So, you’ve got a revolutionary new idea for a piece of tech that you’re sure will shake up the market once it hits the shelves. However, in order to get your idea off the ground and starting to turn a profit, you’ll need some capital to get you started. This means that you’re going to have to get some investors interested. If you’ve never pitched before, or your last attempt was a disaster, here are some ways to really refine your next attempt.
Emphasize Your Credibility
While you may have put everything you have to your name into developing your new tech idea, the investors you’re going to approach may have more to lose! Considering the massive gamble investors take by pumping capital into a completely new product, credibility is one of the most important qualities to include in your pitch. You need to show that you’ve done your market research, and that you have the experience needed to push something in this niche in the right direction. For example, if your solutions slide addresses providing a product to customers who like wearable tech, your market slide should have some stats on how people are currently buying these products. Make sure you’re demonstrating a developed passion for your niche, and have a strong, consistent thread running through all the slides you use in your pitch.
Clarity, Clarity, Clarity!
Although presenting yourself as a credible professional in your niche is very important, the most important thing about your pitch is that it remains clear and understandable to the people you’re pitching to. If you were to talk to a panel of investors about your product the way you’ve been talking to the head of your R&D team, they’ll probably be left with a range of questions. How established is this new tech niche? What is PCB fabrication? What does BGA stand for? I know it can be hard to see things from an outside point of view when you’ve been developing your product for so long. However, if you don’t go out of your way to simplify your pitch, you’ll risk boring your investors, who may give their funding to a business who’s better at speaking their language.
Understand Your Market
While I’ve already touched on how important it is to understand your market, it can’t hurt to reiterate this essential point. If you approach a pitch and the panel can tell that you know nothing about the people you’re trying to sell to, they’re not going to be all that inclined to part with their money! You need to understand your market both in a top-down sense (E.G how large the global market is for wearable tech) and a bottom-up sense (the amount of people you’ll be able to sell to in the area where you’ve just launched.) What are the main demographics you’re targeting? What are their current buying habits like? How much are they spending at a time, and how often are they making these kinds of purchases? These are all questions that need to be answered before you meet potential investors.