Many new company’s like to join startup pitch competitions. This allows for them to get out and network. It also gets the word out about their products and receive feedback on what they are doing. But, being a competition, they are there to win.
As your company prepares to join a pitch competition, here are the first 5 of the 10 ways to help sway the panel of venture capitalists (VCs) on to your side.
The VCs chosen for the panel are numbers people. Know ahead of time what questions they will be asking. Have statistics and graphs ready to show your credibility and that they can trust you with their money. Startup pitch competitions can be tough as you are competing with a lot of great ideas. Having the data down can help you do better.
Make a Good First Impression
A smile and a “Hello” can go a long way, according to Entrepreneur magazine, contestants score deals a full 45 percent more when they smile. Even more so when they say “Hello.” This makes you more likeable and helps with the VCs in forming a good impression of you.
If you have a product, then you must let the panel play with them. They need to be able to see, and touch, and, if neccessary, smell your product. If you have a food product that you have entered at startup pitch competitions, it only makes sense to give the VCs a sample of the product. Similarly, if your product has some thing that you can have the panel see, and play with, then bring it.
Be a Storyteller
Just like your product connect with your customers, you, too, must connect with the startup pitch competitions judges. Frame your pitch to tell a story that goes over your pain and gain points. The VCs have all been in your shoes and so they know what it is like to slave over a product and want it to succeed. Use that to connect with them and appeal to their emotion, thereby humanizing your pitch.
You Must Do Your Research About Startup Pitch Competitions
Even before the competition starts, you already know who will be judging you. It is imperative that you know who your audience will be during the competition and tailor your pitch based on what would resonate to the judges. The first 4 tips do a lot better when you have done your homework.
Check out our next post as Tractus Online gives you the rest of their advice on doing well on these startup pitch competitions. The startup community is one of the most helpful communities out there that really enjoy helping other entrepreneurs out. Success in business rely on your ability to fund that business.
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