Pitch Day. Your Big Day.It’s tomorrow and you are getting the nervous jitters.
The advice from all sources is pouring in. Some are even opposite to each other. What do you do?
As a startup mentor and a pitch day participant, I have seen many startups break sweat just thinking about the pitch day. Sometimes the anxiety ends up in either of two destructive behaviors: very high strung nervousness or unnecessary arrogance.
What should you do? First, breathe. Deeply. Exhale. Repeat if necessary.
Pitch day is more about the idea and the team behind the idea rather than presentation skills only. Yes, how well you communicate the idea is important, but theatrics alone will not get you the right funding. What is required?
Here are some tips to get your best ‘A’ game on the Pitch day
#1 Get your facts clear
You and your team need to know the facts which you have put on the deck or the slide. If there is a sales number, then how many prospect visits will you do, what would be the conversion rate, will the speed increase or decrease over time, what is behind the assumptions? Each number has a story and assumptions behind it. Know it by heart. Revathi Roy, who pioneered Asia’s 1st women cab service and is a serial entrepreneur and investor says “Once the foundation is set for first 1000 days besides money, how factors like innovation, customer satisfaction are growing is key.”
#2 Answer the key questions
These will always be the idea, what logical and emotional problem it solves, what and how big is the opportunity, why are you uniquely placed to grab this opportunity, your business plan and the various scenarios at the very least. One of the key questions for Investors is Exit Plan. Neil Patel says “Investors want big outcomes and are looking for the next blockbuster. Having a clear answer: IPO or acquisition helps to build the story”
#3 Understand the sophistication of the investors
Understand your investor profile. It is different when you pitch to established venture funds vs. retail investor with startup investing experience. VCs will have spent a lot of time and money doing their research in advance of the meeting. They will throw a lot of curve balls. Retail investors will leverage their experience but mainly rely on your presentation to ask questions.