You have all-star Web developers who helped you build what some might tout as the next game-changing app. The only problem is you haven’t been able to attract funding from the right investors. For some, developing a product is the easiest step. But when it comes time to pitch, they are ill prepared or they do not even see the opportunity when it presents itself.
Let's explore the 4 ways startups can always be pitching together!
1. Master the Elevator Pitch
The classic elevator pitch has been the catalyst for many startups to reach a higher level of funding. Make sure this is something you practice with ALL your team. Start up leaders often place the whole job of selling their product on their team’s sales team or the CEO. Make it a requirement, all the way from the CEO to the CTO to the intern, to perfect a 60-second elevator pitch.
Have them answer these questions in 30 seconds or less so when they opportunity comes they are ready to sell:
- What is it you sell?
- What is the problem?
- What is the solution to this problem?
- How do you plan to make money?
- Who are some of these team members?
- Why are you better than the competition?
These 6 questions should be answered when formulating your 60-second pitch. Make sure to be cognizant of who you are pitching to as well because at the end of your spiel you are going to want to get something out of them!
2. Utilize Your Mobile Weaponry
Today’s mobile technology allows us to share information at a swipe or tap. All the newest phones, including the LG G Flex that features a curved screen, have the technology that allows us to share information instantly. Use this to your advantage.
An elevator pitch may not be enough. Your target may need visuals — bust out your phone and show off the instructional video you created. Your phone also allows you to stay connected at all times with new contacts instantly. Share your LinkedIn details and exchange Twitter handles as soon as you meet so you can connect after the event if you have garnered some interest from them.
3. Bring a Pitch Deck with You
Using Evernote, you can create a pitch deck that goes into further detail about your start up. If your target investor wants more information, use a pitch deck with slides answering the questions you asked above during your elevator pitch. Additionally, the event you are attending may have possibilities for quick pitches and you can use your deck as notes or even connect your device and project your pitch. If you don’t have a deck already, check out PitchEnvy.com for some awesome ideas.
4. Sealing the Deal
Once you have detailed your start up’s strategy and shown them your potential, the best way to seal the deal when pitching your product is by running them through a demo. With your mobile device at your disposal you can quickly show off the beta version your team has mocked up.
At Verge Pipe Media, we've got experience pitching and winning as well as pitching and, well, not winning. Feel free to contact our founder Don Crow to schedule a time to discuss a pitch strategy for your startup!