Startups have become so popular in recent years, that several TV shows dedicated to early stage companies have popped up around the world. And while these programs offer founders a unique way to increase brand awareness and land investment deals, there are numerous differences between pitching to investors on TV versus pitching to investors in a boardroom.
In the blog post, “The Ultimate Guide to Pitching in Dragon’s Den”, Amélie Morency, a Graduate of the Montreal Founder Institute, describes the experience of pitching her company, The Food Room, on Dragon’s Den, a popular reality show in which founders pitch their companies to venture capitalists.
If you’re thinking of applying to pitch on a TV show, read the lessons below from Amélie’s post to see if this is the right choice for you.
1. Before You Apply
Pitching at on TV may sound like a great idea (and for many companies, it is), but be sure to think about the points below before you submit your startup for consideration.
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If your company is still at the idea stage, then you don’t have a company. And without a company, you don’t have anything to pitch, or at least, you don’t have anything valuable to pitch. Wait until you have an MVP and a team before pitching.
- You should only consider pitching your company if you don’t actually need the prize money. This may sound counterintuitive, but even if you are given an offer or win a competition, it will still be sometime before you actually see any of that money.
2. Interview
If you’ve applied to pitch your company on a TV show, you may be called in for an interview if your company is eligible to present. The interview is pretty much the same thing as pitching your company and should require almost as much preparation as pitching in front of investors.
However, business and tech industry experts usually aren’t part of this process, as you will most likely have to pitch only in front of the show’s producers, which should make the interview somewhat less stressful.
Remember to keep your nerves in check and to be friendly. Also, because TV is a visual medium, you may be asked if you have any visual aids, so it’s a good idea to prepare a live demonstration of your offering.
3. Pre-Shoot
Once you’re confirmed to be filmed for the show, you need to do your homework. Start by learning about each judge. For example:
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What are their personalities like?
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What types of companies have they given offers to in the past?
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What industries are the most interested in?
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What are their pet peeves?
Take the time to make your company presentable. Remember, if your segment is aired, you’re not just pitching to a handful of judges - you’re pitching to the countless viewers watching the show. Cover the points below:
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Company Name. Make it memorable and easy to pronounce.
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Description. Keep it to just a few sentences.
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Market. How big is your target market?
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Problem and Solution. What’s the problem you’re trying to solve?
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Demand. How many customers would be interested in your offering?
4. The Shoot
Each judge present has a different personality and different tastes, so some of them will make a judgement about you or try to intimidate you before you even say a word. Or, some of them may initiate the conversation first and give you a warm welcome to make you feel comfortable. Whatever happens in those first few moments that you step out, expect the unexpected, as the way you handle pressure can impact their impressions of you.
Whether or not you are given an offer, ask for feedback if you can. You have a chance to share your company with established industry experts, so even if you don’t walk away with a deal, take advantage of the opportunity to get their insights on what’s good and bad about your pitch and your product.
5. Post-Shoot
Remember, if your pitch is filmed, don’t say anything about it to anyone, because if you mention the outcome of your segment and the studio finds out about it, they will NOT air for fear of hurting the viewership of that episode.
If you don’t get a deal on the show, that doesn’t mean you’ll never get a deal in real life. In fact, even if the judges pass on your company, some of them may like you enough to invest in you later on, or at least recommend you to someone who will.
If you do get a deal on the show, that doesn’t necessarily mean it will happen in real life. Only 20% of the deals offered on TV are actually finalized afterwards, so just because they said “yes”, doesn’t mean they’ll invest.
6. Episode Airs
Even if you have the opportunity to have your pitch filmed, the studio may choose not to air it on television. If they decide not to air your segment, don’t take it badly; the studio probably filmed countless material for the season, which means only a small number of companies will actually be shown.
The standard procedure for these kinds of TV shows is to let you know at least one week before your segment is aired. It is then, and ONLY then, that you can start telling people that you appeared on the show (but try not to spoil the ending). And when we say you can start telling people, we mean tell everyone you know: friends, family, colleagues (especially if they’re investors).
In fact, consider throwing a viewing party and spread the word on social media. This is a great way to direct some traffic to your company for free.
7. Post-Broadcast
Even if you don’t land a deal on the episode you’ve appeared in, your company will definitely benefit from the increased exposure. To capitalize on this, make sure you’ve created numerous social media accounts for your company if you haven’t already done so, as this is the point where you will have plenty of people looking you up and following you. Prepare some content to post leading up to, during, and after the broadcast to make sure your followers are up to date on your company’s progress. Also, you may receive several investment offers, so if your company is looking for additional funding, take the time to ensure that you have your details organized and ready to present.
Key Lessons
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Know your numbers! Present any details that establish you and your company’s credibility like traction, number of users, previous funding, etc.
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Show you passion. Investors invest in people before anything else!
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Do not lie or try to embellish something that’s unimpressive. Be honest from the start to demonstrate your trustworthiness.
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Prove you are the right person to lead this company. Can just anybody create the product you’re building?
- If you’re not 100% confident in all aspects of your startup, hold off on pitching on television. There are few better ways of ruining your company’s image than by making an idiot of yourself on TV.
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