Split Tech City is a community composed of well-intentioned and progressive companies, startups, associations, initiatives, institutions and individuals. Together we encourage and develop the IT sector of Split and the surrounding region.
Support our community
If you have a business idea or already have a startup team but are at a loss of how to present what you do to a jury at a startup competition, investors interested in supporting you, or even just a wider audience, we’re bringing you seven basic tips to help you out.
How you weave the story of what you do by combining data, proposed business models, and overall opportunity is all part of your startup pitch.
The most crucial aspect of any pitch is to showcase why your solution is needed to solve a market gap/problem, why your business plan is the best and most lucrative way to solve it, and why you are the person to do it. Storytelling is the only way that is persuasive enough to not make your startup pitch a dry heap of information and nothing more.
People interested in your startup aren’t only interested in your business idea but also in the people behind it. Your startup pitch should highlight the strengths and qualifications of your team members by briefly explaining why each team member is essential to the success of your business and how their skills complement one another.
Through showcasing your team, you are showcasing the human capital that will drive your business idea to success.
Data isn’t just a series of numbers. Your startup pitch data can be quantitative – and qualitative – measurements of your audience sentiment, market space volatility, industry opportunities, etc. You probably already have hours of interviews with potential buyers or extensive market research reports on the state of your industry.
The key is figuring out how to weave those various data points into the story of your startup. Different kinds of market research can help you identify these data points and help you compellingly present your findings.
Anyone listening to any business idea wants to know how you plan to attract customers and generate sales. Your startup pitch should include a detailed marketing and sales strategy that outlines your target audience, messaging, and promotional efforts.
Be specific about the channels you plan to use and how you will measure success. By presenting a well-thought-out marketing and sales strategy, you show that you have a clear plan for growing your business.
Financial projections are a vital part of any startup pitch. It’s a way to demonstrate that your business has a viable plan for generating revenue and turning a profit.
Include a detailed breakdown of your expected income and expenses, as well as your projected growth over the next few years. Be realistic with your projections and be prepared to back them up with evidence and sound reasoning.
Be upfront about how much funding you need and how you plan to use the funds. Break down your budget and explain how the investment will help your business achieve its goals.
By being transparent about your funding needs, you can give everyone a better understanding of the financial commitment required to support your business.
No matter how well-prepared your startup pitch is, those listening to it are likely to have questions. Be prepared to answer a wide range of questions about your business model, market, financial projections,… – you name it, they’ll ask it!
Anticipate potential questions and practice your responses to ensure you can confidently address any that come your way. That being said if you don’t know the answer be upfront about it without giving vague answers.
We hope this will give you a basic idea of a good startup pitch. After all, if you start with a good one, it will be easier to polish into a perfect one. 🙂
Yes, that means these tips aren’t do-all-end-all. They’re guidelines for a pitch that then evolves and improves together with your startup!
PS: This video from the recent Split Startups Meetup panel discussion about storytelling might also help you. 🙂
Share
