Are you looking for an angel investor to fund your startup? If so, you have to prepare a pitch deck.
Pitching is the art of telling clearly what your startup does. It is the opportunity you get to introduce your business idea in the shortest time possible. The introduction can takTe a few seconds to a few minutes.
You have to master this art, taking into account that there are millions of startups being launched yearly. How to do this right is what will set you apart from the rest.
In this article, we will consider 4 main types of startup pitches you can try. So walk with us as we analyze one after the other and show you how and when to use each of them.
Types of Startup Pitch You Can Try
This is a summary of your business idea in a single catchy sentence. It is as short as typing characters on Twitter, considering there is a limit.
To get this, most people usually compare their startups with well-known companies. For example, ‘This is the Amazon of XYZ….’ To gain the most, use general words that people can easily understand. Add some uniqueness when comparing your startup with well-known companies.
This pitch is used mainly when you meet someone who has never heard of your company. You can achieve this by using a catchy sentence that summarizes the business idea in a few words.
To succeed in this, you need not give too much information that can end up boring your listeners. Instead, aim to use words that will catch your listeners’ attention and create excitement for more details.
Unlike the Twitter pitch, this type describes your startup in a short form. It can be illustrated with the time one uses in an elevator. So you have to make this pitch not more than one minute.
Tell them what you do, what problem you are solving, and why you are different from the rest. Be as persuasive as you can possibly be. It is as simple as that.
This is usually used following the Twitter pitch. Use it immediately you realize your listener is requesting more information about your business idea. Then, tell your listeners everything they need to know, even if they don’t have any background knowledge about your company.
To succeed in this pitch, you need to establish the goal or the objective you want to achieve. Have a brief and clear explanation of what you do. Identify what your business does differently and communicate clearly.
Finally, be ready for the next step by asking your listener what he/she thinks of the business idea.
This pitch is longer than the Twitter and elevator pitches.
This is where a pitch deck comes in handy. A pitch deck is a presentation used to give an overview of your business plan, services, products, and growth traction.
You will be required to replace your words with images. Even though you will be making a presentation, you will do much of the talking. Work towards making the most out of the limited time you have. For the deck to be effective, you need to consider your audience.
You will compare your product or service with the already existing ones in the market at this juncture. Therefore, it would be best if you did your homework well. Do your research and understand your competitors well.
To show the advantages of your product or service compared to your competitors, you can use a matrix. This will help you establish the benefits of what you have on offer compared to what others have. Alternatively, you can also use a power grid showing advantages in a column versus the competitors on a row.
You have to engage your audience at this pitch and make them look for more details about your business idea.
Keep in mind that you are talking to investors, people who can fund your business idea and transform your dream into a reality. Thus you need to prepare well for this pitch.
You need to prepare between 15-20 slides in PowerPoint for this presentation. The slides should contain the following:-
– What problem you want to solve
– Your solution
– Description of the product or service
– The target audience
– Your strategy
– The financials
– The exit plan
Start with telling a story, which is one of the most powerful tools. It will help you capture the investor’s minds.
If you will be using charts, ensure they have numbers and text to help investors understand the data you are showing. Talk about your future projections. This will help your investors understand you have a viable plan for making money.
Prepare a visually appealing pitch deck, be honest and transparent when giving your company’s valuation. Give up-to-date data and information and be specific when asking for funding.
Finally, expect questions and always be ready to answer them calmly. This will heighten your credibility and will help you get a chance to address concerns you might be having.
As a startup founder, it is paramount for you to understand the difference between the 4 types of a startup pitch.
Try hard to perfect each of the pitches. Then, to succeed in attracting a new client or investor, craft the right story for each.
Put yourself in the shoes of your listeners and look at the pitch from their point of view. What would attract your attention or captivate you? Then, work towards that goal, and success will be yours.
Furthermore, do not underestimate the power of dressing for success. This is a business meeting, and your dressing can determine your success. You can treat it as a job interview and dress appropriately.
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