10 Commandments of Pitching
Nowadays, it’s really easy to get funding for your startup. The startup environment is really hyped up, because of the high return factors and the community is really helpful in giving advice on how to succeed in creating not just a startup company, but a brand. I have a lot of experience in giving pitches to funder and I had found out the top ten most essential backbone of a great pitch.
10) HAVE FAITH IN YOUR IDEA
Well, for me, this is the most important thing in executing a great startup company. You must trust that your idea can work. You should accept criticism, but you should bare in mind that the foundation of your idea should not be change. The target market, the monetisation package, the development process and the interface can be a variable, but the basic foundation of your idea should be the same. If you try to alter the basic foundation of your idea, it would be hard for you to secure a funding, as it shows that you don’t trust that your idea can work.
9) HAVE IDEA, NOT IDEAS
This is one of the most common mistake of a pitching session. Basically, in a pitching session, you are given a certain amount of time to explain on an idea, meaning that you should have one solid idea. The most common mistake of a first time pitcher is they tend to offer an idea, and when they can’t answer a certain question or they saw a flaw in their ideas, they tend to counter offer with another different idea. Don’t be to desperate in securing a funding. If the idea is good, the money will come later. Pitching is not about pulling the trigger of a shotgun, spreading many steel balls in one shells per shot and hoping for one to hit the mark, pitching is pulling a trigger on a sniper, aiming to hit the right mark on the first shot.
8) DON’T GET TO TECHNICAL
Another common mistake of pitching is having to explain your idea in technical term. Funder don’t want to know what programming language do you use and why you use it. Funders just want to know why do you do it and how does it impact your target market. You should explain your idea in the simplest language and try to have a story or an analogy on how did you came out with that idea. Funders love idea that are close to your heart.
7) PREPARE STATISTICS
The best way to secure a funding is to show legitimate statistics. The statistics may touch on how many projected users or how big is the problem. By showing statistics, you prove that the problem exist and the target market exist. If you want to predict your statistics, don’t be to ambitious, be realistic, and explain, why you predict that particular numbers.
6) PAPERWORK MEANS IT MIGHT WORK
Having a paperwork means a lot to the funders. It shows effort and most importantly, it explain many aspect of your idea that you can’t show during your pitching session. The funders may not look at your paperwork, but better safe than sorry, right?
5) PREPARE A SUSTAINABLE MONETISATION PLAN
One thing about funders and investors is that they want a return in their investment. Preparing a monetisation plan shows that you can get money from your idea, and it will attract the funders to invest in your idea. Monetisation plan includes advertising, pay per download, pay per service and data management.
4) NO QUEU CARD
I’ve seen a lot of first time pitches goes haywire just because in their hand, they hold a queu card. A queu is a card that hold information to your pitch. It’s good that you have initiative to remember the details of your product but sticking to it is not the key to a successful pitch. You might even screw up your pitching flow by using it. Just be spontaneous. If you know your product well, you’ll have no problem in pitching.
3) HAVE THE RIGHT PERSON TO PITCH
Sometimes in pitching, everyone wants to take on the piece of the action. Big mistake! The reality is, in business, there are technical people, there are financing people, and there are marketing people. Don’t ask a technical people to do a marketing people’s job. Don’t be greedy, because in the end, if the funding is secured, everyone will win.
2) PREPARE A SCRIPT, BUT DON’T STICK TO IT
The mistake that first time pitchers always made was they will be bound by their script. It’s good to have script, but in reality, it doesn’t help a bit. Pitchers are fast thinkers, so, you just need to know what to say. The way you say it depends on the situation. Following a script in a pitching session will be a disaster when the funders try to ask a question in the middle of your pitch or the funders ask an out of the box question.
1) PRACTICE, PRACTICE, PRACTICE
Well, this is the most important advice for a pitch. Practice makes perfect I always say. No matter how fast your brains react to a spontaneous questions, don’t be to overconfident. More practice means that you will adapt to a new situation every time you practice. Having to know different kind of situation does help, especially for a first time pitchers. More practice means more experience.
These are my advice to pitchers especially to first time pitchers. I am a branding consultant and have a lot of experience in startup pitch. If you have any inquiries, you can email me to hanif@ideabrag.com