I had the unusual experience of getting to sit in while a StartupChick pitched a funder today, think “fly-on-the-wall”. This woman is a serial entrepreneur and has a very successful business, starting another initiative for which she is hoping to raise funds.
She did a GREAT job:
- She got their early and got set-up.
- She tested the technology she needed for her pitch, before hand to ensure that it worked.
- She made an instant connection with the funder by speaking in this person’s native language.
- She finished with an ASK.
So, what did she do wrong, you ask??
She had a time-slot of 30 minutes. Her pitch was timed perfectly for 30 minutes, including a 7 minute video.
So, in my opinion, her pitch was 15 minutes TOO long. There was no time for interaction with the funder. The minute the funder asked 1 question, she was over the time limit for the meeting. Interaction is the BEST thing that could possibly happen in a 1st round investor meeting. Plan for it. Pray for it.
The second thing I believe she did wrong is… the video was too long. 2 minutes TOPS. 7 minutes is long enough that you could lose their interest before you get a chance to gain it. Investors invest in people. You should do the talking… not some video.
Just my 2 cents.