Business plan competitions or startup pitch competitions address several things, including attracting investors, building investor networks, advisor networks, better company visibility in the marketplace, and so on. In addition, these pitch events help startups iterate business models and plan to uncover new opportunities to slash business costs.
Therefore, in simple words, a Startup competition can make a significant difference between getting the necessary resources like funding versus falling flat and succumbing to market pressure.
Thankfully, business events like LEAP in Riyadh, Saudi Arabia, make the ground for startups to find new networks, investors, pitching competitions, and mentors. As the financial hub of Saudi Arabia, Riyadh offers some of the best convention centers of the region.
So, those wondering what’s the secret sauce to nailing these pitching events can read this article.
Table of Contents
Don’t Overwhelm the Investors – Tip #1
Remember that investors are already inundated with hundreds of investment proposals. Unlike 2020-21, startup activities have re-entered the pre-COVID levels. That means there are no longer a few startups on the scene, which would have made things simpler for your company.
Regardless, you need to ensure that your pitch has the business outline and a solid plan to impress investors on the ROI factor.
Begin with a brief explanation of the business idea that directly portrays your vision and mission. After that, move directly to the part where your business is targeting to eradicate any prevailing problem through its services/products. Next, revenue generation is also essential, so talk about that briefly.
Avoid talking about anything that doesn’t have a direct link to the business.
Spend Time on Researching – Tip #2
Pitching competitions attract hundreds of startups. Often, a lot of these companies have identical business genres or market niches. Therefore, it is essential to do extensive research and prepare for the big moment to steal the investor’s attention and convince them.
Beyond what your company is offering, entrepreneurs need to focus on the competition as well. Check who your competitors are. Check how their company fares in the market. Figure out what areas make them strong or weak. Knowing all these things will only help your startup prepare its pitch.
Moreover, what is also important is realizing what the investors are looking for. What projects have they funded before? Which investor leans more toward your business genre? What have been their top red flags or choices in previous pitches? Research on these matters to have an upper edge.
Work on Startup Storytelling – Tip #3
While most investors are interested in facts, figures, spreadsheets, and presentations, there will also be some who are more interested in the story and motivation behind a startup.
Depending on how eager or enthusiastic the investors are, entrepreneurs can capture their attention by telling the viewers the story behind the birth of their company. Rather than being solely focused on making the funding deal, make the investors realize your passion.
Prepare the stage by –
- Being expressive and active on stage even while maintaining professionalism.
- Understanding whether the ambiance is a serious or a light one.
- Integrating data into a story creates a memorable experience for investors.
Final Words
Visiting any startup competition requires a lot of effort, practice, and preparation from your end. It is not like appearing for a job interview, where you prepare yourself with the most common questions. Remember that these business events are open opportunities for startups to have everything they want or nothing at all.
