In our previous webinar, "How To Create A Great Elevator Pitch", Carter Laren (Co-Founder at Gateway and Entrepreneur in Residence at the Oakland Founder Institute) and Adeo Ressi (Co-Founder and CEO of the Founder Institute) discussed the struggles that many founders faced when pitching to investors, customers, and employees. Founders must constantly compete for attention in the ocean of startups developing across the globe, and the only way to do that is by differentiating yourself from the competition. It all comes down to the pitch, and your ability to capture and captivate the audience's attention.
You're in luck! We've accumulated the best tips and practices for preparing your pitch to potential investors. Make sure to follow these steps when the opportunity presents itself to ensure your startup's success.
If you have a 60 second time frame and you just "puke" your business, it's a turnoff. It's nothing personal. What's really intriguing to me is who you are.
- Tip #1: Contrary to what some may think, it's not just about the company, investors are evaluating you as a founder.
- Tip #2: The one thing that's going to keep you motivated is that you've chosen to do something that you are truly and unequivocally passionate about.
I'm not going buy into the vision and I'm not gonna buy into what you're doing, if you do not have a good why.
- Tip #3: It's important to look at what occurences have led you to your current path. Share what events in your life have pushed to solve a problem or create a new opportunity with your company. How does your company intertwine with who you are?
- Tip #4: Don't forget the founder is the moral fabric of the company. They set the vision, the culture, the values, and the way things are done.
Your company really needs to fit in with your life story. You can’t fit the life story into your narrative unless you really have a sense of of what your motivations are.
Carter Laren is helping the next generation of aspiring entrepreneurs in Oakland. Apply to the Oakland Founder Institute today!
Give angel investors a sense of ownership. Talk through the problems with them. Make it a collaborative effort. And come to conclusions together. Be yourself and let things naturally happen. This isn’t about winning a debate.
- Tip #5: Make sure your business idea solves a problem and isn’t a solution looking for a problem.
- Tip #6: Start with “why” your solution solves a major problem in your target audience then introduce “what” actionable steps you are doing to achieve your solution. If investors think your “why” is interesting then they will be curious to know “what” you are doing to solve the “why”.
Your goal isn’t to convince your investor. For instance, in dating do you really want to marry someone you have to go convince to care about you? That relationship is doomed.
- Tip #7: A great understanding of your target market creates a clear picture on how your solution will provide value to your target audience. Investors want to feel confident that you have a solid strategy on how you plan to attract and retain customers based off your research.
You need to look at the world from the perspective of the customer. The world's is not a bunch of people, you're not the God and the world is full of a bunch of people.
Watch the full conversation between Carter and Adeo below: