Every entrepreneur needs to have a few secret weapons in their arsenal- a fantastic business idea, a fabulous pitch deck, and lots and lots of coffee to get you going.
Your pitch deck holds utmost value for your business idea as it helps get the dollar bills- as money is the lifeblood of your business. And, why not? Having the right content can mean a world of difference for business survival. You can either walk out of your business meeting with a bag of thousands of dollars to make you rich. Or, you can walk out with a firm handshake, saying “thanks but no thanks” along with a cup of coffee and utter disappointment.
Moving forward, are you an entrepreneur with a brilliant business idea who’s paving a path to impress investors? If yes, then here are some tips that’ll help you create a pitch deck, which will help you get funded?
Can’t wait to know what these are? Let’s get going with discovering what these are:
- Consider your Audience:
Before walking into a meeting with an angel investor, you need to know about what you’ll be doing. Make sure you’re pitching the right people- the ones that will invest in you.
Ask yourself if these people will pick you up when you’re throwing down. Or, do they generally invest in your type of company? For instance, if you have an idea focused on changing the world for the better, you should look for investors investing in projects that work towards making a social impact.
If yes, then the chances for your business to get an investment increase to unexceptional levels. It is because you associate with like-minded VC firms for obtaining funding.
- Spread your Word with Utmost Focus:
Once you have the right VCs and investors to pitch, ensure having a clear message. A one-line sentence generally satisfies your need as you want investors to remember what you’ve done.
Know that your message must communicate two things:
- The problem: What problems are your customers facing?
- The solution: How will your business idea- your product/ service solve the problem.
The way you present your problem and bring solutions holds the maximum problem when getting VC dollars. Ensure that your business presentation focuses on the customer journey and how your product/ service will present a unique yet transforming experience.
Spreading the word about how the uniqueness of your business idea will help lay a profound impression in the minds of Venture Capitalists. Let your Venture Capitalists know the
- Market Size– What is the number of people struggling with the problem?
- Business Model– What is your plan for making money?
- Competitive Landscape– Who else is focusing on the same problem? Who are your major competitors? And, how is their performance in the market?
- Competitive Advantage– What makes your business better than the competition? What ways will you use to prove your worth to the competitors?
- Finances- How much money will this cost? What do you have in hand already? How much is your business going to make?
Studies show that the investors reviewing the pitch deck spend around 23 per cent of their time on the financial slides. Thus, fill them up with every projection and figure possible, even if these are broad estimates. Just make them aware of the honest forecasts, thoughtful analysis of their calculation and how you plan to achieve them.
- Emphasize upon Having Patents in your Pitch Deck:
Startups require investors to know everything that shows potential investors a clear path to higher returns. And, one such way is by offering your investors the actual value of the patent portfolio.
You can talk about the number of patents awarded to you, the number of pending patent applications, and the term value of your business. Also, mention in your pitch deck the other forms of intellectual property that you possess and what your competitors cannot do. You can prepare a side-by-side comparison of your products vis-a-vis your competitors’ products to enumerate the same.
- Play an Emotional Punch:
While the numbers hold supreme importance, building a story for telling along with your data cannot be ignored. By doing so, you tend to make an emotional connection with your audience.
Make sure you use your pitch deck to put the VCs in the customer’s shoes. Use graphics and storytelling to create an emotional connection. Know that it is one of the best ways of feeling the customer’s pain and the relief when your product solves the problem.
Also, show your passion and belief in your product. Always appear confident, well- informed like you’re an absolute expert when it comes to pitching your product.
- Get Straight to the Point:
Remember how the previous points talk about telling a story and including all sorts of information. But, that too should be done concisely and straightforwardly. You’re writing a short story and not a compelling novel, after all.
Put the numbers and tractions right at the beginning of the deck. This holds importance, especially when the numbers are good. Also, know that facts and statistics grab attention and clarify all about the opportunities of the market. So, use them wherever possible.
Experts say that investors must never wait until 6-7 slides, wondering what’s going on, right in the beginning.
- Keep Things Short, Simple, and Honest
Investors have a short attention span. The longer your presentation, the more interest will they lose in your business idea- lowering your chances of funding. Thereby, it is wise to use your introduction to grab the audience’s attention. Now build their interest to the best levels as quickly as possible. Pitch your business idea in about 20 minutes, which usually covers around 5-6 slides.
Also, your presentation must never fit too many words, colours, graphics, data, etc., on a single slide. These will overwhelm your audience, and the main message may be lost in the shuffle.
A golden rule is to present your pitch deck as honestly as possible. Trying to hide something will only reflect your business poorly, and your VCs will find everything eventually.
Final Walkthroughs for a Killer Pitch
Now that you’re aware of some points that’ll move you a step closer to your business idea, using them with due diligence holds paramount importance.
Also, make sure that your presentation looks good. You can also use some free templates to lay an impression on your audience. After all, it’s the pitch deck that’ll decide whether your dream business will get funding or not.