How Every Entrepreneur Should Prep for Their Next Pitch

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How Every Entrepreneur Should Prep for Their Next Pitch

By Maya Hu-Chan | Inc Magazine | Feb 29, 2024

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While there are crucial things that investors look for in every pitch, success often depends on the work an entrepreneur puts in before their pitch — and after.  Here is what to do pre- and post-pitch to increase your chances of success.

Before the pitch: Know your investors.  The same rule that applies to presentations in general applies to investor pitches: Know your audience.  Venture capitalists and angel investors look for different things from entrepreneur pitches. Because venture capitalists write checks on behalf of a group of investors, they have a stronger incentive to make smart decisions. They’re detail-oriented, thorough, and focused on numbers, so focus your pitch on financial details, metrics, and potential risks.  As high net-worth individuals, angel investors are able to act more quickly on their investment decisions because they’re only accountable to themselves. Generally, these investors are interested in the big picture, so focus on the potential upsides of your business and the market it addresses. 

Know your time.  It’s important to tailor your pitch not only to your audience but to the time you’ll have to present it. While most investors take meetings in 10- to 20-minute slots, a pitch can be longer or shorter. You have to be prepared to pivot.  Practice scaling your presentation, starting with what is most important. According to surveys, investors are most concerned about three things: knowing the founder, management team, and advisory board are made up of strong, seasoned people with proven track records; proof they’re investing in a product with a competitive edge; and details about the size of the market for the product. 

Practice and get feedback.  Practice can take two forms: practicing your pitch for trusted colleagues and friends, and presenting to several investors before pitching your most ideal investor. Friends and colleagues can provide honest feedback.  Once you’ve lined up investors, try to pitch to a few before you get the chance to go before your ideal investor. It’s very rare to get a yes after the first few pitches. But that doesn’t mean you won’t gain anything at all — each pitch will give you valuable information on what is resonating, what kinds of questions to expect, and how you can refine your pitch, so you are in the best shape possible for that most ideal investor. 

After the pitch.  The pitch isn’t done once you’ve hit your final slide — there’s still work to be done. Follow up with a brief message thanking the investor. Make sure your tone is gracious and genuine, and avoid a generic, one-size-fits-all email by referencing specifics, like something you learned from your interaction with the investor.  If you don’t hear back for some time, don’t be afraid to follow up on your follow-up. Busy people often get buried with communications, and an extra reminder may be appreciated.

2 key takeaways from the article

1. While there are crucial things that investors look for in every pitch, success often depends on the work an entrepreneur puts in before their pitch — and after.  
2. What to do pre- and post-pitch to increase your chances of success.  Before the pitch: Know your investors.  Venture capitalists and angel investors look for different things from entrepreneur pitches.  Know your time.  It’s important to tailor your pitch not only to your audience but to the time you’ll have to present it. While most investors take meetings in 10- to 20-minute slots, a pitch can be longer or shorter. You have to be prepared to pivot.  Practice scaling your presentation, starting with what is most important.  Practice and get feedback from your trusted colleagues and friends before pitching your most ideal investor.  Follow up with a brief message thanking the investor. Make sure your tone is gracious and genuine, and avoid a generic, one-size-fits-all email by referencing specifics, like something you learned from your interaction with the investor.

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Topics:  Startup, Entrepreneurship, Venture Capitalist