Developing the pitch for a product or service is often done long after development and prototyping. I personally feel this is a big mistake and want to make a case for making this priority number one for any entrepreneur.
Pitching helps define the product. If you can’t state what it is in a few sentences, you don’t understand what it is. Humans are bombarded with data and tend to screen the noise for what interests them consciously and subconsciously. Practice a pitch until it narrows down on the single most desirable feature of feature set.
Even if you are able to accurately describe the product in a short concise way, you may be leaving out the real meat for an investor. Testing a pitch can help identify those features that are important to those you need to collaborate with or seek funds from. I’ve found that what the meat is depends on the person pitching to. With that in mind, I tailor a pitch to appeal to as many stakeholders as possible. This may include the products unique tech-related coolness for the developer or the value in terms of human betterment or financial success to others.
The practiced pitch may also reveal additional features that a product could use or markets that the founder hadn’t considered. My favorite example is a product I’m developing that requires a large scale rapid ramp up to generate revenue. Pitching indicated that the product was more valuable as a tool that others could use to monetize their large databases.
Most entrepreneurs pitch to an investor as someone that can finance their vision. A well-developed pitch should focus on presenting a joint opportunity for both investor and entrepreneur. Practicing a pitch forces the entrepreneur to consider the other side of the investment table can help reveal those common interests and opportunities.
Finally, pitching is a nerve racking experience for any entrepreneur. The clock is always ticking and each rejection seems to speed up the clock. Practicing a pitch can help alleviate the stress and make the entrepreneur look more confident and prepared.
You might want to checkout Bill Kenney's site Developing the pitch for a product or service is often done long after development and prototyping. I personally feel this is a big mistake and want to make a case for making this priority number one for any entrepreneur.
Pitching helps define the product. If you can’t state what it is in a few sentences, you don’t understand what it is. Humans are bombarded with data and tend to screen the noise for what interests them consciously and subconsciously. Practice a pitch until it narrows down on the single most desirable feature of feature set.
Even if you are able to accurately describe the product in a short concise way, you may be leaving out the real meat for an investor. Testing a pitch can help identify those features that are important to those you need to collaborate with or seek funds from. I’ve found that what the meat is depends on the person pitching to. With that in mind, I tailor a pitch to appeal to as many stakeholders as possible. This may include the products unique tech-related coolness for the developer or the value in terms of human betterment or financial success to others.
The practiced pitch may also reveal additional features that a product could use or markets that the founder hadn’t considered. My favorite example is a product I’m developing that requires a large scale rapid ramp up to generate revenue. Pitching indicated that the product was more valuable as a tool that others could use to monetize their large databases.
Most entrepreneurs pitch to an investor as someone that can finance their vision. A well-developed pitch should focus on presenting a joint opportunity for both investor and entrepreneur. Practicing a pitch forces the entrepreneur to consider the other side of the investment table can help reveal those common interests and opportunities.
Finally, pitching is a nerve racking experience for any entrepreneur. The clock is always ticking and each rejection seems to speed up the clock. Practicing a pitch can help alleviate the stress and make the entrepreneur look more confident and prepared.
You might want to check out Bill Kenney's site http://www.testmypitch.com/. Great concept for the founder.
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