What's the worst thing about pitching your business? The self-doubt, fear of failure and public humiliation.
My teen son asked me these questions after I recently won a Silicon Valley pitch contest in Sydney. I have experienced the joys and agonies of pitching 3 times this year. Each time, it was in front of a panel of investors and business angels with up to 100 spectators in the room.
The most challenging was the one I eventually won after a series of rounds; the Skillsapiens Silicon Valley Virtual Pitching series. Standing in front of a computer, projection screen and live audience, I pitched to a panel of top-tier investors via Skype.
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| This is me, mid-pitch with my slide deck up on the screen. |
It's confronting, nerve-wracking but ultimately exhilarating stuff!
What exactly is a pitch? Can anyone pitch? And why? Where do you find pitch contests and who are the panel? How do you prepare for them?
A pitch is a fast and effective way of persuading others that your business idea is amazing. Typically you have just 5 minutes to tell a compelling story about your business, weave in facts and figures, and convince investors that their money has a bright future in your hands.
Anyone can pitch; you don't need to be established or have an already successful business. Often entrepreneurs simply have a concept backed with solid research and market validation. As a rule of thumb, you'll find tech-based businesses at pitch contests; ideas, products or services that are scalable through the internet or software, that will disrupt the status quo of what's already out there, and can take advantage of huge market numbers globally. Pitchers truly believe their idea will change the world, or at the very least, tap into a huge global trend.
I believe that the future of online retail lies with mass customisation - the ability to allow customers to co-design a product before buying it. To help the customer get exactly what they want.
This is why I built My Bespoke Chair - to give design power to the people. To challenge traditional design environments. If Louis Vuitton, Motorola, Nike and other global brands are embracing mass customisation, or co-designing, then I am in the right arena. This is the vision I pitched.
Why pitch?
- Pitching is not always about raising capital, but the premise is that your pitch has an investment 'ask' - though gaining mentors and advisors is equally valuable.
- The intense process of presenting a business idea, problem v. solution, go-to-market strategy, revenue model, scalability, competition, market validation and investment ask really focuses your mind.
- It forces you to drill down on your 'why, what, how, when and who'.
- It makes you view your business baby with cold, hard and insightful eyes, which will help you adjust and move forwards.
I started pitching as a means to escape my comfort zone and expand my knowledge of my business and business in general. I'm not interested in the old way of doing business; I am fascinated by how a disruptive, unconventional idea can become a great business. On the outside I am a pretty conventional person; a mum, wife and artist who loves interiors and a glass of wine while cooking.
But inside, I don't like to follow the crowd or do exactly what is expected of me. Before I took the plunge and pitched, I went along to a pitch contest in the audience. I was in awe of these brave souls, standing all alone on stage, opening their ideas and non-conformist strategies up to cold scrunity. It was electric. They were doing what no-one I knew was doing. And I wanted to try.
So where do you find pitch contest? I joined an international entrepreneur support group and regularly attend co-working space meet-ups. These places and organisations are the hub of the start-up community and often host contests. Living close to the CBD in Sydney, it was easy for me to attend their events, mentoring evenings and pitching workshops.
Just Google 'pitch contest in [your city]' and various organisations and events will pop up. Click through and find one that piques your interest. Go along and watch before you dive in. I highly recommend you join one of these organisations, as they will be able to offer you support and mentoring.
So who typically are the judging panel? Successful business owners who want to give expertise back, business angels who are keen to spot a rising star and invest their own cash, professional VCs (venture capitalists) and fellow entrepreneurs who run start-up incubator or accelerator programs (companies set up specifically to nurture, fund and grow promising start-up businesses)
In my case, the judges were seasoned Silicon Valley investors, venture capitalists, CEOs of their own businesses, board members for successful start-ups and professional pitch coaches, all keen to spot and nurture the next Big Thing.
Which might be me and My Bespoke Chair!
To be honest, I nearly fell off my chair when I discovered I'd actually won. Who, me? - me and my mass customisation dreams and pretty chairs, up against men with whizzy apps, Big Data solutions and globally significant ideas!
The sad fact is that men dominate this world of start-ups and big dreamers. A measly 3% of tech start-up founders are women. When I was pitching I was the only female. That's not to say that there aren't successful tech start-up business women, and Sydney is full of entrepreneurs of both genders, but the stereotypical image of a male entrepreneur holds strong.
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| Image credit: Start Up Book |
The prize for winning the Silicon Valley pitch contest is a paid trip to 'the valley' to meet the judges, to network and be coached on how to take My Bespoke Chair and my mass customisation vision to the next level.
It will be intense; a very steep learning curve with many tears and doubts. I will be required to focus much of my attentions to the US market and in turn, spend a lot of time there. Luckily I have a supportive husband (who also happens to be an entrepreneur!) and kids who are old enough to be proud of what Mum is doing.
It's funny, after I pitched, answered their questions and listened to the feedback, one of the judges said with a heavy heart, "I'm almost sorry to introduce you to the Valley. You seem so sweet, I'm afraid we'll corrupt you. You must realise every day will be a street fight."
But that's OK; I'll take it all in, learn from experts, meet fascinating people, experience the buzz of Silicon Valley, keep my chin up and stand my ground. Life is one big adventure.
Apart from self-doubt, public humiliation and failure, what's the worst that can happen?!
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