Startup pitching competitions are for those who are ready to commit. These long-running events require passionate entrepreneurs to dedicate attention and resources over a period of a few months, or even travel overseas for inter-country competition.
After all the hard work put in, the results may not be satisfactory, and you may even realise your business idea is ill-conceived resulting in failure. For some, a pitching competition is for exposure while some come with an MVP ready to win cash money to grow and make their product known.
Here’s a summarized list of things to take note of when preparing to participate in a pitching competition.
1. Consider the competition
First thing first, register for the correct competition. If your business idea is focused on sustainability and greening, go for competitions which are themed towards conservation. You will find that the demographics of mentors and participants vary greatly from the theme of the competition.
Also Read: Let the games begin! The Top100 get set for the best pitching competition in Southeast Asia
By meeting people who are also working on ideas that answer a similar issue, you will find that the takeaways are much more applicable for improving your business.
Another thing to consider about the competition is the location. If you do not have the finances to travel, then sticking to local competitions will have to do. Imagine going for a three-day competition to France from Singapore.
The flight, accommodation and food costs will be significant. Unless the competition has a budget to sponsor teams in the finals. Even then, check whether there is a need to travel out of your home country for the earlier stages of the competition as those may not be sponsored.
2. Building strategic partnerships
Needless to say, most business successes rely on the ability to build a strategic partnership. At a pitching competition, you get to meet like-minded people who can add value to your business in some way. Start working on your networking skills before the competition.
It helps if you can make a lasting impression on the audience and judges. Find out in what ways you can shine. Experimenting in front of the mirror allows you to practise both your non-verbal and verbal communication.
Start by preparing a short introduction on your business idea which you will find useful when networking. It helps to also take a recording of yourself to look back and consider if you have carried your body posture with confidence, or whether you enunciate your words correctly.
3. Practise your pitch
The method mentioned above generally works for pitches as well. But another main issue even experienced entrepreneur must tackle is the time limit set for each pitch. You find that you have so much to say yet too little time to get your idea across? Well, that should not be the case.
The time limit set for different stages of the competition all has its purpose.
As the competition builds up to the finals, the time limit gets longer, and you find that you have more time to describe your idea in detail. But what about the earlier stages? Hit hard on the main attraction.
Instead of trying to explain how your business works be short and sweet. Tell the judges what your business is, who it is for and how they benefit.
If your competition has a theme which most do, make sure you answer that too. Make sure to articulate the problem you are solving clearly. This will keep your judges attentive and a clear understanding of the relevance of your business.
This not only helps you keep track of your time it also allows you to practise your pitch over a few times which can give a better presentation even when you get the nervous jitters on the competition day.
Additionally, you may want to consider getting a few friends to observe your pitch and have them ask you questions. That way, you may be able to anticipate questions the judges will ask and be more confident when answering them.
Also Read: How should founders dress when pitching your startup to a VC?
Get your friends to pay attention to any possible habits that you have such as standing your weight on one leg, keeping your hands in your pockets, etc. These are things which are hard for us to pick up ourselves so having others watch and providing feedback can help.
4. Constantly receive expert feedback
With your business introduction ready, you can start conversing with experts and professionals during the pitching competition. The more you do that, the more likely you are to receive valuable feedback.
There is no successful business that rejects the input of feedback. By pitching your idea to people, they may see a potential error or loophole in your business which you are unable to spot.
This is normal and that is the reason we should speak with mentors who have built upon years of failures and successes.
They can provide the expertise new entrepreneurs require to help their business grow by building a suitable mindset needed at various stages of a business.
Hence, work with mentors before during and even after the pitching competition who are experts in your enterprise. When meeting mentors, always ask yourself this question: How can they be of help to your business?
These are the tips that we recommend entrepreneurs to consider before they sign up for any competition.
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StartupX is an innovation consultancy that specialises in consulting for large corporates, running innovation challenges, internal hackathons, innovation workshops, demo days, roadshows, recruitment drives and any related startup-corporate events.
We are community builders, innovation catalysts and changemakers supporting the early-stage startup ecosystem in Asia. To find out more about this competition, visit the StartupX website and follow theStartupX Facebook and Instagram accounts for more updates.
This article was first published on October 14, 2019
The post 4 ways to boost your preparation for a startup pitching competition appeared first on e27.