Fundamentally, yes, they understand their business, the product and the value of their solution to the market. But they can’t present the journey in a way that anyone would want to buy it. That my friend is the problem. If I don’t trust you I am not going to buy anything from you. Even if you attempt to give it away, I am going to be warry of your intentions. If you look at it from an investor perspective, if I didn’t trust you and you asked me to give you MY money, you can most certainly guess what the answer is, a hard and fast no.
So how do you change that impression? The simple but not surprising answer is you work on it. Practice it every single day. If you can not tell an effective story about the value of your offering to inspire investors or buyers, you need to work on it day and night until it feels right.
Once you have your pitch deck fully baked, work on the story you want to tell. Remember, you are the most valuable asset in your business hitting the next level of success. Confidence, emotion, passion needs to be present while speaking. Know every number in your business off the top of your head. This is your 30 minutes to progress to the next round, “I am not sure and I will get back to you with that information.” is never an option.
Remember these key things as you are practicing your pitch. Have your partner ask you questions about the sustainability of the product, the market size, the cracks in your foundation and your team. Answer those questions in as few words as possible. Nothing shows a lack of confidence in your answer if you have to beat around the bush. If you need time to compose your answer, take that time. Do not fill the dead air with words that do not matter.
Lastly, listen to any and all advice without responding with an explanation. HEAR what they are saying. Digest the information and identify if you should or should not change your approach. Every investor is different and what works for one, does not work for another. If you need a kind ear to hear your approach and provide feedback, my door is always open. Feel free to block 30 minutes on my calendar at www.calendly.com/mandakoss and we can discuss strengths and improvements.
Best of luck to all of you on your journey!
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