Tomorrow I'm pitching my startup GeekStack (http://geekstack.com) at the Chicagoland FastPitch Competition (http://www.chicagoeweek.com/fast_pitch_competition.asp). I've got my 3 minute script mostly memorized and I'll be videotaping myself tonight. Does anyone have any other tips for preparing for a pitch contest?
I'd avoid memorizing a script. Memorize and push bullet point phrases, rather than a full 'story'. You'll be so familiar with the project that you should easily be able to recount the story.
Focus on what the judges want to hear, eg if they are investors then make sure you cover:
1. business model
2. market trends / size
3. how your startup solves a problem or fulfils a need
4. your team
5. what you need to implement
6. and how you plan to execute.
The reason for the script is the 3 minute time limit. It took me about four hours to get the pitch down to 3 minutes while still covering all the points they wanted covered. These are the criteria:
1. What is your technology, product or service? Briefly describe what you sell and the need it fulfills.
2. Who is your target market? Briefly state who buys this product or service and the size of the market.
3. How do you expect to make money? Describe the source(s) of revenue and how you will sell.
4. Who is your competition?
5. What is your competitive advantage? How can your company provide this product or service better than the competition?
6. Who is behind the company? Share your and your team’s background and accomplishments. Explain how your background gives your business credibility.
Focus on what the judges want to hear, eg if they are investors then make sure you cover:
1. business model 2. market trends / size 3. how your startup solves a problem or fulfils a need 4. your team 5. what you need to implement 6. and how you plan to execute.
Good luck.