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Entrepreneurs have the ability to disrupt industries, encourage change, and make the world a higher place. But what separates good entrepreneurs from great ones? The answer is easy: their ability to market their business.
So what does pitch mean? Pitching your organization means effectively communicating what your organization does and the way it provides value to your customers and stakeholders.
I learned the best way to throw a few years ago when I was still an undergraduate student. Babson CollegeSince then I have spent countless hours pitching my startup, TicketRevpotential investors, clients, employees and advisors. I have honed my skills by speaking in almost every possible setting—from formal meetings and informal settings to high-pressure, high-stakes pitching competitions. I have learned a lot from each of those opportunities.
As I’ve refined my pitches and found success in competitions, many entrepreneurs I meet ask me for pitching advice. Here are three things I tell them to refine their pitches.
Use KISS method – keep it short and sweet
The first time I presented TicketRev to the public was at Rocket throw event at Babson in 2019. The rules of the event were easy — each entrepreneur had three minutes and three slides to present their startup.
Typically, founders are encouraged to create a slide deck of around 10 slides to thoroughly convey the concept of their business. However, in the weeks leading as much as the event, I was challenged to condense the most significant content into just three slides. Ultimately, I focused on simplifying the most significant things: the problem, the solution, and our driving force.
Businesses should keep in mind that they are not only creating a product or service, but using it to resolve a real problem for their customers. The fastest solution to grab attention is to obviously show that the problem exists and that customers are willing to pay for your solution.
Don’t Just Tell Your Business – Tell Your Story
One of my most memorable performances was in 2022 during a competition called ePitchorganized by Babson College. Created in 2019, ePitch is a pitch competition for Babson students and alumni to pitch their business ideas, with a grand prize of $100,000. I was a part of the live audience at the inaugural event and knew that one day I can be on that stage pitching my business to judges.
In a competition with a live audience and many other presentations, it’s crucial to not only present what you are promoting effectively, but also provide context about your background, what inspired you to start out what you are promoting, and why you and your team are the right people to bring this concept to fruition. Entrepreneurs shouldn’t shrink back from vulnerability. We have to convey passion, enthusiasm, and creativity. After all, how can someone trust you if they will’t feel your emotions?
When the second edition of the competition was announced in 2022, I threw myself into preparing for it as if it was tailor-made for me to win. My ePitch presentation began with an overview of my background and entrepreneurial journey, highlighting my interest and experience in sports events and live shows, in addition to my ideas for solving a persistent problem for others.
When I pitched TicketRev, the judges already knew who I was and what fueled my passion for building a unique business in the live events industry. Before I included the essential elements of a powerful slide—like the problem, solution, and plan of action—I spent about 90 seconds sharing photos and details of my background, explaining how I got here up with the idea for TicketRev. While I can’t say for sure what impressed the judges the most, I consider sharing my personal story and personality and establishing that non-public connection played a significant role in helping me win the $100,000 grand prize.
Reflecting on that point, I remember not only the moment of victory on stage, but also the entire journey of building my pitch deck and thoughtfully sharing my story. It’s a lesson that has served me and my endeavor well.
Get to know your audience
Startup pitches are normally designed to persuade investors why they need to fund the company. Think of “Shark Tank” or ePitch as examples. These pitches are designed to persuade investors to offer financial support.
However, pitching to potential clients is probably more critical than pitching to investors. Not every business will raise capital, but every business needs clients to succeed.
The key thing to grasp is that customers wish to know how your product or service will solve their problems. On the other hand, investors want to grasp how big what you are promoting can turn into, whether it is defensible, and who is running it. Providing irrelevant or misinformation can make your offer misleading and less effective.
At TicketRev, our clients are skilled sports teams. This has given me the opportunity to travel the country, visit world-class arenas and stadiums, and meet with executives who run the business side of sports—ticket sales, analytics, fan engagement, and more. When I pitch to team executives, they need to grasp how TicketRev will positively impact their business and increase revenue, unlike investors who want to grasp how big the business can turn into. As a huge sports fan, it’s incredibly rewarding to see behind the scenes of a sports team or league and make a tangible impact through our company.
Building a startup and pitching it effectively is a lot like training to turn into a skilled chef, athlete, or musician. There are loads of resources on the market offering practical advice, but nothing compares to the value of real-life experience. Like a skilled in training, it’s worthwhile to earn your reps because each pitch will make you higher.
When I first began pitching my startup in college, I just wanted someone to listen and acknowledge the need for my idea. Looking back years later, it was those moments in college that gave me the practice and confidence I needed to go into stadiums and pitch TicketRev to my favorite sports teams.