So we’re here at SXSW, the big interactive conference in Austin Texas where the cool kids congregate every year. It’s a happenin’ environment with big people and big ideas. And there’s this thing here called The Accelerator, which is a chance to pitch your Big Idea to a bunch of in-the-know investment guys.
If you take the mic, you get 2 minutes to introduce your play, then 10 minutes of Q & A follow. Believe you me, if you don’t have your ducks in order, your’ll be on the spit, charbroiled and plated before the end of your 12 minutes.
So sitting here in the cheap seats, I’ve come up with a list of tips to help your waddle toward success.
10 Tip to Pitching Your Big Idea
1. K.I.S.S – Keep It Simple Smartguy! 2 Minutes Isn’t Much Time. Stick to the basics in that first two minutes which means presenting: a. the Need or Problem, b. Your Solution (demo if possible), c. Biz Model, d. Sales Strategy and, e. Management Team. Keep it simple and leave the rest for the question period.
2. Define a Significant Problem or Issue. Don’t be a techno-nerd. You may be fascinated with theory, nuts and/or bolts, but you gotta get real in explaining why the real world will want your stuff. Tip: if you’re a left-brain intellectual, seek out the furthest right-brain person and see if they can’t help you find the market-side coolness of your play.
3. Talk About What You Have, not about what you hope to have. You gotta have the goods. Anyone can have a big idea, but you need to establish that you’re the person to do the deal. Creating a product that Google could slap you upside the head on isn’t a very fundable play.
4. Do a Demo. Especially for plays that are highly technical, demos work better than technical dissertations. Make it tangible.
5. Define a Ramp Strategy. Nobody’s going to give you a blank check. And in fact, you’ll likely have to boot-strap or go to Aunty So-And-So for your first round. So define a strategy that gets you off the ground.
6. Define How You’ll Make Money. Know how your cash register will fill and how much you can reasonably expect to garner (at least research and projections) to back up your ideas.
7. Define a Clear Marketing & Sales Strategy. They gotta know how you’ll get the word out and what will keep patrons coming back. This year, one of the big themes is how you’ll use online social networking to push your message. Be clear. Be clever.
8. Don’t Get Argumentative. VC guys know what’s up and they’ll call you to the mat on stuff you haven’t defined yet. Consider it a blessing that someone reveals a weakness to you because it’s what you don’t know that’ll slam you in the future. In this world, it’s OK to not know something, that’s what being a startup is about. But it’s definitely not cool to be in denial.
9. Use Pictures. Slides are great to present and should be dominated by pics, not bullet points.
10. Be Real. Don’t puff, don’t be elusive, don’t be showy. When it comes to startups, everyone in these rooms has x-ray vision, which means that they can see right through your underwear and into your core. So just be honest, humble and let your idea show through.
