iSimplify Presentations
Life Is A P*tch
Even when you don’t realize it, you’re constantly pitching
Without noticing, everyone of us is pitching everyday. We’re always pitching ideas and trying to persuade others. Pitching is essentially is getting an idea cross in a limited amount of time, whether it’s an elevator pitch or a pitch deck in front of investors.
Key purposes for pitching (Know Thyself)
There isn’t one size fits all approach to pitching to investors. Your purpose could change every time you pitch to a different audience. However, the only thing that should remain unchanged is going to the presentation with a clear purpose of what you’re asking them for.
In general and broad terms, your pitch should be aimed at:
- Stimulating interest in your idea — It opens up for curiosity
- Building trust — You should use the time given to come across as credible, knowledgeable, responsible, and accountable
- Starting a conversation — You’re not only pitching for money, but you’re also hoping that the pitch will lead into something more than just the presentation
Your purpose could be simply asking for a certain amount of funny and that’s okay as long as you go to the meeting with that purpose in your head.
What are the investors going to look for?
Rumour has it, investors see countless amount of pitches. It’s always good to come up with a great and innovative way to pitch your idea. Unusual ideas grab attention and they get people curious and interested. However, make sure that you use that to focus on what the investors are mainly looking for: the problem you’re solving. Here’s few things what you need to focus on when you prepare for your pitch:
What?
- What? The problem you’re solving and what makes it unique
- Why you? What makes you unique and whether they like you
So What?
- Why? The reason it matters
- So What? How the investors will get something out of it in the future
Now What?
- How? The many different ways you’re solving it
- Why Them? How they’re going to help you solve it
How well you know your idea
Your audience will put your passion and knowledge to the test. So, what do you plan on doing? Prepare to pitch your idea no matter how much time you’re given, even if it’s a matter of an elevator ride. As John Zimmer said, it’s often people really invested in their idea who find it difficult to explain it in 90 seconds or less. Are you able to convince someone with your idea in a matter of an elevator ride? as Nabil AlSayed said. Elevator elevator pitch should be interesting, memorable and concise. You should never confuse this with your actual pitch. An elevator pitch, as Nabil Alsayed said, is a sales technique and you need in order to create this need for people to want to know more about your venture. Once you nail this and they want to know more then you have better chances of selling them your idea.
How well you know the people you’re pitching to
To know what the investors are looking for and interested in very simple words: stalk them (in a non-creepy way). Check their public profiles for their favourite sports, podcasts, books, or even TV shows. The reason is, obviously, not to stalk them; rather, it’s doing your homework — or as Nabil Alsayed put it nicely: KYC (Know Your Customer).
If you’re able to find something that you’re both interested in, then that’s usually a great place to start the conversation because you’ve already got their attention and interest in the topic and in you in particular, as Nabil Alsayed explained.
You’ve got to get yourself into the mindset that this is always about your audience. It’s never about you or your big idea. Think of how you can make the time that the investors are dedicating to this presentation worth their while, John Zimmer explained.
Once you’ve known your audience, you’ll understand that you can’t use the same deck to present to different people. Some investors are interested in the competition more than others. Other investors are interested in doing business with you and knowing that you can make this idea or any idea, for that matter, work.
How to structure your deck
The building blocks of the pitch deck are the slides. They put your venture in a digestible and accessible format for your audience. In their book, Get Backed, Evan Baehr and Evan Loomis detail the essential slides that you need in every pitch deck: Overview, Opportunity, Problem, Solution, Traction, Customer or Market, Competition, Business Model, Team, Use of Funds.
Pitch decks help you realize a few things: what you’re going to ask for, what you are willing and not willing to give up. Money conversations are always hard. Make things easier for you and your audience:
- State exactly how much money you need
- State why you need that amount of money (exactly)
- State how you’re planning on spending it
- The idea is to show how you plan that out and that you were prepared is important
Preparing for your pitch and going with a plan is a great plan. But like all plans, things change. If you know your venture well-enough, be prepared for the investors to stop you and ask you questions. Many entrepreneurs, as Nabil AlSayed said, will answer the question and continue with their pitch as planned. That’s definitely how you should handle it.
These questions indicate the interests of the investors. Use that to change the way you address the investors or even close the pitch presentation. At times, you need to “ditch the pitch”, as John Zimmer said.
Speak with conviction
You got to speak with conviction and know in your heart that this is a good idea. If you do not come across as fully invested and passionate about this idea, then the chances of them being invested in your idea are greatly diminished.
You have to be both passionate and invested. The keyword here is invested. Investor are usually investing in you, then your idea. Your idea could fail miserably, but investors need to know that you are able to overcome the challenges that may come in future and you’re able to pivot as the market changes. Passion is not enough because you need to communicate that you’re able to land back on your feet when the idea fails.
You’re not the only one pitching
Here’s an unconventional idea: even though you’re asking investors for money, you’re not the only one pitching. They are actually pitching what they can offer you. There are investors who can connect you with other people. There are investors who will be more involved in your business than others. Therefore, remember that you are Both pitching to each other.
The most seasoned standup comedians practice their jokes in smaller pubs and with smaller audience before they go on the big stages. That helps them validate the joke and see how it lands for different people and different demographics. Like any other presentation, practice, practice, and practice. Try not to put too much on your deck and find ways to take away from it without affecting its quality. And remember, never make your pitch about you!
I hope this pitch got you thinking about your own pitch. If you like this story, share it with others. Follow my LinkedIn, Instagram, and Twitter for more stories.
