“Start-up pitch to Business Angels”
Turbine organized a start-up pitch to business angels event with funding opportunities. The event was held at Turbine last week whereby start-ups could meet, pitch and discuss with business angels. Start-ups who seized the opportunity and came to pitch are at different stages of the business life cycle.
Startup pitch to Business angels
Based on this experience, we understood that entrepreneurs coming to face Business Angels need some prep. This article is to help entrepreneurs understand what they need to prepare before meeting Business Angels.
We interviewed a Business Angel regarding his expectations from start-ups and their pitch.
The Business Angels who came over for this meetup prefer to remain anonymous. With respect to their request, we will not mention their names.
What attracts a Business Angel the most in a start-up?
The most important factor is often the entrepreneurs themselves. We can have a good idea, a good business model but the most important is to believe in the ability of the team to deliver. We invest more in people than in the idea itself.
What is a perfect pitch for you?
Simple, that goes straight to the point. The pitch needs to be clear about what problem is being worked on and how the solution provides a unique way to solve it. The pitch must be clear how to generate income and what is the potential. The perfect pitch must be understandable to both my mother (elderly people) and my daughter (young children).
What do you expect from the start-ups when they come to pitch?
I want people who believe in their ideas but who are open minded enough to rotate if it turns out that their assumptions were wrong. I am waiting for them to do their job; define their business model, define the hypotheses and validations, define the potential of their products. I’m not waiting for market studies, but rather Lean startup methodologies to help build a good record at a lower cost.
Is a pitch enough for you to invest in the start-up?
No. At the end, we talk about business. Even if we like pitch, we need to validate ideas, investment conditions, potentials. Sometimes it’s very fast, especially when you invest more in people than in ideas.
What do you think the next immediate stage of a start-up should be after a pitch?
I’m waiting for the start-up to come back to the questions with answers. They should share their assumptions and plans to validate them. I am also waiting for a plan of action such as what will they concretely do in the next 100 days after my investment.
We attended a pitch event
We attended the Bean Tree Capital event: How to pitch in front of investors. This event was carried out at The Irish. The speaker was Jovin Hurry, strategist for small enterprises, writer, speaker, mentor and coach on sustainability, strategy and entrepreneurship.
The way of how to best pitch may evolve with time, we were pleased to know that we are very well aligned.
Every pitch starts with a hook and that hook is a compelling story that catches the attention of the various stakeholders.
There are various online tools of how to pitch in front of investors or even customers.
If you want to get our version of a perfect pitch, stay tune! We will soon bring out a pitch event and an article. Let us know which one you prefer! Contact us on [email protected] with reference to this article. Also check out our event page for upcoming events, you will need to send us an email if you wish to participate. Many are reserved for Turbine’s Incubated start-ups.