Pitching For Cash
Most entrepreneurs and small businesspeople will not find themselves pitching to VC’s or angels. Many will be looking for money from family, friends and acquaintances. Regardless of the audience, it is important to have a well-carved pitch that is neither too overwhelmingly technical nor achingly casual.
It is critical that pitchers first learn all they can about their audiences. What expectations do they have for timing and information? What information is out there about their preferences and pet peeves? Entrepreneurial pitchers must also have an honest sense of their presentational strengths and weaknesses. How can I play into my strengths? How can I compensate for my gaps? Honest, third party feedback and practice practice are key here.
Below are some seasoned voices talking about what they like and hate in entrepreneurial pitches:
1. MaRS offers links to Guy Kawasaki’s pitch deck advice and a link to his video on the 10/20/30 rule for longer pitches:
http://www.marsdd.com/mars-library/how-to-create-a-pitch-deck-for-investors/
2. Here is a podcast from high profile Venture Capitalists Kleiner Perkins on The Roadmap for Pitching a Venture Capital Firm.
3. Forbes Magazine offers:
a) ‘The Ultimate Pitch Deck to Raise Money for Startups.’
http://www.forbes.com/sites/chancebarnett/2014/05/09/investor-pitch-deck-to-raise-money-for-startups/
b) 8 Mistakes Entrepreneurs Make When Pitching to Investors
http://www.forbes.com/sites/allbusiness/2013/07/09/8-mistakes-entrepreneurs-make-when-pitching-to-investors/
4. Stanford Business School and venture capitalist Bill Reichart – from Garage Technology Ventures – offer 10 tips for pitching your start-up
http://www.gsb.stanford.edu/insights/bill-reichert-venture-capitalist-offers-tips-pitching-your-start
5. Here are 3 Video Tips for the Perfect Pitch from Virgin Entrepreneur:
http://www.virgin.com/entrepreneur/video-3-tips-for-the-perfect-pitch
6. From the Virgin Entrepreneur site, we also get some insights into a key element of so many successful entrepreneurial pitches: storytelling.
http://www.virgin.com/entrepreneur/six-ways-to-tell-better-stories-as-an-entrepreneur
7. And here is Elon Musk delivering his well-crafted pitch:
Pitch Practice
As we saw in the previous Pitch Practice from Daniel Pink, it is a great idea – for focusing your idea and your presentation – to practice your pitch in different forms…
A. After reading and watching some of the tips above, create a 3 minute pitch for an initial meeting with a potential Angel Investor that…
• is built around a compelling story
• seamlessly incorporates your Value Proposition. What problem are you solving for your customers and how?
• includes dynamic information about you and your co-founders, if you have them
• discusses broadly how you’re going to make money in your venture
• starts and ends with a bang