06. June 2016
How to impress investors, or most common mistakes during presentations
We have seen some 100 project presentations by start-uppers who submitted their ideas via our online form. In this article, we would like to help you sell your idea – to those around you, to customers and investors.
Here are 5 tips from our Idea Board and Main Board:
Clear, Brief and Apt
This is what your project presentation should be. A 3 or 4-minute-long pitch with an impact is much better than a lengthy presentation. Chris Burry from Silicon Valley (US MAC) says you should be able to explain the gist of your product in 20 seconds. His advice is: “Don’t use words that would make no sense if replaced by their opposites. Nobody would certainly talk about the project being terrible and not useful for anyone. It is also redundant to claim it is wonderful and that it would have many customers.”
Value for Customers
Many start-uppers make one fatal mistake. When following their idea, they only focus on the product and forget the most important thing: defining the value it would have for the customer. It is thus essential to know your customer groups and to consider why each of them may like to use the product. The next step is to identify at least one group that is willing to pay for the product.
MVP - Minimum Viable Product
A wise quote says that “brevity is the soul of wit”. This applies to presentations as well so you should give the investor the shortest possible description of the project explaining why it will be viable in the market and have a value for customers. Besides that, it is naturally interesting to have a development plan that expands the prospects of your idea. It is generally true that the planned project changes after the launch based on the feedback provided by the first customers. If you consider this from the very beginning, you will become more efficient in the next phases of your start-up’s existence and also the investor’s risk will be reduced.
Feedback Is Gold
Start-uppers have to believe in their projects. On the other hand, they should learn to accept feedback. “We often come across people who are absolutely convinced they have a perfect idea and they don’t care about our experts’ opinions, although these could give them valuable advice and tips for improvement. This approach doesn’t automatically prevent their start-ups from success, but it decreases the willingness of other parties to join the partnership. The ability to work with the feedback is one of the features typical for successful people,” says Honza Kříž, an Idea Board member.
Be Innovative and Change the World for the Better
After you form the initial idea, you should explore the market. You’d better make sure that the idea you plan to offer as an innovation is not available in the market yet. If it is, in a certain way, you must add features that will clearly distinguish you from the competitors. We want to invest in people who have a creative spark and come up with innovation that change world around us for the better. If you have such an idea, we would love to meet you.