Want to successfully pitch investors? This is the post shares what to do - and the one mistake you should never make!
At the recent Startup Ski Bus event, three founders had the chance to "pitch on the lift" to Tristan Pollock and Sheel Mohnot of 500 Startups, and the drama was recorded for Sheel's podcast, The Pitch. Check out the episode below, featuring the founders of FuelPanda, Astroprint and Belong - The Pitch - Pitch on the Lift podcast.
We also grabbed Sheel for a few follow-up questions and answers. Here comes some wisdom from one of Silicon Valley's top investors on how to successfully pitch investors (and when not to!).
1. What are the top 3 things that make a pitch stand out?
The presentation should be clear and concise. Don't make the investor guess or get exhausted. It's better to be simple than complex. Your goal is to get them interested and dig into details later. You also need a strong team and big potential market to be an investable company.
2. What is the #1 mistake founders make when pitching?
Pitching the wrong investors. It's very important to know your audience. Don't pitch a SaaS investor if you're a hardware company. The first stage of pitching is identifying the right investors who have an interest in your industry and focus.
3. These pitches were on the ski lift. Is there ever a bad time to pitch an investor?
Yes! There are lots of times and places that I don't want to be pitched. Especially when I'm doing personal stuff. No joke, I was on a date one time and a guy came into the restaurant and told me about his startup. I get pitched by Lyft drivers all the time, which is fine. Just remember we're people before investors and please don't be annoying! There you have it: top tips from Sheel Mohnot. Pitch at the right time, to the right investors, in a clear and concise way, and you'll be more likely to get funded.