Your goal for your first pitch is simply to get another pitch or conversation by building interest in your business potential with the audience. These are unfortunately, only some of the common mistakes I have seen in pitching over the years.
What is Your Market?
How big is the market? Is it stable, declining, growing? These are among the many questions an investor may have. But have you identified the right market segment? For example, just because you sell via e-commerce, the global e-commerce market is not your market. Identify your market to include the market you are within as well as the specific market you are pursuing. Investors tend to favor larger markets because a larger market offers a greater chance for the investor to realize his/her target rate of return than does a smaller market.
No Identified Problem
Simply inventing a new widget or new way of doing something is not enough. Have you identified the problem your target audience suffers, the pain point? Even new technologies that seemingly are simply opportunistic are more palatable to investors when you can tie them to an underlying pain/problem in the market that you can demonstrate those suffering that pain would be willing to pay to have the pain alleviated
A special thank you to Alan Lobock for his input on this article. Tom Fulcher is the President and founder of The Idea Gardener LLC and has over 25 years of management experience with start-ups, small businesses and Fortune 500 companies. Tom is the Entrepreneur-In-Residence for the Chandler Innovations Incubator and teaches the NACET Pitch Power series.