By Arjun Sondhi
Startup success is often determined by the quality of the elevator pitch. A startup may have the best idea in the world but if they cannot successfully communicate their idea to investors, partners and potential customers, then the business will never succeed.
So how do you create a winning pitch?
1) Stimulate interest about your business
First impressions really do count!
The opening 30 seconds of your pitch are the most important. When pitching your business you will have a limited time available to stimulate an interest in what you are offering. If you are successful in stimulating interest, then it is likely that you will yield a second opportunity.
Investors will often invest based on instinct or emotion, using logical reasons to justify their decision. Therefore, you should make an effort to connect with your audience on an emotional level, in order to stimulate their interest.
2) Explain the product
When pitching for investment, founders often make the mistake of focusing on the problem they are solving first, without clearly detailing what exactly the product is.
Investors need to have a clear understanding about what exactly the product is and how it will work.
3) Explain the problem you are solving
Once investors clearly understand what the product is, it is important to answer the WHY?
Why is this product needed?
It is difficult to predict how a market will respond to a new product. However, if a product can solve a clear problem that exists within society then it is more likely to succeed.
Clearly communicate to the investors the problem that you are solving, along with facts and data.
Once you have communicated the problem that exists- explain how your product/business will solve this problem.