You’re in an elevator with an angel investor and you’ve got 60 seconds to win them over with your elevator pitch. With this pitch however there are many do’s and don’ts and you have one chance to make a good impression, so no pressure.
You’re itching to make your great ideas happen and these very ideas can be pitched to some of Australia’s best digital minds at Pause Fest. Aus Post is partnering with Pause Fest 2016 and has created a social-led competition where entrepreneurs can put their theory into practice. It will give entrepreneurs 45 seconds to pitch their ideas to a panel of judges. The three most popular pitches each day of the festival will receive a $5,000 grant to help bring their idea to life. Runners up receive prizes of one-on-one mentoring session. The event can be followed using the hashtag #AusPostTweetFund.
To get you ready for your pitch and to calm your nerves in front of judges and potential investors here are some tips and breakdowns of what you need to know so you can be ready anytime to pitch.
The elevator pitch has to be a planned out and perfected speech that’s easy for even the tech layman to understand. Don’t think of it as a sales pitch, think of it more as a conversation and with any conversation you want to spark interest with your listener.
You always need to have this speech up your sleeve to pull out at any ‘elevator’ opportunity, whether that be on the train, at a party or after a conference. At any one of these places there could be the chance to meet one of these highly sought after angel investors. They have the potential to transform your business from garage invention to Facebook superstardom.
With everything relying on this one chance, possibly 60 second meeting it’s essential that your pitch is down pat, relays all the key components and is above all short and sweet leaving the investor wanting to know more.
Perfection takes practice, but you need to be practising the right style and memorising the right method. This is a quick breakdown of what you need to include, ask and explain to yourself firstly and then to the investor.
Start in front of the mirror and ask yourself what problem your product or idea is trying to solve, think about who has tried to solve it and what better solution you can offer. Practice the same spiel with family members, friends and acquaintances. These people might not be tech savvy and not understand the ins and outs of the industry but your pitch should be simple and to the point and it’s good to ask others if they understand and what points need to be simplified.
When it comes to delivering your pitch start by introducing yourself, shake hands, make eye contact and be confident. Talk with the investor about the problem right away and inform them that you have a solution, which can work in the real world. The best way to do this is personalise the issue and then talk about the solution in relation to your company. After your pitch leave them to think, question and hopefully consider.
To get investors to the consideration stage here is a list of a few tips. These do’s and don’ts can help any entrepreneur perfect their elevator pitch and land them the investment that will push their business off the ground.
You’re pitching your product idea, not selling so even though it’s a 60 second pitch allow the investor to offer some input, advice or just pause to gauge a reaction.
Your first few sentences are the most important in the whole pitch. It’s where you hook your investor in and get their attention. Think of a question or problem and craft your pitch around that. The question or problem is of course the one that your product or idea solves.
To avoid sounding like you’re selling your product rather than advertising it, avoid using the tech buzz words. Words like disrupt, synergy and revolutionise.
I think everyone in the tech world is over hearing startups comparing themselves to the most successful business models like instagram and Tinder. For instance if you have a startup app for pets and have taken inspiration from Tinder’s swipe right or left model, don’t say ‘We’re the Tinder for pets.’ Investors want originality and something that breaks away from everything else out on the market.
Nothing is worse than a fast pace ramble where you trip over your words or get lost in your own spiel. Don’t reveal every single aspect of your business or statistic. The timing of the pitch is the key to your success. At the end you should have said just enough to spark their interest, but not enough to reveal all your secrets.
Offer and Ask
It’s the end of the pitch, your investor has thought about your company and now you’ve reached their floor. Before they walk out make sure to offer your business card and ask for theirs. Without the exchange of contact details you might as well have pitched to the elevator music.
Perfecting your elevator pitch is essential for acquiring investment and you never know when you’ll be standing face to face with the person who could change the future of your company. Remember the goal is not to advertise but to inform and intrigue.
To register your interest, email [email protected] or visit the Australia Post stand at Pause Fest 2016.
Pause Fest 2016 will take place at Federation Square on the 8th – 14th of February 2016. Tickets can be purchased here.
But hurry, time is running out!