Pitching is an art. For some it may come naturally, while for others it may be the most uncomfortable task. Alex Blumberg does an excellent job giving listeners like myself an inside look into the reality many entrepreneurs find themselves in. The first aspect of a pitch that stood out to me was the presentation of the problem. The best pitch is one that Is unique; it doesn’t have to follow the typical structure of a pitch, but it should present a problem or issue that this business venture is helping to solve. Most importantly, drawing in investors and surprising them with either extreme enthusiasm and passion or striking facts and figures are key.
It is important to note that someone may ask an entrepreneur to give a pitch anywhere and at any time. Being put on the spot should be expected and therefore, the pitch should become one of second nature. I believe key words that trigger emotion or energy is vital when delivering a pitch. The craft of pitching emphasizes the person at the center delivering the pitch almost as much as the information being presented. Like a ship, it can only stay afloat with the captain. Similarly, the person pitching can be the be all or end all in a deal. Stats and figures can speak for themselves only so much, but the passion and knowledge behind the delivery of a venture is crucial in securing an investor.
A good pitch will answer the unknown’s investors may think of and how well the pitcher acts under difficult questions will reflect in an investors confidence in the venture. If I was giving a pitch, I would also make sure to play devil’s advocate, including information that reassures the investor and prepares for the rebuttal. For instance, I would incorporate my unfair advantage, EXIT strategy, and future projections. The podcast highlighted the notion that investors see businesses through a lens that analyzes the EXIT strategy and therefore, a good pitch has a strong and clear vision. While the second podcast gives credibility to key numbers and a business or company name, breaking down the audience and the 12 month or 3-5-year plan for the business is emphasized even more. This is the hardest area for someone to pitch successfully because it is at its core unknown. Another significant piece of information from the podcast lies in the responses from investors. Understanding that you may hear responses and dilemmas that never crossed your mind should not lead you to panic but rather be used to your advantage. Finding these grey zones of uncertainty can allow for you to think further and make changes and improvements to the business venture that will ultimately provide benefits.
The podcast offered me insight in knowing that failing at the first pitch is not the end of a business. Rather, failing leads to success and as seen in Alex’s case, failing allowed him to succeed with Matt.
