Entrepreneurs sometimes have only 3-5 minutes to wow and convince a judge, an investor or potential partner to buy in to their vision.
Asa frequent mentor and judge in startup programs and competitionsandasthe headofAmadeus Startup Launchpad in the Americas, I hear a lot of pitches.Entrepreneurssometimes haveonly3-5minutes towow and convincea judge, an investor or potential partner to buy in to their vision.AndI’ve seenteams present their ideas with confidence and ease, while othersstumblethroughnervousness and anxiety. I understand,it’s a bit intimidating to stand in front of those who may hold the keys to your future. But it’seven morereason to be excited and proud.
As we looktoward the future, there arestillopportunitiesfor rising entrepreneurs to be the next game-changer in travel.ThePhocuswright's Innovation Summit , taking place November 15.
taking place Nov.15-17,is one of many that offers startups a stage toshowcase their idea or product.Whether you’rea seasonedentrepreneur or fresh out of school,here aresome tipsonhow to give a successful pitch andmake the most ofanyopportunitythat comes your way.
The anatomy of a pitch
First, think about when you were a kid and your parents would read you a bedtime story. What parts of thestory kept you on the edge ofyour bed pleading withthemto readit again?It was probably the main character, theclarity of the details andthat it was a short read.In many ways, a pitch has similar traits.Following a concise format or template will helpshape your pitchso you candeliver it withease,clarity and confidence.The key traits ofagood pitch will include thefollowing actions:
- Describe your company
- Introduce the core team
- State the problem, the opportunity and value
- Show traction, proof of concept, and go-to-market plan
- Illustrate the path to profitability
- Know your competition & differentiators
- Be specific about your "ask"
- Close strong
Know your audience
These elements make a great pitchand provide a framework to begin developing your story.But before you find yourself in a room full of judges, potential partners or investors, it’sessential to know your audience.Research the people you’re pitching to. The more you know and understand what they’re looking for, the better position you’re in to win them over.
Clearly articulate your product
Theaudience’stime is valuableand attention spans are short.So,you want to articulate your point early and notbury the lead.Every great pitch needsthatfirst 30-second tagline toexplainyourproduct,itsvalue,yourvision, and whereyourcompany is headed. You must pique the interest of the audience, and the next 2-3-5 minutes need to be clear, well organized and perfectly timed to emphasize yourcall to action.
It is very important for your audience to understandwho you are,what you are doing and why, wherethe product isinitslifecycle, and what you need to achieve or sustain success.With many entrepreneurs disrupting the industry,you’ll need toarticulatehow yourproductfits into the marketand what is theUSP (unique selling point).
The last thing you want is for someone to hear your presentation and then ask, “what is your product?” or “what does your product do?”It happens more often than you might think.
Know your numbers
Depending on the stage of your startup and what type of pitchyou‘re presenting, the numbers will be critical to the story.Understand and explain youroverhead/run-rateandwhen you plan to reach profitability and how,with proof to back it up.In the case of investors,you don’t want them tolosefaithin the accuracy of your data and projections.
Practice makes perfect
Steve Jobs was notorious for the meticulous ways he prepared for presentations.Your presentation may be only 5 minutes, but it could lead to countless opportunities, so take the time to practice. Ask a mentoror colleague to listen and provide feedback. Andprepare answers foryour toughest questions.
Be authentic
It’s perhaps become a bit ofcliché butbe yourself. At the end of the day, it is the leader and team behind a company and product that wins trust and confidence.Ensure your presentation embodies your company culture and your enthusiasm for what’s ahead.
From idea to innovation
The path to innovation starts with an idea,avision, then a good pitch.At Amadeus, I spend many of mydays listening to pitches, and assessing the startup’s viability, while validating the opportunity and how we can help them be successful.When it comes to a product or service, we understand getting from point A to B isn’t always seamless. However, through our global startup program,Amadeus Startup Launchpad ,we work with entrepreneurs at various stages of growth, maturity and funding.We’ve put this program in place to provide easy access to a technology platform, a myriad of solutions depending on the need, industry experts and advice, and a portfolio of complimentary programs and ecosystem partners to support traction and growth- and ultimately help get you to your destination.
Contact our team to learn more about Amadeus Startup Launchpad and our portfolio ofstartup programs . Alsosign up for the Amadeus Startup Launchpad Rebuild Travel Webinar on December 9.
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