On Saturday, 14th June’14, NASSCOM 10,000 Startups and Stirring Minds organized “Pitch hack“, a workshop aimed at helping startup founders to refine their pitching skills.
Manish Vij, Co-Founder of SVG Media, Quasar and Prajakt Raut, VP, Indian Angel Network, were part of the jury panel.
In his presentation on anatomy of kick-ass elevator pitch, Prajakt Raut made the following points:
- Founder should speak about what makes a startup interesting to invest into
- Investors look to invest in the teams who have a fair understanding of the dynamics of business
- Always present teams with focus in the initial phase and present how you are going to get first targeted set of customers
- Investors look for strong implementation plans and founders must present why and what they need funding for
After Prajakt Raut, Manish Vij took the stage and spoke about his experience as an entrepreneur, saying, “Always chase your business and investors would chase you “
Some of the key points made by Manish :
- Investors bet on the horses (the teams) and the tail-winds (past-experiences)
- Investors can be wrong at times and one should not take every suggestion on face value
- After pitching to 4-5 investors the founder would be able to gauge whether it is the right time to raise funding
Post the presentations by speakers, six 10,000 Startups shortlists made 5 minutes pitches to the jury. These ventures were :
Ghar360 : Ghar360 is a cloud based 3D visualization platform that helps users discover the projects which are still under construction.
Innosols : A startup which is working on modern Enterprise Resource Planning system.
Aldoshik : It is a reward and recognition system to be used by corporate companies.
Pocket Science : It is a mobile app which focuses on learning in an interactive manner by gamification of study.
VocabMonk : An app which includes personalized vocabulary skill building sessions. Its main focus is to enhance the vocabulary skills of a person.
IntelliSeeds : IntelliSeeds offers online practice to enhance academic excellence & achievement for age 3 to 12 years.
Manish and Prajakt gave individual feedback to each of the pitches and suggested the points that they missed out.
Some of the common points made by the jury were as follows :
- Founders should use lots of graphics and multimedia presentations
- Presentations must be tailored at parts for every class of investor or retailers, consumers, etc
- Founders should not be shy about disclosing numbers however small they are, the investor’s role is to read into the growth and help the founder with scaling those numbers
- One must delve deeper into the market opportunity available to the product and should be able to showcase the investor the valuation opportunity that the product has to offer
- Localized names tend to restrict the future valuation of the product. If the product has opportunity to grow global then one should stick with a non-localized name
This was followed by a Q&A round where Manish and Prajakt, answered some of the queries of the audience. The event was attended by about 100 wannapreneurs & entrepreneurs and emerged as a major hit.
This post is written by Vipul Garg. Vipul Garg is an IT engineering student and a techpreneur. He blogs at Tech N Talks.