Blockchain and Fashion: How to Prepare for a Five-Minute Pitch
You’ve undoubtedly heard of the elevator pitch. It’s the very short speech (which may or may not take place in an actual elevator) people use to explain a business idea and drum up interest in as few words as possible. Well, this article will deal with a closely related concept, its older sibling of sorts — the five-minute pitch.
More specifically, we’ll talk about how to get people interested in applying blockchain technology to the fashion industry and what to say when you only have such a limited amount of time at your disposal.
The Basics of the Five-Minute Pitch
In essence, the basic premise here is the same as with an elevator pitch. It’s important to remember that this is not the speech which will seal the deal. Instead, it’s just an introduction, a way to encourage potential investors to look into your offer some more.
As such, it needs to be concise, appealing, and to-the-point. And while five minutes is a lot more time than your elevator pitch would get, it can still fly by pretty quickly, so it’s important not to get bogged down with unnecessary details.
If you’ve been working on a project for a long time, it will not be easy to boil everything down to five minutes. You can do it, though, as it comes down to preparation and practice.
Have a General Five-Minute Pitch at the Ready
If the audience you’ll be pitching your business idea consists of people from a single field, you will tailor your speech specifically to them. Most of the time, however, you’ll be talking to people and potential investors from various walks of life. What is more, you never know when the opportunity to pitch your proposal might arise — organized events are great, but you might run into an interested party while you’re at a restaurant.
For that reason, it is crucial to have a general pitch you can rely on regardless of the circumstances. So, while it’s great to have custom pitches for specific occasions, your first concern should be crafting a five-minute pitch you can deliver at a moment’s notice.
Such a pitch should contain the following elements:
1. A Brief Explanation of Blockchain
Since your business idea revolves around blockchain and fashion, you will have extensive knowledge of this technology. But it is safe to assume many of your potential business partners will not. Of course, every investor worth their salt will have heard about blockchain and cryptocurrency, but they may not know much more than that.
So, start with a brief explanation. However, make sure you don’t dwell on the topic. You don’t have the time to teach a class on blockchain, and it’s not necessary. People use technologies they don’t fully understand every day, and investors can get interested even if they don’t know every single detail. After all, do you really think that every software investor knows how to code?
Therefore, keep this part short and sweet. Explain how blockchains create records which are both secure and easily accessible. Say that those records are practically impossible to tamper with. List a few key principles and move on.
2. The Problem
Your business idea should address a big problem, a pain point. For example, you could say that one of the problems with the fashion industry is that the designers have to go through multiple vendors and can’t interact with their customers directly.
This is your main hook, and you need to state it clearly.
3. The Solution
Now, explain how blockchain can solve the problem. The very nature of this technology allows for transactions without a middleman — that’s what’s made Bitcoin a success. Going back to the previous example, this would allow fashion companies to be closer to their customers and would also make the transactions cheaper since there’s no middleman involved.
4. Other Benefits
Proceed to list a few other benefits of applying blockchain to the fashion industry. It can be easier to keep track of your inventory, there’s no single weak point for hackers to target, and so on.
5. The Edge
No matter what your project is exactly, it won’t be without at least some competition. So, say what sets you apart, why people would choose your solution over another.
Feel free to use a comparison. For example, since we talked about removing the middleman, you could say that your platform is like buying clothes from Amazon only without giving Jeff Bezos a cut.
6. Your Team
Make sure to point out that you have the right team of people for the job. Highlight your experience and any relevant accomplishments.
7. Summary
You’ve said quite a lot in your five-minute pitch, so briefly reiterate a few key points at the end. Make sure your investors know exactly what the main strengths are.
Prepare for Questions
You may have five minutes to talk without interruption, but that doesn’t mean your pitch will end there. Investors can bombard you with questions after you’re done, and you need to be ready with the answers.
Practice
Some people have the gift of the gab, meaning they can give speeches with next to no preparation. But for most of us, practice makes perfect. So, once you’ve jotted down your pitch, go over it again and again. Practice on your own, in front of the mirror, in front of other people, etc. Time yourself in order to make sure it really is a five-minute pitch.
Conclusion
The five-minute pitch is a powerful tool for any aspiring entrepreneur. Since you’re dealing with blockchain technology, it’s important to find the right balance between the technical aspects (the explanations you need to give) and the emotional side (what makes your solution truly appealing).
These guidelines should put you on the right track. After that, you just need to put in the effort and work on the pitch until it’s perfect.
Primpy is a community-driven fashion market where end-users and businesses benefit from transparency and usability powered by the blockchain tech.
By bringing together technology, retailers, service providers and customers, Primpy becomes a go-to place for desirable fashion items, services, opportunities, tips and trends — tailored to users and businesses.
