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Entrepreneurs have the ability to disrupt industries, inspire change and make the world a better place. But what separates good entrepreneurs from great ones? The answer is simple: It’s their ability to pitch their business.
So, what does it mean to pitch? Pitching your business means effectively communicating what your company does and how it provides value to your customers and stakeholders.
I first learned how to pitch several years ago, while an undergraduate student at Babson College. Since then, I’ve spent countless hours pitching my startup, TicketRev, to prospective investors, customers, employees and advisors. I’ve honed my skills by pitching in nearly every conceivable situation — from formal meetings and informal settings to high-pressure, big-money pitch competitions. I’ve learned a lot from each of those opportunities.
As I’ve improved my pitch and thrived in competitions, many entrepreneurs I meet ask for my pitching advice. Here are the three things I tell them to improve their own pitches.
Related: 12 Surefire Tips for the Perfect Investor Pitch
Use the KISS method — Keep It Short and Sweet
The first time I pitched TicketRev to an audience was at a Rocket Pitch event at Babson in 2019. The event guidelines were straightforward — each entrepreneur had three minutes and three slides to pitch their startup.
Typically, founders are encouraged to create a slide deck with about 10 slides to thoroughly convey their business concept. However, in the weeks leading up to the event, I faced the challenge of condensing the most important content to fit in just three slides. I ultimately focused on simplifying the essentials: the problem, the solution and our traction.
Entrepreneurs should remember that they are not just creating a product or service but leveraging it to solve a real problem for their customers. The quickest way to capture attention is to clearly demonstrate that the problem exists and that customers are willing to pay for your solution.
Don’t just pitch your business — pitch your story
One of my most memorable pitches took place in 2022 during a competition called ePitch, organized by Babson College. Established in 2019, ePitch is a pitch competition for Babson students and alumni to showcase their business ideas, with a grand prize of $100,000. I was part of the live audience during the inaugural event, and I knew that one day, I would be on that stage presenting my business to the judges.
In a competition with a live audience and numerous other pitches, it’s crucial to not only present your company effectively but also to provide context about your background, what inspired you to start your business and why you and your team are the right people to bring this idea to fruition. Entrepreneurs should not shy away from vulnerability. We need to express passion, enthusiasm and creativity. After all, how can someone trust you if they don’t feel your emotions?
Related: Telling Your Startup Story: 4 Expert Tips to Create the Perfect Investor Pitch for Your New Business
When the second edition of the competition was announced in 2022, I dedicated myself to preparing for it as if it were tailored for me to win. My ePitch presentation began with an overview of my background and entrepreneurial journey, emphasizing my interest and experience with sporting events and concerts, as well as my ideas for solving a persistent problem for others.
By the time I introduced TicketRev, the judges already understood who I was and what fueled my passion for creating a unique business in the live events industry. Before including essential elements of a strong slide deck — such as the problem, solution and how it works — I spent about 90 seconds sharing pictures and details of my background, explaining how I came up with the idea for TicketRev. While I can’t be certain what impressed the judges the most, I believe that sharing my personal story and personality, and making that personal connection, played a significant role in winning the $100,000 grand prize.
Reflecting on that period, I don’t just remember the moment of victory on stage, but also the entire journey of crafting my pitch deck and thoughtfully sharing my story. It’s a lesson that has served me and my venture well.
Know your audience
Startup pitches typically aim to convince investors why they should fund a company. Think “Shark Tank” or ePitch as examples. These pitches are crafted to persuade investors to provide financial support.
However, pitching to potential customers is arguably more critical than pitching to investors. Not every company will raise capital, but every company needs customers to succeed.
The key thing to understand is that customers want to know how your product or service will solve their problems. Investors, on the other hand, want to understand how large your business can become, if it’s defensible and who is leading it. Providing irrelevant or incorrect information can make your pitch confusing and less effective.
Related: An Entrepreneur’s Blueprint for Crafting a Pitch Deck That Wows Investors
At TicketRev, our customers are professional sports teams. This has given me the chance to travel around the country, visiting world-class arenas and stadiums, and meeting with executives who manage the business side of sports — ticketing, analytics, fan engagement and more. When I pitch to team executives, they want to understand how TicketRev will positively impact their business and increase their revenue, as opposed to investors who want to understand how large the business can become. As a huge sports fan, it’s incredibly rewarding to see behind the scenes of how a sports team or league operates and to make a tangible impact with our company.
Building a startup and pitching it effectively is a lot like training to be a professional chef, athlete or musician. There are numerous resources that offer practical advice, but nothing compares to the value of real-life experience. Like a professional in training, you need to get your reps in because each pitch will make you better.
When I first started pitching the earliest version of my startup while in college, all I wanted was for someone to listen and acknowledge the need for my idea. Looking back years later, it’s those dorm-room moments that provided the practice and confidence I needed to walk into stadiums and pitch TicketRev to my favorite sports teams.