10 Tips: Get the Most Out of the TiE50 Startup Contest
- Clearly Identify a Problem to Solve
First, you need to articulate the problem you’re trying to solve. This part of your pitch needs to answer questions like:
- What exactly is the problem or inefficiency you’re trying to solve?
- Why is it a serious problem? (why should people pay you to solve it?)
- How big is the market for your solution?
Translating a relevant problem into a solid business case requires a promise of value to be delivered and the reasons why a customer should buy the product. A superior value proposition is the core of your presentation.
- Keep Your Pitch To-The-Point
Pitch competitions enforce time limits. Trim any superfluous material off your slides and practice to get your pitch in well under the limit.
- Declare Your Team’s Credibility
You need to demonstrate early that your team is well-suited to solve the problem at hand, build the solution, bring the solution to market, and create a profitable company.
- Experience and education in your field and with the problem at hand
- Competencies relevant to your startup, Ex: programming skills, business skills, etc.
- Board members and advisors with pertinent credentials
- Prior fundraising rounds (if any)
- Any previous startup competition wins (if any)
- Create a pitch for your audience
Research and tune your presentation to your audience. Know that you’ll be pitching to potential angels and venture capitalists as well as a larger audience.
- Maintain an Open Mind
Adjust your course if and when new information comes to light via interaction with advisors, investors, and professionals. Change your pitch and roadmap to include any useful information.
- Network and Gain Exposure
Competitions provide a venue to network with people who can help you grow your company in many ways. Maximize your exposure and network your tail off. These pitch events also include media professionals in the audience, scouting for a juicy story, so make sure you are pitch perfect to attract some media spotlight.
- Opportunity to Access a Talent Pool
Startup competitions bring forth talented engineers, business and other professionals, all looking for opportunities. You may strike up a conversation with an attendee who is the right fit for your company’s opening.
- Feedback on Your Pitch and Business Plan
Startup competitions offer opportunities to refine your pitch and business plan in front of a live audience. If well received, you are on the mark. If not, it is time to revise your pitch for the next opportunity.
- Require only a Minimally Viable Product
Early-stage companies don’t require a finished product or service to compete in a startup pitch competition. A proof of concept or minimally viable product is sufficient. That way, you get to understand early on whether it is worth going down the road to productization, forking to another path, or even abandoning the project.
- Confidence Booster
You now have an opportunity to face an audience and draw attention to your vision. The more you practice your pitch, the more your confidence will grow and you will understand the rough edges in your plan that you will have to rework
Apply Now for TiE 50 Awards
Don’t delay. Apply here
The TiE50 awards 2021 application process is open through April 25th, midnight PDT (Early bird offer ends on March 7th 2021). All information is kept confidential. Winners will be announced at TiEcon 2021 on April 30th through email and on TiEcon Website. This is a unique opportunity to apply amidst this pandemic and be recognized… There is no downside, but it could change the trajectory of your startup… Please share this message with your network today!
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