Recently, we hosted a live pitching session on our weekly event, “Let’s Talk Startup.” Several startup founders joined the show, sharing their startup pitches with us. Each participant was given two minutes to present their startup ideas and share them with experts. This opportunity allowed them to practice their elevator pitches in real-time on the show.
Anshuman Sinha, co-founder of Startup Steroid, hosted the show and provided invaluable feedback to help startup founders fine-tune their pitching strategies. Jerry Heikens, Startup Tech Advisor & Investor, also graced the show as a guest mentor.
After a brief introductory session, our mentor, Anshuman Sinha, said, “You need to raise your hand if you’re interested in practicing your pitch live on the show. A timer with a clock will be displayed on your screen, helping you manage your pitch timing effectively. You’ll have two minutes to finish your pitch, and it should cover all relevant points that are necessary for investors to know. When you’ve finished your pitch, we will critically evaluate it and suggest necessary feedback.
If you are new to Let’s Talk Startup, it is an online platform for startup meetups, organizing weekly sessions to delve into the intricacies of the startup world. Let’s Talk Startup is dedicated to addressing the challenges encountered by startup founders one meetup at a time, with the aim of fostering a robust startup ecosystem.
“You have to start off with the pain points first and then explain why you are doing this and what’s the solution you’re offering to solve the pain points. In addition, you have to elaborate on your team, market size, funding requirements, and how you’ll utilize the funds for your startup,” Jerry Heikens explained.
James Haungs, Founder and CEO of Telehealth Today, introduced his startup and spoke about how his telemedicine platform helps patients by providing them with necessary emotional support and assistance in times of need. James also explained that his business mainly caters to the middle class and the uninsured.
Our experts carefully listened to his startup pitch and then offered necessary suggestions, such as why a startup founder always needs to be clear about the funding part as that’s the part investors are mostly interested in. Furthermore, they also described why merely stating funding requirements won’t work, and founders need to also describe what they will do with the funds raised.
Similarly, Rajiv Jadhav, VP of Business Development at Lylli LaunchTools, presented his elevator pitch. He explained how the company assists startups in HealthTech, Medical Devices, and non-pharma industry verticals by helping them clarify their vision, mission, and launch planning strategy in a simple and seamless manner.
His elevator pitch was also good. However, our experts advised startup founders to practice their elevator pitch more and more so that at the time of actual pitching, they don’t need to look at their computer screen or PowerPoint presentation. You have to explain your startup pitch in a storytelling manner, and the flow has to come naturally. It can create a positive impact on the minds of investors.
Many other startup founders also presented their elevator pitches, and our experts critically evaluated them, suggesting necessary changes to make the pitch more impactful and convincing for funding.
Overall, this pitching session provided valuable insights for startup founders, helping them improve their pitching style and techniques. Our mentors emphasized the importance of regular practice, suggesting that startup founders record their pitches during Zoom calls to identify areas for improvement.
Here are key takeaways from the event:
Pitching Masterclass: Key Takeaways
Ideally, an elevator pitch should be around two minutes, but in many startup pitching events, the actual time allotted to startup founders is less than that. So, founders need to be well-prepared about their startup pitches and should speak from their hearts in a storytelling manner.
Clarity and Conciseness: Effective pitches are clear and concise. You should be able to explain your idea, its value, and its potential impact in a brief and understandable manner.
Know Your Audience: Understand the needs, interests, and expectations of your audience (angel investors, in this case). Tailor your pitch to resonate with them.
Compelling Storytelling: A good pitch often involves storytelling. Use narratives to engage your audience emotionally and make your idea memorable. Stories can help convey your passion and vision for the startup.
Problem-Solution Fit: Highlight the problem you are solving and explain why it matters. Articulate your solution and demonstrate how it effectively addresses the problem.
Unique Value Proposition (UVP): Clearly define what makes your product or idea unique. Explain why it’s better or different from existing solutions. This helps in setting your offering apart from competitors.
Market Opportunity: Showcase the market opportunity for your idea. Investors want to know the size of the market, its growth potential, and how you plan to capture a share of it.
Team and Expertise: Highlight the qualifications and strengths of your team. Investors often invest in people as much as they do in ideas. Show that your team has the skills and experience needed to execute your vision.
Financial Projections: If seeking investment, present financial projections and a clear path to profitability. Investors want to understand the potential return on their investment.
Practice and Feedback: Take advantage of the opportunity to practice your pitch and receive feedback from mentors. Constructive criticism can help you refine your presentation.
Networking: Pitching events often provide excellent networking opportunities. Connect with potential angels, partners, or advisors who can help you on your entrepreneurial journey.
Conclusion
Pitching events offer startups a multifaceted advantage by providing access to capital, valuable feedback, and validation, along with opportunities for networking, increased visibility, and skill refinement. These events serve as a training ground for entrepreneurs to articulate their value proposition effectively, fostering market validation and iterative learning.
We encourage startup founders to participate in our weekly virtual Startup meetups, where they can engage in dynamic sessions, exchange insights, and have meaningful conversations with industry experts.
Remember that you’re not alone in your startup journey. Join our weekly online Startup meetups to engage in interactive sessions, share experiences, and converse with experts.
https://letstalkstartup.com/mastering-the-art-of-startup-pitching-key-takeaways/
