors, one by one. Now they're more likely to give presentations to a wider audience in competitions.
More pitch competitions are being held across the globe by foundations, associations and universities to bring entrepreneurs together to present their ideas to a panel of judges, who then reward the best with prizes that include money and services.
Such competitions can be invaluable tools for entrepreneurs looking to find backers and funding for their ventures. With a large amount of money up for grabs, it’s important for entrepreneurs to have a show-stopping presentation.
Brent Sebold, director of the Startup Center at Arizona State University, said investors are looking for what he calls evidence-based pitching.
Considerable work must go into a project before presenting the idea. You have to get out into the marketplace and produce data that show there is real support for your product or service, he said. It's a customer- and market-driven approach that answers the question of whether a project should be pursued.
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You need to show exactly how you’re going to bring your product or service to fruition, and pitch competitions are a great way to do this, Sebold said. You need to tell a story, he added.
Dawn Dickson, CEO of Flat Out of Heels, has been an entrepreneur for 15 years and has won some pitch competitions. She views them as a great way to win money for a venture and connect with potential investors and customers.
To help entrepreneurs wow the judges, Dickson offers these five suggestions:
- Use slides to highlight key points. Keep them simple, with few words and more images.
- Hit the key points investors care about. Define your market and competition. Explain how you are going to build the business. Tell who's on your team and how they are helping.
- Know your audience. Do some prior research on the judges and investors and tailor your pitch to them. Different people want to hear different things.
- Be confident and comfortable. Know your business inside and out so you can relay the information in a conversational manner, without reading off slides.
- Be open to constructive criticism. Accept feedback without getting defensive.
“The foundation of a pitch is just learning how to speak confidently, clearly and getting to the point,” Dickson said.
The two biggest mistakes she sees entrepreneurs make in pitch competitions are presenting overly complex slides and talking too much. She said investors don’t want a story about your childhood passion; they want the facts and data to show potential success.
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Sebold and Dickson both say it boils down to hard work and ample preparation.
“There is no formula, there is no class, there is no template — it’s just flat-out hard work,” Sebold said. “Mapping that hard work onto a pitch is the best thing an entrepreneur can do.”