Bill Reichert
ContributorBill Reichert is partner and chief evangelist at Pegasus Tech Ventures.
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Contrary to popular belief, a pitch is not a presentation.
A presentation is a clearly defined event allotted a fixed amount of time. The audience sits back, expecting the presentation to start at a particular time and end at a specific time. The audience typically does not expect that it needs to be involved.
As a serial entrepreneur and now a venture capital investor, I’ve listened to thousands of startup pitches. I’m passionate about helping startups succeed, so I’d like to share my advice – based on first-hand experience – about improving pitches and making them more compelling to investors. Startups have limited time to engage their audience, so making a pitch persuasive from the start is critical.
Pitch Coach or Presentation Coach?
Most so-called pitch coaches are presentation coaches. Presentation coaching is normally focused on turning your pitch into a TED Talk or a stage performance, hoping you will receive a standing ovation at the end. TED Talks are built on the framework of classic storytelling, with a beginning, a middle, and an end. They have the arc of a hero’s journey through challenges and tribulations to eventual victory – triumphing over some villainous evil.
But a pitch is not a presentation. You don’t want your audience to sit back; you want them to lean forward, engage, and ask questions. You want them to be active in the conversation, not passive listeners to your story. That’s how good investors approach a pitch; they are actively involved.
You May Have Only 60 Seconds
Startup pitches can be 60 seconds or less, so it is essential to be ready. Don’t get confused by the now familiar “pitch day” events. You are typically given two to four minutes to present at a pitch event. However, most of the time, when pitching in real life, you are not at a pitch day event. Think about it. Every call, Zoom meeting, conference, coffee chat, meetup, blog, and social media post is a pitch event for you. You may not have time to lay out a presentation – not even an elevator pitch. You need to be clear, compelling, and credible, even in a short timeframe. Maybe then you will be allowed to continue the conversation.
A better metaphor for a pitch is a tennis game rather than a Ted Talk. You serve with your “wow.” The investor hits the ball back over the net with, “Tell me more!” You talk about your target market. The investor asks about your target customers. You explain your competitive advantage. The investor asks about your intellectual property. Back and forth over the net until you reach your ask, and the investor says, “Let me have you come to our office to talk with my partners.”
Game, Entrepreneur!
This applies even if you do have more time. The same rules apply when you are invited to a partner meeting at a venture firm. If you don’t grab them up front, the investors will start checking their e-mails under the table.
You may have little interaction, but you certainly want the investor actively engaged. Ideally, you are answering the questions that the investors have in their heads. If your pitch turns into a one-way presentation and your audience sits back and listens, you’ve probably lost. They want you to finish it so they can get on with their next meeting. That is not the outcome you want. Investors are generally impatient. They want to decide on your company as quickly as possible. They will shut down and write you off if you don’t give them a good reason to keep listening.
Investors Don’t Want You to Tell a Story
This is why many of the techniques that presentation coaches recommend are not appropriate for a startup pitch. Contrary to what a presentation coach might tell you, you typically don’t have time to tell a story when you pitch. Also, contrary to what a presentation coach might say, you should not start with “the problem.” (And do not start with a joke.)
Usually, it’s rude to interrupt a presentation and ask the presenter to go in a different direction. But it’s standard for an investor to interrupt a pitch and ask a pointed question.
Be Agile and Flexible
When crafting your pitch, this means that you have to be agile and flexible. You seldom will have the luxury of delivering a long, beautifully woven narrative. It would be best if you had a plan to cover everything. You should deliver each point as a well-placed shot and move on to the next point. All the while, you must watch the investors to ensure they are engaged. Be ready to respond if they come back with a question, possibly on a different topic.
Please understand this: You might give many presentations during your career, so seek an excellent presentation coach to help you hone your skills. Some of those skills are indeed valuable in the startup pitching process. But remember, a startup pitch is not a presentation. Figuratively speaking, you must wear your tennis shoes, not street shoes.
