Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
I once read a sixty-five page business plan that talked about the startup’s services and the benefits that came from it.
After reading it, I met with the CEO and said, “This is great. What is it?”
I couldn’t figure out exactly what they were selling.
From your pitch, investors want to know what your product is, not just your technology or benefits.
It should come near the beginning of the pitch as some investors have difficulty focusing on what you’re saying until they know what the product is.
It’s important to show the product and define it clearly so investors know how you will approach the market.
If it’s a physical product, show a picture of it.
Make sure the product has a name. This helps establish it as a real thing in the investor’s mind, even if the product is still in development.
I once had a startup bring the physical casing of their product to hold up during the pitch. The case was empty, but the fact that there was a physical device to show made it seem real.
Say what it does in five words or less so the investor gets a high-level understanding of it.
Even if the product is not yet ready for sale, treat it like it has form and function now, just so investors can grasp what you are doing.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let’s go startup something today.
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Copyright (c) 2020, Hall Martin and investorconnect.org. All rights reserved.
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.