My father and I have taken dozens of pitches from entrepreneurs via PITCH Investors Live. In this recent article
, I share one of the most important lessons for entrepreneurs seeking investment: You must command the attention of an investor within the first 60 seconds. My dad refers to it as, ‘tease, please, and cease.’
There’s more to a successful pitch of course than the first minute. Beyond that crucial first minute, you’ll also want to tell a compelling story of you and your product so that you can make an emotional connection with the potential investor.
Another important element of a successful pitch: Honesty. I can tell when people are making things up or stretching the truth. You also need to be prepared. You need to know all of the important facts and figures about your business. Of course I’m going to ask about you and your customer acquisition cost, your sales projections, what market you are in, et cetera.
It’s crucial that you be extremely prepared. You’ll have to practice many, many hours to prepare an engaging and flawless pitch. It also doesn’t hurt to know exactly who you’re pitching to — take a look at the bios, social media accounts, and investment backgrounds of anyone you’re pitching to.
The last characteristic of an ideal pitch candidate? Someone who answers everything I want to know — before I even ask.