In a pitch, you briefly explain who you are and what your company does and try convincing people. The better your pitch, the more you can achieve with your startup. But how do you build a convincing pitch for your investors?
Peter Langela, Business Developer at Novel-T, explains how to do that.
1. Determine the purpose of your pitch
You still need a good pitch, even if you can talk about what your company does. “You can't say, 'I have the pitch for my company',” says Peter. Because with every pitch you give, you adapt the angle to the goal you have at that moment. You start building your pitch at the end, with your goal. This could be an introduction to a person or company or bringing in an investor or a customer. Once you have the goal in mind, create a call to action. What exactly are you asking? From that moment on, you start reasoning backward. How do you ensure that your story is structured in such a way that you get a 'yes' at the end of your pitch? Because that's what it's all about in the end.”
2. Ensure relevance
Once you have determined your goal, you must provide a relevant story that suits your target group. Peter: “In an investment pitch, for example, it is important to indicate whether there is a market for it. Because you can solve a problem, but how big is the problem? And for whom is it a problem? In addition, investors would like to know who your team is. Are you able to solve this problem? Do you have the right people on board? I also recommend always saying something about what competition you have and what business model you want to make money with. An investor wants to be able to estimate whether they can earn their money back. So answer the questions your audience may have.”
3. Come up with a catchy opener
The most important thing is that you make an impact on your listeners, but that is not always easy, Peter knows. “In the first 20 seconds, your audience decides whether your story is interesting. So provide the 'wow factor' so your audience thinks: 'I want to know more about this!'. That's important because if you can't get them initially, you'll immediately lose them for the rest of your pitch. For example, start with a fact about the cause of your problem. This way, you can immediately start talking about your solution. For example: 'An e-bike battery catches fire almost every week. This is a major risk with batteries that are charged next to each other on desks in companies. That's why we developed a smart locker where you can charge your battery in a fire- and theft-proof way.' With this wow factor, you get people on the edge of their seats.”
4. Anticipate questions
Preparation is, of course, half the battle. An essential part of your preparation is anticipating possible questions. Peter: “What questions do you think you will receive after your pitch? You will come across as very strong if you have prepared a backup slide with the answers to any questions. So it is good to practice your pitch with several people and see what questions they ask.”
5. Practice, practice, practice
Once you have your story ready? Then it's time to practice. Peter says: “Don't be afraid to make mistakes or practice for others. Because if you feel insecure, it comes across as having something to hide or not fully supporting your idea. You can prevent this by practicing a lot. Take every opportunity you can to pitch. Make it second nature. Whether you want to attract investors, acquire new customers, or give a presentation somewhere, pitching well is essential in your startup journey.”
Want to learn more about pitching? Then register for the Startup Workshop.
Want to start learning right away? These are Peter's book tips.
- What everybody is saying - Joe Navarro
- Flip the script - Oren Klaff
- The definitive book of body language - Allan & Barbara Pease
- The TED method - Chris Anderson
- Pitch anything - Oren Klaff