A pitch is a brief presentation of your business idea. If you need outside capital to implement your business idea, sooner or later, you will have to approach investors. And, of course, they want to know and understand exactly what your idea is and how you implement it.
These people often receive a lot of inquiries and have little time. Therefore, the presentation of your business idea should stand out from the mass of inquiries and get to the point. The following applies: every idea is only as good as it is sold.
What sounds like a real challenge at first glance is, at second glance, an easily manageable task. Because: There are a few rules for a good pitch and its presentation, including the pitch deck. If you follow our tips, you will be able to present your business idea successfully.
There are generally three types of pitches:
- elevator pitch
- startup pitch
- Speed Pitch Sessions
The elevator pitch also called “elevator presentation”, is the shortest way of presenting your business idea. Imagine you have an elevator ride to present your business idea to a stranger. What would you tell her? Give a concise and informative overview of your startup idea in about 30 seconds.
The elevator pitch consists exclusively of your spoken word; additional documents, presentations, etc., are not used—the motto for this type of pitch: the more pointed, the better.
With the elevator pitch, focus on the unique selling proposition of your business idea. With the elevator pitch, you want to gain the fundamental interest of your counterpart in your idea. Details about your planned company are not yet decisive here.
A good starting point for a convincing elevator pitch is the “We are the X for Y” approach, i.e. a phrase like “We are the Flickr for videos – now known as Youtube.” You can also name similarities to other offers and then work out the difference to your idea, for example: “Deliver fast food to your home – but healthy”, “We are a music festival – but without garbage, relaxed on the beach and family-friendly”, “A subscription like for magazines – only for toothbrushes”.
The startup pitch is the most common form of pitch. You have more than half a minute significantly to present this idea, and you support your oral presentation with documents. Nevertheless, you should also pay attention to your focus with this pitch format and keep the presentation of your business idea short rather than too long. The documents used in a startup pitch are called the pitch deck – we’ll give you details and helpful tips for the perfect pitch deck in a moment.
Speed Pitch Sessions
Speed pitching sessions often take place as part of events and are based on the principle of speed dating. Founders are given around three to five minutes to convince potential investors of their business idea. Then they present themselves and their idea to the next investor.
To prepare for a speed pitching session, we recommend that you focus on the unique selling proposition of your idea and specify your investment needs. Prepare yourself for critical questions. If you react to them confidently, you score points with your opponent. Whether and to what extent you use your pitch deck here depends on the event in question and how much time you have for it.
Key questions for startup pitch and speed pitching sessions
We have clarified what startup pitch and speed pitching sessions are and what your “lecture” should look like. Surely you are now wondering what you should say in the minutes of your presentation. We recommend that you answer the following questions in your imagination:
- What are you doing exactly? Think of the “We are the X for Y” approach here.
- What task, what problem do you solve for your customers – and how?
- What benefits does the customer have from your solution?
- What is the essence of your business model?
- What makes you unique compared to the other solutions (keyword: unique selling point)? Is there magic in your idea?
- Who is on your team? Why is this team the right one?
- What makes your business interesting from a financial point of view?
You should have said the most important things in the first two minutes of your presentation. If you have more time, you can go into more detail afterward. The basic rule for every pitch is: that brevity is the essence. So keep your pitch as tight and concise as possible, and avoid excesses. If you could arouse your listeners’ interest, they would ask you questions. And since you know your business idea inside out, you will be able to answer it confidently.
Preparing a pitch deck consultation can be tricky, which is why several companies offer to help with writing and designing the consultation. Furthermore, you can hire a professional Pitch Deck Design Agency to help you scale and write pitches for your potential investors. Spectup is a startup consultancy platform that can help you with pitch deck design service.