From the Entrepreneurial Institute: Before the Cameras Roll: Perfecting Your Pitch for Investors
A live version of the TV show "Shark Tank" unfolded Wednesday during the afternoon session of the Entrepreneurial Institute at the 35th Annual NBMBAA Conference and Exposition. Three in-demand investors listened to four business pitches from audience members during the "Before the Cameras Roll: Perfecting Your Pitch for Investors" panel. The pitches did not generate any checks, but the exercise provided key lessons. When listening to a pitch, "I need to hear something I can understand in less than five minutes," said Stuart A. Taylor, CEO, The Taylor Group. Taylor was joined by Timothy Reese, founder, National Minority Angel Network and Tom Straw, founding partner, Fundamental Capital Partners. To invest in new businesses, all three speakers emphasized that funders need to hear easy to understand pitches with identifiable demographics, which several of the pitches lacked. Show how you will move from one milestone to the next and "that you have thought through the risks," said Reese. Tailor your proposal to make your pitch investor-worthy. "When communicating with investors, learn what their process is, ask them ‘how do you like to see an idea’ and respect that process," advised Straw. Investors receive hundreds of proposals a year. Before investing, they spend many hours getting to know you. "It’s like an arranged marriage with no divorce, so I will get to know every single thing I can," said Stuart. "And I want you to do the same thing about me and that takes a long time. When we write a check the one thing we know for sure is our money is gone," he said. All three speakers welcomed questions by email. |
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