Tuesday, November 24, 2009

Lessons learned from Impact pitch competition

By this time everyone can probably guess that GoEyeball did not win the pitch competition at Impact National 2009 conference. Otherwise you probably would have seen me flashing the giant check of 10K ;-) (although not in cash but in service with KPMG). Today I am writing this blog to share some of the experience and lessons learned from this competition, so I guess we can score a few wins from this loss.

#1 Pitch an idea especially a new one that involves innovation in technology in 5 mins elevator pitch is not a easy task

We actually received feedbacks in conversations after the pitch that a lot of the audience, including the judge, did not understand or realize that we have invented a new technology to provide a service that is not available from our competitors

#2 You need to be clear on what you are asking for

After the competition, my business partner and I regrouped and did some retrospective on the performance and realized we were not clear on the message. Here is what we believe a better format for our pitch could be:

  • Who we are?
  • What problem do we solve?
  • Why will we be successful?
  • What do we need? Funding? Mentor?
  • What is in there for you? Exit strategy for investors.

We did not win the top prize, but we still had a great time at Impact. This is only our first appearance for public pitching; we will continue working on it, but most importantly we will continue to have fun after all that was why I quite my full time job in the first place - to have FUN. So far it has been a journey of every bit of fun I could have ever imagined :-D

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