This article contains 15 most common mistakes that startups founders make when pitching to investors. So here are the mistakes that could be avoided.
- Not telling what problem your startup solves.
- Not knowing the details of your product or service. Giving unclear answers.
- Having more than 15 slides in your PowerPoint deck.
- Telling that you don’t have any competition.
- Telling unrealistic financial and market projections.
- Using poorly designed slides. Having too much text on the slides or Creepy powerpoint templates.
- Not taking additional USB with slides. Not all USBs work on every computer.
- Pitching to wrong investors. Pitching to Venture Capitalist to get an Angel Investment. Not doing research on investor's portfolio. Some investors are interested only in certain categories of startups. Some investors may have too many similar projects in their portfolio, that's why they can refrain from your startup.
- Lacking presentation skills. Not showing your passion about your startup. Talking too much. Being monotone.
- Not knowing how will your startup get revenues in the future.
- Showing that your business has no weak sides.
- Not telling what traction or customers you have already gotten.
- Not Having marketing strategy.
- Not mentioning advantages (experience, skills) of your team members.
- Not practicing to pitch.
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1) Prepare a prototype or MVP (Minimum Viable Product), something investors could play with. Let them experience your product or service.
2) Always have your business cards with you.
3) Network everywhere you go!