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Pitch Competitions
A common request I get in response to these newsletters is for help preparing for pitch competitions.
Preparing for pitch competitions is significantly different from preparing to talk to investors. Not only are there generally significant time constraints, but it isn’t easy to leverage any psychological advantages in your interaction.
Instead, if you want to win a pitch contest, you need to understand the hidden objectives and know how to appeal to organizers and judges.
Let’s talk through some considerations you should have when pitching at a content.
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Don’t focus on short-term results - I always talk about needing to have a short-term (18-24 months) and long-term vision to present to investors. In a regular pitch, you show the long-term vision to hook investors but focus on the short-term objectives you will hit to provide a return on their investment. In a pitch competition, it’s the opposite. You need to show that you have a short-term goal to ground your pitch and make it sound realistic, but otherwise, focus on the long-term vision. Most pitch contests want to select winners that will make the contest and its sponsors look good. That means world-changing ideas that read well in a press release.
Don’t focus on financials - Investors need to know your financials; pitch judges don’t. Stick to the big picture and the big story that you are trying to tell. Sell them on the massive problem and solution while hinting at technological advances and financial viability. They aren’t doing Due Diligence, they are taking the pitch at face value, so focus on the grander parts of the story.
Have a relatable problem - If you aren’t pitching a problem that anyone can understand, you won’t win. Look at the winners of the contest from previous years. Most will be solving problems like Climate Change, something that every sponsor, newspaper and client can understand and appreciate. You need to frame your pitch in the same way, solving a big problem.
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Onwards and Upwards,
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