Founder's Playbook: Investment
What makes for a standout elevator pitch?
The elevator pitch is a critical element of a startup’s fundraising journey. It’s a sink or swim moment where first impressions couldn’t be more important.
As the first opportunity to grab an investor’s attention and convince them of your startup’s potential, nailing your pitch is the first hurdle.
So, what makes a truly compelling pitch, and where do founders often fall down?
Watch out for common mistakes!
The pressure of securing funding is often the cause of mishaps during elevator pitches. Many startups falter, making avoidable mistakes that can significantly hinder their chances of securing funding.
Jacqui Sim
Founder and CEO, Growth Path Partners
"It’s essential to be clear, and well prepared when presenting financials to prevent miscommunication and build TRUST with investors. Proper preparation is key to avoiding these pitfalls"
As Matt Bunn, co-founder and co-CEO of Form1 Partners, says “Fundraising is often described as ‘a nightmare’. It’s very rare to meet someone who’s been through the process without stress, which ultimately impacts the whole team. However, there are mistakes that I see being made time and time again.”
One of the most common slipups is a wordy pitch. Did you know the average investor only spends 2 to 3 minutes looking at a pitch deck? Focus on the key points and leave the finer details for follow-up discussions.
Many startups also fail to adequately prepare for their pitch. Whether they lack a well-prepared deck, business plan, or financial projections, it’s potentially a fatal error. And it seems obvious, but do not underestimate the importance of researching the investors you’re meeting with in order to help personalise your pitch.
Jacqui Sim, founder/CEO Growth Path reinforces this point: “It’s essential to be clear, and well prepared when presenting financials to prevent miscommunication and build TRUST with investors. Proper preparation is key to avoiding these pitfalls.”
Matt Bunn
Co-CEO & Co-Founder, Form1 Partners
"The role of perception is everything. You must over index for perception by creating a 'wow factor', a level of excitement"
You want to evoke an emotive response
Jumping headfirst into an elevator pitch with internal-looking product talk is a sure-fire way of putting yourself on the back foot. You’ve identified a gap in the market and developed a service to help your customers – that’s what investors want to hear about.
Now, seamlessly transition to how your product or service addresses customer pain points. Explain how it makes your customers’ lives easier, saves them time or money, or fulfils an unmet need.
Founders that demonstrate the same level of commitment to their customers as they do their own business will stand out the most to investors. After all, people invest in people.
“The founder needs to be insanely impressive. That means being all over the problem but really understanding the commercials and how the business is going to make money, as well as being passionate and presentable. If you have a weakness in one of those areas, then bring in someone else. It doesn’t have to be just one individual at the helm of it all, a team works too. Remember, it’s alright to pivot if it’s super early stage, but you have to have an understanding and a plan of how you’re going to give customers what they want to use and pay for.” – Matt Bunn.
“For early-stage ventures, it’s often a lot more about the people and the idea for the investors. They’ll be looking at factors like whether there’s a good founder-market fit; what the reason is for the founder to have launched the business, as well as their skills, expertise, ambition and character.” – James Herbert, founder and chairman, investor, entrepreneur, and NED.
“Positioning oneself and the business as industry leaders helps create a perception of reliability and expertise. This perception often plays a critical role in convincing investors to take a closer look. Every interaction with the brand should evoke the right emotions and leave a lasting impression on potential investors.” – Jacqui Sim.
“In a pitch deck, the ‘Who We Are’ section should not only outline the founding story and the company’s evolution but also convey the personal journey of the founder. Highlighting the commitment and stakes involved from all key players adds depth to the narrative. The essence of the story should evoke emotions and leave a lasting impression, which is crucial for building a compelling personal and company profile.” – Jacqui Sim.
James Herbert
Founder & Chairman, Brightsparks
"The investors are interested in you and your core vales, they should closely align with your brand"
The ingredients for the perfect pitch
We spoke to experts in our network to determine a shortlist of ‘must-haves’ for any successful elevator pitch.
So, in no particular order…
Metrics
Matt Bunn – “Investors are really metrics based, so know your numbers and be good with them. At a stage of business where the metrics are less relevant, then it becomes more about the people. Your presentation needs to be slick (practice makes perfect), have good branding, good slides, good PR (and other third-party endorsement) and show that you’ve spoken to your customers and know what they want.”
The wow factor
Matt Bunn – “The role of perception is everything. Fundraising is a sales process. Inevitably, start-ups are risky and unproven, so you must over index for perception by creating a ‘wow factor’ and a level of excitement as you won’t have years’ worth of results to demonstrate. Any chink in the armour won’t go unnoticed by investors and will work against you.”
Jacqui Sim – “Storytelling plays a crucial role in making a pitch compelling. Linking the personal journey of the founder to the pitch can create a deeper connection with investors.”
A clear GTM strategy
Scott Law, Head of Ventures at Quadri Ventures – “For founders going into a pitch environment, remember that it’s not all about the numbers. That is important, but it’s equally as important to be on top of your go-to-market strategy including sales and commercial planning. Consider in advance how you can prove your preparedness on:
- Managing the sales cycle
- Responding to RFPs
- Compliance
- Governance
- Information security
- Marketing
Authenticity
Scott Law – “If something does crop up that you hadn’t considered, be honest about that. Investors are there to add value, and we can offer help when needed. There’s a balance to strike between what is realistically achievable versus being overly ambitious, and I’d always prefer honesty, transparency and integrity.”
Matt Bunn – “Be prepared to over-explain everything, be distracted, leverage a different skillset, and suck up your ego.”
James Herbert – “You have to accept that you aren’t going to be everyone’s cup of tea, and that’s ok – not everyone is going to love you.”
Jacqui Sim – “A good pitch deck should define the problem the business is solving and clearly explain how it addresses that problem. It’s essential to explain the ‘why’ behind the solution to ensure that investors understand the approach.”
Scott Law
Head of Ventures, Quadri Ventures
"My personal experience has been that it's not uncommon to back a person over and idea"
Give yourself the best chance
Everyone involved in the investment process – on both sides of the table – fully appreciate the challenges for founders and their startups.
So, before you begin, it’s important you invest enough time and energy preparing so that you give yourself the best chance possible.
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