Becoming an entrepreneur is not the goal, it’s just the first step towards your goal. If you are one, you understand the importance of pitching your business idea to others. Having a strong elevator pitch demonstrates that you understand your company thoroughly. This is especially important when you are trying to get venture capital for tech startup or start looking for a tech partner. Here are a few ways to improve your chances of success.
Simple Tips to Tech Startups Pitching For Venture Capital:
1) Be thoroughly prepared.
Before you reach out to venture capital sources, you need to be well prepared. You need to justify to the capital provider why your startup needs or deserves support. Consider why you’re pitching and what you’d like to achieve. Also, understand who you’re pitching to and who your audience is. This will aid in the development of more powerful key messages and help you create a presentation that brings out all your business’s strengths.
2) Make a toolbox.
Dynamic documents should be a part of your toolbox so that you are able to update and edit them as the market evolves. Your toolbox must include the following:
- A 60 to 90 second-long elevator pitch
- A sales pitch intended for potential consumers
- An awareness pitch targeting a larger audience
- A one-page summary that includes the value of your proposal as well as client references
- A business strategy, plan and fact sheet
3) Know your potential customers/target audience
When you’re creating a pitch, you need to know exactly who your audience is. Here are some questions you should ask yourself:
- Who am I pitching to?
- Why must they bother?
- Will people believe you and your team have the authority to carry out your plan?
- How do they arrive at their decisions?
- What steps will you take to move the conversation forward?
4) Practice the pitch
You should work on your pitch. Because if you won’t be able to swiftly communicate with each aspect of your business, all the advice on this list will be rendered useless. Take the time to rehearse, simplify your messaging and maintain just the elements that contribute to the success of your company. Anything else can be left on the cutting room floor.
5) Start your pitch with an engaging story
The pitch you create must be able to tackle real and present market problems. This will immediately attract your audience’s interest. Also, in case you’ve done any testing, include the results.
It’s much better if you are able to engage with your audience (the investor in this case) and relate the story to them. Make sure you do a little research on the investor so that you know what they’re interested in and can personalise your message to them.
6) Your revenue stream or business plan
How are you going to make money? Try to be as detailed as possible about your products as well as pricing and reaffirm how eagerly your market awaits your arrival.
7) Introduce your team
Last but not the least, make it a point to introduce your team to the investors. Investors invest in people before they invest in ideas. Also, mention any skill sets that your team may be lacking. Most startup teams are short on crucial personnel. So, let them know you’re aware that you’re not an expert on everything.
You’ll never understand how great your pitch is unless you give it a shot. Don’t overthink it and regard each investor pitch as a learning opportunity for you and your company. You’ll only get better as time goes on and you’ll be able to apply what you’ve learned to every aspect of your business.