Pitching 101: We Asked the Experts
Pitch competitions throughout New Jersey routinely present opportunities for startups to present their business models to investors eager to see the Garden State’s early-stage companies thrive.
Making a pitch can be nerve-wracking for even the most seasoned entrepreneur. Whether it’s in a one-on-one setting like the New Jersey Economic Development Authority’s (NJEDA’s) New Jersey Founders & Funders or to a large audience at events like business accelerator TechLaunch’s BullPen or Newark Venture Partners’ (NVP’s) Demo Day.
So what advice do investors have for entrepreneurs? We caught up with a three venture capitalists and angel investors to see what they look for in a pitch:
“You have limited time to talk about your concept. So, don’t waste time asking the VCs about how their fund works, what they look at, etc. You should have done that work beforehand — it shows you are prepared. Also, make sure to go right into why your product is special and unique so that you leave enough time for the VC to ask questions. You should be able to explain your product within two minutes and get the VC excited enough to want to dive deeper.”
— Venture Capitalist Jay Bhatti
“Practice and preparation are the key words in approaching BullPen. When you’re facing the scrutiny of the investor panel and audience, listen, and learn. Many of these investors have stood where you are now and speak from hard-earned experience.”
— Angel Investor Mario Casabona
BullPen is loosely modeled after the hit ABC show “Shark Tank,” with entrepreneurs making the case for funding to a panel of investors and an audience of business leaders and academics.
NVP Managing Partner Tom Wisniewski advises the following to avoid a common pitch mistake that trips up founders:
“Focus on the messaging on each page before you fill the page with words and graphics. What is the one thought you are trying to impart? What are the three facts that support it? Remove everything else.”
— Newark Venture Partners Managing Partner Tom Wisniewski
NVP runs NVP Labs, a bridge-to-seed accelerator program. At the end of each session, participating startups make their pitches to investors and New Jersey’s innovation ecosystem at large.
To learn more about NJEDA resources for small businesses and early-stage technology and life sciences companies, visit http://www.njeda.com.