Pitching passion at Innovation Xtreme 2015
The word is out! Innovation Xtreme (IX) is back with a bang! And, this year its going to be bigger, better and crazier than last year. For the 20 startups who are pitching at the event, this is going to be an once-in-a-lifetime opportunity to impress renowned investors, which could lead them to future glory.
Entrepreneurs are generally confident people, but standing in front of a group of people who can make or break your startup dream, is always an intimidating prospect.
So, the big question is: How do you pitch your startup to investors? What kinds of details do you need to include? And most importantly, how do you make a great impression?
Well, who better to give advice than the very people youll be pitching to? At this years Innovation Xtreme, we will have veteran investors and experts on startup ecosystems (the list is still undisclosed), who will be responsible for selecting the 5 best startups from all participants.
Here are some of the insights they shared on what you should and shouldnt do when pitching your startup:
The elevator pitch:
A great elevator pitch will allow you to sum up your startup or idea with relative accuracy within 60 seconds or less. The elevator pitch helps listeners to instantly understand what problem you are trying to solve, what your solution is, and how it is different from other existing solutions in the market. So, prepare an elevator pitch which is simple, effective and short. And, remember this year, each startup will have only 3 minutes to pitch their ideas in front of investors.
Simplicity is the key:
The idea behind your startup may be outstanding, but a pitch forces you to simplify and condense it. For many startups, this will be the first time pitching in front of investors. So, if you are pitching your startup at the event, know your product and market inside out. Keep it short; keep it simple, and be yourself. Your pitch should also reflect your integrity, passion, and conviction to succeed no matter what.
Cover the details:
Double check all the details of your pitch, especially if you have presentation slides. Investors are going to ask you various questions about your business model. So, prepare yourself to talk about your financial plans and revenue stream details. Dont shy away from areas that are problematic or risky to your businessinvestors and judges will definitely notice those areas.
Dont just read your slides and present a series of bullet points. Tell a story, talk about your team, talk about the problem you are trying to solve, and give a chance to the audience and investors to connect with you. Ignite the fear of mission out among the investors; make them worry that theyll regret if they pass you up.
Pitching a startup ideain any languageis always a challenging task. For many of the startups, this will be their first time pitching in English. So, practice what you are going to say. Be brief and listen to what investors are saying. Remember to be yourself and use words that everyone can easily understand and not have to second-guess. And practice your pitch like your life depend on it. Follow these tips and impress the investors.
And remember, this year all the tech startups participating in the event will receive Microsofts BizSpark, YouthSpark packages (worth $10,000), and the top 5 startups will get FB Start Packages worth $50,000 each.
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