Millions of TV viewers are enjoying the new series of the hit BBC show Dragons’ Den.
Former judge Piers Linney knows better than most just how high the stakes are in the studio as budding entrepreneurs bid for funding.
All rely on a good pitch, which is an essential skill for all entrepreneurs, whether they are seeking investment, landing new clients, or convincing stakeholders to back your vision.
According to one recent report by Startup Genome, 65% of startups fail due to issues with funding, highlighting the need for entrepreneurs to make strong, tailored pitches to secure investment.
But not all pitches are created equal, as Piers, former Dragon and now Technology Lead at AI partners Champions (UK) plc, explains.
“If you want to pitch like a pro, start by understanding who you’re pitching to,” Linney advises. “Investors, customers, and decision-makers all have different priorities and concerns. You can’t just pitch in the same way to everyone.
“Ask yourself, what motivates this person? Are they focused on the return on investment? Are they risk-averse? Do they care about innovation or even social impact? Can you appeal to their emotions and empathy? Are they driven by facts and figures?”
Drawing from his experiences on Dragons’ Den and watching Shark Tank, Linney observes that many entrepreneurs falter by failing to research their audience.
“On Dragons’ Den and Shark Tank, too many entrepreneurs made assumptions about the panel without doing their homework, and often focused their pitch on a person who was less likely to invest. You don’t want to try and push a round peg through a square hole. You want to push a square peg through a square hole.
“Your job is to tailor your pitch to hit the sweet spot that matters to them. For example, when pitching to a director or C-Suite personality, get to the point quickly with key data. How about to someone more social? Build rapport, tell your story. And for the thinker, offer detailed insights and be prepared for questions.”
Research is the foundation of a winning pitch, and Linney emphasises the importance of preparation. Before stepping into a pitch meeting, he suggests diving deep into your audience’s background and preferences.
“My top tip? Research your audience before the pitch. Follow them on LinkedIn, read articles they’ve published, or study investments or purchases. Use this intel to tweak your message.”
“And here’s where to start. Before your next pitch, research your audience and list three priorities they might have and shape your message around them.”
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