At last, here we are to conclude our final part on the seven secrets to winning a pitch competition. Thank you for making it this far through the series. These final tips can help separate you from the rest. Stick around to the end so we can provide you with a quick snapshot of all the tips in one easy place to find.
6. Know Your Numbers:
Tip number 6 can make all the difference if you want judges to truly entertain your offer. This tip is to show off your numbers, including revenues, profits, number of customers reached, and much more. Companies that show a growth trend in their revenues year after year tend to get the most attention from judges because the proof shows that they are able to grow year after year. It is also important to illustrate how many consumers are in your potential target market, and what your numbers would look like if you captured a larger segment of that market.
Your financial projections will paint the picture of the health of your company, it will either show that you are onto something special, or you are on the cusp of dying off. However, anyone can put up flashy numbers, so you must show the judges how you arrived at those numbers. If you have multiple revenue streams, then it is also necessary to show the individual revenues of each stream and then the overall aggregate. If your numbers are not all that great at the moment, then you must be open and transparent with the judges so that you can tell them how you plan on growing your revenue if you had more capital.
7. Engage the Audience and Have Fun With Telling Your Story:
Last but certainly not least, the final tip is to allow your personality and individuality to shine through. If there are two companies with similar potential and risk, the judges will choose the company with the founder who is the most likable and exudes the most positive energy. People invest in people at the end of the day, and want to see that you have what it takes to win at the highest level. So many great companies pitch in front of investors with really strong business models, but they get overlooked because they were too bland and could not make the connection with the audience. You will still need a strong business model to win, but showing off your charismatic personality could be the difference between you winning and someone else. Please take the competition seriously, but do not be afraid to have some fun out there and engage with the crowd. It will take the nervousness away from you and it will allow you to show who you are as a founder.
Pitch competitions can seem very stressful and nerve wracking on the surface, but with a little guidance and some practice they really are not that bad. Here at LIFT we hope these tips can be of some use to you if you ever decide to choose a different route to get funded. It does not hurt to try, and win or lose the experience that you will gain from competing in a pitch competition can be enormous. By seeing what other entrepreneurs are doing you can potentially learn from them and even network to help each other out. The more you pitch the more likely you are to win.
For example one of the companies that went through our Challenge Program, “Elite Sweets,” had never pitched before. They ultimately ended up winning the audience choice award, but not only that, a few months later when they pitched again they ended up winning around $200,000 in prize money at a large pitch competition in San Francisco called WeWork. Their dedication and determination to improve on their pitch paid off and is the ultimate testament to why pitch competitions are one of the newest trends to get funded.
LIFT hopes that this four-part series will help you unlock your full potential of pitching. These secrets will not only help you with designing and performing a pitch, but it should help you take a step back and look at your business. If you think your business needs a little boost, then please be sure to check out our programs, which are designed to accelerate your business growth. If you loved the tips, and want an easier way of holding them, download our PDF graphic with a short synopsis of each key.
We wish you the best of luck if you decide to pitch. If you want to learn more about our programs and pitch competitions, check us out here.