How to Prepare For a Pitch Competition
Pikkpack’s Betapitch Experience
Pikkpack got selected to betapitch Vienna as finalist so we had a chance to present our story and pitch in front of investors. We didn’t really have long time to prepare but tried to give it at least one full day to write our script and put together a presentation.
The event was hosted in a huge co-working space with industrial interior, called Sektor 5. The good vibe with nice people helped ignore the fact that we had only five minutes to convince the audience and stand out from the other presenting companies.
Our shortcoming was our biggest advantage after all. In the beginning, we were a bit afraid being the only girls with a physical product — a shoe(!). The majority of the finalists presented their new application therefore it was hard for us as a fashion startup to be taken seriously by the investors. We tried to turn it to our own benefit, took it easy, smile and it worked… Pikkpack became the wild-card winner and won a 6000EUR Styria Digital Marketing Package.
In the followings, we attempted to put down some takeaways for anyone who prepares for such competition and needs some guidance.
Keep in mind that you want to achieve three main things with your pitch:
MOTIVATE & INFORM & ENTERTAIN
We used the famous Airbnb pitch deck as a base while constructing our version, by following a similar structure but shaping it to our own image.
According to us, these are the key points of an ideal pitch deck:
- In medias res story (share your story and tell the audience something memorable they will remember and that inspires them to continue listening)
- Problem (customer pain)
- Solution (value proposition to your customer)
- Product (description)
- Market (your target customers & market size)
- Competition (including your runner advantage)
- Validation and traction (numbers!)
- Business model (revenue, pricing, growth rate etc.)
- Team (faces behind the numbers)
- Customer acquisition plan (marketing and sales) & How you will make money
- Contact page ! (email, webpage, social media)
Use big pictures and make your presentation look good! Check out the Pikkpack pitch deck here!
Memorize your script! Five minutes pass away way too quickly to improvise! We recorded our pitch and listened to it again and again while sitting on the train to Vienna (efficiency at its best ☺) Knowing your lines by heart gives you much more confidence on stage.
If you have a physical product the ‘touch and feel’ element is one of the most important things. Don’t forget to bring a product sample with you and hand it over to the audience!
At an event like this, you’re speaking to investors, representatives, advisors and competitors. You CANNOT please or satisfy all of them. The majority of the audience probably won’t be aware of who you are and what your product is about. Give them analogies and examples from their daily lives. For instance, we introduced Pikkpack as the “IKEA of Shoes” to help the audience understand the concept behind the shoes.
Mention the most important milestones of your project. You want to impress the investors and show them how far you got even without funding.
Try to find out what kind of questions can be raised related to your pitch and product, and prepare with short but informative answers!
Don’t be afraid to share your vulnerability, it helps them resonate with you and get closer to you!
Even though we stayed only one day in Vienna it was really good fun. Just to pay reverence to AirBnB once again, we spent the night in a wicked flat and were taken care of by a super nice host called Sophie. Eyecandies everywhere, plastic pillow filled with straws, curtain rods with small lego ending, gorgeous wintergarten with heavenly stuff for DIY lovers.
Highly recommended if you are in Vienna sometime!