Anyone can come up with great product ideas to start a tech business and become an entrepreneur. But what’s more important is to pitch them in the right way to the potential investors because they can only give you the most needed monetary back up with which you can bring your idea to life.
For some of you pitching comes naturally but for others, it’s a completely new ball game. In order to prepare and present an influential pitch, you need to focus on your team as well as your idea. Because these people will be judging your idea on the basis of the people in the backdrop.
Getting funding is not a piece of cake but you can level up your game with just a little bit of planning and caution. Let’s explore the six major traits investors look for in your team when you pitch your idea in front of them.
1. Impeccable Communication Ability To Raise Opinion & Collaborate Easily
The ability to articulate your ideas, let’s say if it’s an app idea, in an effective manner is the most important qualities you should have when pitching. You should be able to express your thoughts clearly both in written and verbal form. In case you fail to explain to the investors the reason why they should put in money in your venture be sure that you will get a denial.
As the flag-bearer of your company, let’s take for example you’re running a Healthcare Technology one, you should be having the capacity to convince investors that your healthcare mobility idea for iOS and Android is worth investing and customers will definitely download by large numbers. Also, everyone in your team must communicate well so that all the departments can stay on the same page and work in harmony.
2. Business Acumen Into The Niche Domain That You’re Targeting
While pitching your idea to potential investors it’s mandatory for you and your team to have a comprehensive understanding of the industry in which you are going to enter. At least your pitch should show that you have done your research and are aware of the pain points customers are facing with existing solutions in the same domain. Also, your idea should be scalable enough to evolve with changing market scenarios.
For instance, when developing a solution to cater to the food industry, you must be able to generate traction and sales via content marketing and cold outreach. You or your sales associates should have demonstrated that you can close sales independently and be able to showcase your sales pipeline recorded in your sales CRM software. Also, you should be confident that you can build and maintain an influential brand that can sustain in the dynamic market.
3. Be Enthusiastic But Not Over Excited About Your Idea
It’s essential that you and your team should be passionate about the idea you are pitching. Otherwise, no one would ever invest in it even if the idea is quite good. Also, when pitching you should not give a hint that your sole aim is only money making but show as if you are doing it out of your love and passion.
In addition, you should also be careful about not being overly excited when pitching because it can have a negative impact on the investors and they might take a decision of not taking the risk as there’s a chance of you getting lost in midway due to over-enthusiastic attitude.
4. Team Chemistry
As we have seen earlier, your team is equally important to you as your idea and that is why it should be portrayed as a united bunch of professionals having great chemistry between them.
Your idea might be extremely unique but if you are not having a team to work on it properly, or not able to retain talent, then there are very few chances that potential investors will take the risk. The team should be on the same page with a unanimous goal and a spirit of working with sheer dedication.
6. Remember To Keep The Product Prototype In Your Pitching Arsenal
Once you have convinced the investors that your team has got the genuine passion and skills, now it’s the real showtime. The investors are sitting here in order to evaluate your idea and then take a call to invest in it. But they can’t do this until you show how your idea looks like and how does it work?
To excel at this stage, make sure to take the help of efficient programmers that can create a mock-up or help with strategic roadmapping for your end product. Basically, a prototype is the visual representation of your product and helps you in convincing investors that your idea can definitely be converted into a functional solution. This will strengthen their decision of putting money at stake in your project.
5. All Ears Attitude With A Passion To Learn From Past Mistakes & Adjust Accordingly
When pitching your idea investors must see that you are passionate but at the same time to listen to the feedback and different opinion. Also, you must be all set to answer it properly. Make sure that you are moving forward with an attitude of learning from past mistakes and tweak your idea in accordance with the current market requirements.
In order to put their money on stake investors will definitely like to figure out whether you are willing to listen and give importance to their suggestions. Otherwise, they would not be interested in venturing into a team that is not ready to take their advice and make modifications as they’re at the better position in the industry to know what will work and what not.
6. Conscious Of One’s Own Achilles Heel
Investors are also well aware of the fact that you and your team are in the transitional phase and that is why there is a lack of skills or experience. Rather than hiding your weak points tell them openly in front of the investors.
But make sure that you are striving hard to compensate for the flaws and enhance the idea in the future. You should move ahead with honesty, openness, and attentiveness when pitching your idea and the end result will surely be a yes from the investors’ side.
Now that you are well aware of the key ingredients that can make your pitch much more effective. Remain confident and show that you are humble yet passionate about being a tech entrepreneur with a perfect team who can work and transform the idea into a functional and intuitive product.
Anubhuti Shrivastava is a content crafter at Arkenea and Benchpoint. She is passionate about writing articles on topics related to design and the software development industry.