Pitching is an opportunity for entrepreneurs to introduce their products or startups in a brief amount of time. Its main purpose is usually gaining new investors or customers. After the research & development process of a new product or a startup, the entrepreneur needs investors and customers for the project to grow. Thus, pitching is an essential aspect for an entrepreneur.
Important Details Of Pitching
The manner of pitching is as important as the idea of an entrepreneur. As Professor Kimberly D. Elsbach states in her article for Harvard Business Review, “coming up with creative ideas is easy; selling them to strangers is hard”1. There are many details that an entrepreneur should focus on while presenting the idea. First of all, passion and enthusiasm are very crucial during pitching in addition to speaking clearly. Thus, effective communication is one of the core aspects of pitching.
Furthermore, the entrepreneur must know his/her audience. Different audiences have different motivations and interests. Thus, the entrepreneur should adjust his/her presentation depending on the audience. Presenting solutions rather than features is another important detail during pitching. According to Forbes, “customers aren’t interested in your product. They are only interested in what your product will do for them”2. Hence, a successful presentation must focus on how the features of an idea will benefit the consumer and the investor.
Preparing For Pitching
Good preparation is the key to a successful presentation. Thus, before pitching in front of the investors, an entrepreneur should focus on particular aspects of preparation. Creating a pitch deck and an elevator pitch is a good starting point. These presentations should briefly explain topics such as an overview of the idea/business model, the problem that the idea addresses, solution, and expected outcomes. You should also mention your plans. Try to explain your short term and long terms plans and expectations. It is also important to do some research about your audience and potential investors. This research will help you to decide on your presentation strategy. Also, it should be noted that it is better to prepare a variety of presentations for possible investors. According to Baybars Altuntas, a successful entrepreneur, four different presentations should be prepared: a business plan of no more than 50 pages, a business plan condensed into PowerPoint presentation of no more than 20 slides, a condensed version of the PowerPoint to 2 pages, and a 5-minute elevator pitch3.
You can read a more detailed article about academic research via this link.