5 Tips for Women Entrepreneurs Pitching to Investors
This past week, I had the unique opportunity to watch and participate in the New Venture Challenge (NVC), where students compete for venture capital to launch their startups. My team, Noble Roots Kitchen, was selected as a finalist for the Women’s Entrepreneurship Prize. Although we did not end up winning, it was an honor to be a finalist, especially with my newfound voice as a modern feminist. I gained a lot of valuable insight about the venture capital industry as well as the art of pitching.
While the startup world is complex and difficult to navigate, I want to encourage women entrepreneurs that you can do it. Here are five tips for pitching your business to investors to turn your dream into a reality.
1. Be Confident and Authentic
Pitching to investors can be intimidating, but at the end of the day, investors invest in people. Confidence is key. If you don’t believe in yourself, why should they? You are there with a great idea. Be open and honest about your business and establish trust with investors. They are entrusting you with their money, don’t doubt yourself.
2. Know Your Numbers
Having a concrete revenue model is crucial when pitching to investors because they want to know that there is a return on their investment. Be prepared to explain your projected revenue and expected growth over the next three to five years. Understanding your operating costs is just as important. Show that you know what it takes to actually build and run your business. Lastly, be prepared to talk about your market size to demonstrate the growth potential.
3. Tell a Story
Make an emotional connection with investors and tell a compelling story. Your pitch is a journey. Guide investors through the story to show the need and problem you are solving. Storytelling is an art that takes practice, but it is essential for creating a memorable pitch. Use the story to convey your passion and enthusiasm for the business.
4. Prepare for Q&As Ahead of Time
Be prepared to answer questions from investors. Anticipating questions ahead of time and preparing thoughtful and persuasive answers will help you navigate curveballs investors throw at you. Forbes.com includes a list of 65 questions that venture capitalists want to know.
5. Create a Solid Pitch Deck.
Develop a clear and concise pitch deck. Remember that the audience will either read the slides or listen to you, but not both. Keep the slides simple. Key slides include the problem/need, solution, marketing strategy, revenue model, and team. Visual consistency and branding are also important and help provide credibility for your business. If design is not your forte, hire a freelancer (aka — me).
