The team at ProStrategix has attended countless pitches, and we’ve found that the 3 most avoidable mistakes that can blow your pitch are outlined below.
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Having an elevator pitch that is more than 5-10 seconds
Investors are busy. They hear thousands of pitches every day. If you can’t catch their attention in the first 5 seconds, your chances of being heard drop dramatically. If you can’t communicate the essence of your idea in less than 10-15, you’re sunk. This is the most avoidable mistake that can blow your pitch.
Having a pitch deck with more than 10 slides
As above, investors value their time, and you have to prove that you’re worth it. If they are not leaning in after the first 2 slides, you’ve likely lost them. If you take more than 15 minutes to get your idea across, say thank you and leave. Remember this simple fact: The person who does the most talking is losing. Doing the most talking is an avoidable mistake that can blow your pitch.
Failing to have a complete business plan ready
It all goes back to valuing the investor’s time. He or she doesn’t want to have to work to make sure you have your ducks in a row. Failure to produce a plan when asked means you’ve just wasted your pitch. Time is money to you as well, so any lost pitch is money thrown out the window. This is easiest mistake to avoid so you don’t blow your pitch.
Fortunately, there are people who have been here before and can help. The key is figuring out whom you can trust. At ProStrategix, we offer fundraising advice and guidance for those seeking to raise capital. For other tips, you can check out Techstars Entrepreneur’s Toolkit. If you are looking for more hands-on assistance, ProStrategix can help.