Perfect startup pitch: Can you create a perfect pitch as a founder? The answer always is no, but you can create a pitch tailored to the right audience. This article is about what you can do to create a good pitch for your startup. It starts with the audience and making sure that you understand your listener. The same pitch will not work for a customer and investor alike.
Elevator Pitch for your startup
Let’s first start with the concept of an elevator pitch which is probably the best way to introduce your startup. The elevator pitch seems to have found a way for its fame. The description is pretty simple – if you were to meet your investor/ customer/ mentor in the elevator, how do you describe your idea to them in a short duration?
I’m almost always tempted to tell entrepreneurs to write their business plans and have a pitch deck ready to talk to people. Most often you don’t get an opportunity to present this full-blown pitch. The elevator pitch is a hook to get someone interested. A simple example of an elevator pitch is
Pitching for investment
This is one of the most common types of pitches you’ll do as a startup founder. Again you’ll find some great templates for investment pitches, but the most important thing to remember is:
- Focus on the uniqueness in your product – your USP
- Return on investment – what amount are you looking for
- Financial projections – to give an idea of how you’re planning to grow
- Team and personal investment
Most investor talks are around customer interest, product value and the ability to scale. You’ll be expected to prepare answers in some shape or form while going to meet these investors
Pitching for Mentorship
I love this type of pitching as a founder. Find someone who you admire or like to work with. There are many types of mentors that can help to grow your business. Find out the specific reason why you want the mentor. Talk to them about how they can specifically help you.
Mentors are great allies that can help you continually grow and build your business case. Even as you grow, mentors can challenge you and help you manage your emotional state during growth etc. Approach mentors from a human angle and the desire for a common technology or field. Financial gain alone is unlikely to work here. Even if it does, you might end up with the wrong mentors.
Pitching for Accelerators
A perfect pitch might be a myth, but recognising the purpose of your pitch is of great value. The pitch for an accelerator is mostly about how both of you can benefit from each other. Before going to meet an accelerator, find out how it can be useful to you. In a pitch for an accelerator, you talk about how the accelerator can help you. You also talk about the benefit they have from being associated with you – how you’re unique, potential and growth capability.
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good to know about it… never been in a real situation like this although there has been a few show that I have witnessed!
I will try that one day but before that I need to develop an idea ..lol
Happy to help when you are taking your ideas
forward. I am always excited with startups, there is so much of innovation that can be brought through them and a difference waiting to be made :) ..
I would tend to believe that the business idea and how to multiply that is what an investor would be interested in. I wouldn’t be putting my money if I am not convinced that the plan will work no matter what.
Probably I am being too audacious in trying to think like an angel investor ….. anyways!
Agree, but in a start up pitch – you’d be going in with very little backing. Most times the angel investment round is without a product or customer. In such scenarios your strategy, business plan and pitch are everything. Most accelerators tend to focus on this pitch since it is a tangible outcome for them. But that doesn’t necessarily convert into investment and many times results in wasting their time.
In principle as an investor, they’d want to see that an investment gets them returns. Markets usually are market, quality of product, differentiation and how much revenue it can give. When a pitch can address these concerns, it usually gets an interest and hopefully further conversations with a genuine investor.