After the pitch
The innovation incubator-accelerator culture is mushrooming. After the learning and the meeting and the networking there is a graduation ceremony of sorts called Pitch Day.
The idea owners create an extremely interesting show, a place where new technologies, processes, and ideas can be seen. Extraordinary. Doing a pitch well is an essential tool after all and meant to attract investors.
Kaboom! Billy Mays. I always think of him when I’m attending these events.
I have often been the recipient of the pitch and I almost always get to that moment when I say, “you convinced me you have a good idea, but you didn’t tell me yet why it’s a good business”.
Investors invest in businesses. Sure, there is the more superficial style. To me, the pitch per se is about selling the concept or product. People do buy at the concept level all the time. It’s a little bit akin to impulse buying. Oh, yes, I like chocolate! Or, oh, yes, I’d like to cure cancer!
But the serious money and business relationship most entrepreneurs seek are more substantial in nature. Serious investors, after they accept the validity of your concept, now want to know about the business – how it makes money, how fast, and when.
So, after the pitch what happens? All too often I see the same startup firms in a different accelerator. Why are you not out building your business? Because I need to raise money. But you can’t raise the money until you know your business.
After the pitch, Green Room Technologies believes in turning good ideas into good business. How is not a mystery. We’ve been part of many successful early stage projects. There is commonality to the pieces required to assemble a good and viable business and to convince someone to invest money to make it happen.
After you have the basics down and you have a pitch, you have to do it. Do it in the Green Room!