Tips to Pitch your Startup
While I was pondering over the most effective ways to pitch a business, I came across it's this for that. The startup generators which generate one-sentence pitches can work, but not always. So, let me put this straight, if you need a startup, then all the basic stuff you need is MID or Money, Idea & Determination.
Many think that if the idea is good, people will discover it somehow and they can move faster with their business. Communication with the public is another important aspect. Though you have the best programmer in the globe, if communication to the outer world fails, the path to success is way too long. Pitching process is one of the most important steps.
Here are some tips I stumbled along the way and you might find it useful too.
Keep it short and simple or it can even mean Keep it Simple, Stupid should be held firm and applied to all pitches. Simplicity is the important aspect. You have to keep the service simple. That is the reason why Twitter has reached the mass and is successful. You have to use the space wisely and explain the concept of your product. An ideal pitch should not contain more than 125 or 150 words. Try to avoid using buzz words. Information that is practical beats buzz words. Stick to the fact and keep it simple.
Know your Competitors
Be familiar with your strategies, strong points, weak points and your key performance Indicators (KPI). Try to get information about your competitor and plan things accordingly other than knowing their products and price. Have a demo, or the press may not be willing to write about you.
Take Calculated Risk
As a startup, understanding in tackling a risk will help a lot to the young entrepreneurs and can even earn them a big contract. "You can't change your plan if you don't have one", says Bob Metcalfe, who invented Ethernet.
Consider the Time
Time is very much essential when you are about to pitch the news. Including data and numbers which support your ideas will help you. Another term that you ought to know is embargo. It's a "request by a source that the information or the news provided by the source will not be published until it meets certain deadlines."
Practice & Practice
Not everone is a talented public speaker. A group of VC can make your nerves go high. So practice and rehearse yourself whenever you find time. You have to be confident, but at the time you should not be pushy.
Manage the Team
Ideas without a good team to build, manage, sell and make profit. Mention the qualification of each member and make the investor believe in your business strategies. Remember, words and figures are more powerful. Make sure your presentation is perfect. Check out for any errors for the visual presentation as it will be embarrassing when a malfunction occurs in between the presentation.
Have you got any more tips to share with us? Do let us know.