We compiled some quick tips that will help you pitch your startup at AsiaBerlin Summit 2021 and of course, everywhere! Apply here
Many entrepreneurs want to develop an idea and turn it into a successful company, but this requires effort and significant material resources. A startup needs to formulate an idea, imagine its target audience, and think about how to convey to investors and clients the idea of the benefits of the product, service, and technology being produced.
There are several tips for pitching your startup. They will be able to bring you great value and will allow you to get started without significant investment with minimal resources. Here are a few tips that we curated to prepare you for your next pitch -maybe at AsiaBerlin Summit 2021. Apply here!
1.СHOOSE YOUR TARGET MARKET AND AUDIENCE
The very first rule for aspiring entrepreneurs is to test their chosen business niche. Never invest money and time in unverified niches! At the beginning of the journey, make sure whether your product or service will be in demand on the market, whether consumers need them. Find out how your product can be useful to them, what opportunities they would like to see when using the product, and how much they might pay for your product or service. Identify your target audience. There are no products and problems that are relevant to absolutely everyone. By trying to please everyone, you might not find your concrete audience.
2. CREATE A STRUCTURED PRESENTATION: PROBLEM, SOLUTION, AND MONETISATION.
Your pitch should entice the investor to want to learn more about the business and maybe fund it in the future. The key concept is to concentrate on the most critical details: the problem, the solution, and the monetization potential. Clearly articulate the value of your project or product – you need to be able to tell about it in one sentence. Therefore, we propose to divide the structure into sections:
Introduction: Acquaintance with the project, placement of figures on the field, detection of conflict (pain/problem).
Development: How a startup is going to move from point A to point B; difficulties on the way (competitors) and ways to overcome.
Culmination: Why an investor should invest in this project.
3. START YOUR PITCH WITH A QUESTION
The presenter has only 5 seconds to capture the attention of investors at the start of the presentation. Starting with a question is a great strategy. The human brain is wired to mentally respond to every question it is asked. As a result, a presentation that starts with a question to the audience is more likely to distract investors’ attention away from their phones. Do not use highly specialized terms during the presentation – simple speech is perceived better. It should address the market problem you’re trying to solve. This will immediately pique your audience’s interest.
4. USE STORYTELLING AS A PITCHING TOOL
Pitching is usually limited to a few minutes – no more than five or seven. During this period, you must gather all of your project experience and express it to the audience as clearly as possible. Try to use storytelling during pitching – an effective tool that will dramatically improve the quality of your presentation. The dry facts will not be remembered by investors, and the exciting story will make you think about the project even after the end of the report.
5. FOLLOW THE “ELEVATOR RULE”: THE MOST IMPORTANT THING IN 30 SECONDS
You don’t have to act as if you know everything or that you don’t have any issues. A startup and an investor can form a partnership based on honesty and openness.
Show how much revenue you plan to make (per product) over the next three to five years. You must share your assumptions to back up your figures. Make sure you know how much money has already been invested in your company, who it belongs to, and what percentage of ownership you have, as well as how much more you’ll need to get to the next level. The presentation should use the maximum of real indicators: the number of subscriptions, monthly and annual income, growth compared to the previous period.
A good presentation should include a concise summary of the data that the investor needs to know. As a result, brevity, a clear description of the benefits, a strong visual component, and a lot of factual data are the distinguishing features of an effective presentation.
Don’t be scared to make mistakes or have unsuccessful pitch sessions. Although many books may be read, the best experience is gained via practice!
Here are some videos from Pitch Events organized by AsiaBerlin: