10 Tips for Nailing the Perfect Pitch
In our last CWN Collaborative Coffee, we chatted with an early-stage investor, corporate executive and independent board member Joan Dea about how to nail a pitch presentation to angel investors.
Joan shared what she looks for when founders are presenting and her strategies for how to deliver a compelling pitch every single time.
Here are 10 tips for nailing the perfect pitch:
Craft an airtight presentation
Make sure your presentation is compelling, most importantly addresses the five fundamental questions that investors want to know:
What is the opportunity/issue you are addressing, and how big is the market?
What is your business model and what is proprietary/unique about your product?
Where are you now and what is your traction?
What are your immediate needs and your long-term vision?
Why are you the one to make this happen?
Know your audience
Knowing your audience’s investment history will help you tailor your presentation to their level of industry understanding and anticipate their questions.
Prepare your mindset
Focus on communicating your passion for your business and the problem you are solving. Visualize how the pitch will go. Be clear on what key points you want to highlight, but also expect deviation from your plan. Be flexible.
Practice your pitch
Do test runs with your friends or advisors to nail down pace and timing. Ask: “Was I persuasive?” and “How can I improve?”
Control the flow of the pitch
Briefly outline your agenda for the meeting and begin by making a personal connection to break the ice. Try to make eye contact with everyone in the room--whether in person or online. Remember to check in with your audience throughout the presentation to confirm pacing and always leave room for questions and conversation. Some investors have a specific way they like to listen to pitches and engage with entrepreneurs.
Focus on your audience, relax and be yourself
Investors are assessing the business, but are also assessing you as an entrepreneur. Can you handle adversity? Are you passionate and can you build a team? Can you get things done? Are you coachable and can you pivot if needed? Do your best to read body language (even on Zoom!).
Respond to questions concisely, clearly and with insight.
You are seeking to build trust and interest throughout the pitch. Know the business model, financial and industry datapoints cold and be prepared to use them to demonstrate insight and competence.
Think about the “question behind the question”
Answer the question that was asked, but also reflect on what may also be embedded in the question. For example, if an investor asks you why an early prototype faltered, they also may be seeking to understand what kind of leader you are and how you handle adversity. Investors want to know how you responded and what strategies you used to manage a difficult situation.
Know where you are in the journey of persuasion.
Convincing investors to entrust you with their money takes time. Tailoring your pitch and conversations to reflect where you are in that journey is essential. Aim to convince the investor of the opportunity and get them intrigued enough to secure a next meeting where you can dig into more details. Seek to understand what the decision-making process is.
Do not leave a meeting without a next step, even if they say no.
Your audience is likely supportive and would like you to succeed, even if it might not be a good fit for their portfolio. Listen to the feedback, incorporate anything useful, stay connected to them, and move on. Ask the investor if you can add them to your investor update email or connect with them later in your startup’s development.
