Pitch competitions are one of the best ways for startups and scaleups to grow their brand, grab the attention of investors or future partners, and hopefully even win some cash! But it’s not just about the right pitch deck, it’s about the story you tell and the execution that will differentiate you from others and help you win pitch competitions!
As someone who attends roughly 2-4 pitch competitions a month around Ontario and Canada, I have learned some lessons along the way about the difference between a good pitch and the pitch that brings home the big cheque! This isn’t generic advice, these are the specifics on building a very strong pitch. Let’s dive in!
Preparation is Everything
As great as it would be if you could use the same pitch deck for every competition, that won’t win you 1st place. Preparing for a pitch competition means deeply understanding your judges, their mindset and motivation, and what the room is looking for.
If your judges are deeply technical, then you need to give a bit more detail on the technical side of your product so that they feel engaged. If the judges are very financial (VC, angel investors, etc), you are going to want to spend more time on your path to profitability and go-to-market strategy.
When you get asked a question, knowing the background of who is asking you that question will allow you to provide a much more topical and impressive answer.
Be Crystal Clear on Your Value Proposition
If nothing else, at the end of your pitch, every single person in the audience should be able to clearly define what your business does and what value you offer.
No one knows what the acronyms are, or what the deep technical problems you are solving even mean.
I always see people get so in their heads about strategic positioning, go-to-market strategy, their TAM, etc., but if no one knows what your business actually does, what is the point? I was at a pitch competition last week, and one of the judges actually had to ask a clarifying question about what the business does and what value they provide. Spoiler alert: that business did not win the competition.
If you recite your pitch to a stranger in a coffee shop, and they don’t know what the heck your business actually does, you need to go back to square one. Clearly defining your business model, mission statement, and target audience is the foundation of any good pitch.
It sounds simple, but it is so easy to miss the mark on this one when you, and everyone around you, already deeply understand your company.
Crafting the Narrative
Crafting the narrative (or as I like to say – tugging on the heart strings.) Humans are inherently emotion-driven beings. So play into that!
Your business may be building computer chips to improve processing speed in drone cameras… But what does that mean for the average person? How will your business improve the average person’s life? Be creative here.
The way that you make your business relevant will be the thing that draws people in. For the computer chip business, you might think you stand no chance against the business purifying water for third-world children, but make your story real and relatable, and you can still play into that emotional human nature.
Don’t just do this once at the start of your pitch with one of those cheesy (but good) questions for the audience, “who knows someone that has ….” that is a great way to catch attention, but don’t just leave it there. Weave that storyline throughout your presentation. When you talk about your financials, mention how the target audience typically spends a similar amount on another product. When you talk about the GTM strategy, talk about how they shop. Make it as personal and relatable as you can throughout the whole presentation.
A pitch is a story, not a business proposal. Act accordingly. Yes, you likely still need to follow the “problem -> solution -> why you -> traction -> ask” format, but it doesn’t need to be so boring! Keep it human and try to connect emotionally with your audience and judges.
Be Honest
There is nothing that leaves a bad taste in the mouth of an audience and a judge like overexaggerated projections, ridiculous claims, or straight-up untrue competitor analysis.
We all know that pitch deck:
It may be obvious now that you see it like this, but that is how the rest of the audience and judges see it when you show very selective data or bold assumptions. It just feels like a lie.
Acknowledge your competitors, they will help you show that the problem you are trying to solve is a real problem. Use your true value proposition to differentiate. You realistically likely only have one or two tangible advantages vs your competitors, and that is okay! Emphasize those advantages, and don’t pretend the similarities don’t exist.
The same piece of advice goes for your TAM (Total Addressable Market), SAM (Serviceable Available Market) and SOM (Serviceable Obtainable Market). The pitch where you see an extremely niche solution, saying that they have a $4B SOM, let’s be honest with ourselves here, folks! Be realistic, don’t overestimate based on optimism, and have strong proof to back up your claims.
The last thing the judges want is to feel like you are pulling the wool over their eyes and only showing them half of the picture. Be honest, show the whole story and emphasize why you are great.
Rapid Fire Advice
- If your team is small, talk about your advisors. Advisors, or even accelerators you work with, can show judges that you have someone with experience leading you in the right direction. If you are young and lack practical experience, your advisors can add significant credentials.
- If you can’t answer a question, answer the closest possible question you can. The art of evading a question with confidence will win you pitch competitions. Talk about the subject, area or problem with confidence and provide reassurance about your product or service. (Everyone forgot the exact question anyway!)
- Show your scrappy-ness. Proof that you are accessing non-dilutive funding like SR&ED, IRAP, or other grants shows that your startup is making every dollar count. More on this here.
- Don’t make the audience of judges feel dumb, for the sake of looking smart. If you get a “bad” question, that to you is extremely obvious, just remember, no one knows 1/100th as much about your industry as you do. Meet the judge where they are at and walk them through the logic to explain the answer.
- Confidence comes from knowing your numbers. Don’t say roughly, approximately, etc. Know your stuff!
- If you want people to contact you and know who you are, make it easy! Keep your company name on the bottom of the slides the whole time, and leave time for your email to show on the last slide. Add a QR code to scan for your LinkedIn, etc. I’ve even seen a QR code open a pre-written email that says, “Hi, I saw your pitch and would love to connect.” Make it easy for the audience (potential investors, etc.) to engage if that is what you are looking for.
- Make yourself memorable. I’m not saying wear a hot pink cheetah-print suit, but a catchy article of clothing, a fun intro, or a colourful opening slide. Be memorable.
Final Thoughts
Pitch competitions can be a great way to build brand awareness and meet industry experts, potential advisors, or even clients. The ultimate goal is to win, so be prepared, craft your narrative and value proposition, be honest, and be passionate.
The pitch is just a start. Even if you don’t win, you never know whose eye you might catch.
