My Second Pitch
The Iron Yard Practice Pitch — Week 3
This week’s pitch practice was open to the public. The Spartanburg Young Professionals group was in attendance and they were a great bunch that had tons of great feedback for all the startups that pitched. We were 4th in the lineup this week and we were given the task of bringing down our pitch from 8-10 minutes to 5-7 minutes. Last week we clocked in at 8:20 and this week we met the challenge by clocking in at 5:20. The biggest change this week came as a result of Peter Barth’s (TIY CEO) advice. His advice was that we needed to tailor our pitch to our audience. Last week our pitch was built more towards a customer demo but this week we completely restructured our deck to speak more towards an investor who cares less about the detailed features we offer in our product and focus more on the business model we are asking them to invest in. Pitch decks should focus on the following when pitching to investors:
- why it’s unique vs alternatives
- addressable market
- unit economics
- sales plan
- why should I believe you?
Our big focus for our next pitch opportunity is going to be more on presentation. I think we are on the right path and made some adjustments that totally worked but we now need to start working on the actual delivery. Some of our business details are still in the process of being firmed up so in time some of our slides will be more concrete and hopefully more appealing to potential investors.
As always, if you are reading this blog and want to learn more about our experience look me up on twitter @ecard773