Wondering how to pitch a startup idea? You have the solutions right here.
Over the years, studies on design quality and entrepreneurial risk have proven that the best spot for startups is right in the middle of Market and Technology risk which entails taking new technology and applying it and meeting needs that have already been identified by the market.
If these criteria are properly observed, the risk of developing unproven new technology and selling into a market that does not exist is going to reduce. Studies of pitches from Techsparks Pasadena show that most startup pitches take on far too little Market and Technology Risk.
Even when one has an idea that falls at the sweet spot at a point in time, investors will need that you convince them more.
The only way entrepreneurs can quickly learn before their journey becomes too costly is to pitch and pitch again. A winning investor pitch requires the following elements;
– Know yourself and your audience
– Grab the audience’s attention at the start
– Finish strong
Requirements for a startup pitch
Below are the following requirements you need to effectively pitch your startup business idea.
Know Yourself and your Audience
Before pitching your idea, you need to know who your audience is and what they require form you. Your audience may be;
– Scrappy fellow entrepreneurs at a Startup Weekend
– Young investors in a sophisticated angels group
– Retired doctors and lawyers with money
– Venture Capital firms
– Large companies looking to fill a technical weak spot
Each of these audiences has different knowledge, assets, and goals and an entrepreneur must learn how to successfully pitch to each of them.
Grab Your Audience’s Attention
Be yourself. Plan and rehearse the first 15 seconds of your pitch, and don’t try to do anything you are not good at.
It is usually best if you start by telling the story of how you first discovered the problem you are trying to solve.
Or you could interact with your audience by asking a question to get them involved.
Paint a clear picture of the problem you are solving. Describe vividly the negative impact it has on people, business, or society. Then describe the positive benefits your solution will provide. And remember the benefits must be significant. Your goal is to be disruptive!
It is necessary to remind your audience of the problem and how the solution can benefit those in need of the solution. Close with a simple sentence, such as, I’m George Akama, our company is Green Services and we are “Building your Place in Space.”
You need to leave your pitch in the minds of the investors, so it rings like a bell at every second. It is through this that they can talk to their other friends about it.
How to Give a Great Pitch
You need to be clear about what you want to pitch about and why. Think back to the moment when you first came up with that great idea for a new business. Clearly explain why your solution is the best and the business part of it too. It should be a profitable one. Also, talk about how you plan to build and sell that solution.
Pitch to different audiences and get their feedback. Ask questions like was anything confusing? Were some sections too long? Did they have unanswered questions? Would they invest in your venture?
Continue to practice and improve and you too will be able to give a killer pitch someday. No one gives a killer performance before an audience just like that. It doesn’t just happen. It takes a lot of hours to put into practice and rehearsals.
To know more visit the HuffingtonPost