The MBET Experience

Check out this happy bunch!! Do we look relieved to have the pitch finished?

To follow up on Tuesday’s post, our team didn’t win the pitch contest. We actually didn’t even make the top three. It’s too bad, because despite the grilling the teams took from the panel (made up of a couple real-life VC’s), it would have been a good experience.

The presentation’s today were fairly well done, though all were weak handling the financials and proposed deal. Here’s a few comments the panel made when it was all said and done – mostly things to improve on!

• What’s the deal? Tell them what you are asking for and what they will get right up front.
• Show your financing strategy. This includes first round, second round, through to exit.
• What are the risks? Do you have a risk mitigation strategy?
• How will the investor’s be involved?
• Show that you are excited to build a great company!! What’s you vision?
• Don’t be afraid to price aggressively. Most of the panel looked for higher margins than the groups proposed.
• To communicate return on investment, come up with a simple way of valuing the company. An example could be a multiple of earnings. Then show the company’s value as it grows.
• Make sure you see the investors as people, not just piggy banks!
• Know your customer and your value proposition!!
• Investors want to see contracts in place with customers, and need prototypes to touch!
• Be careful with broad statements, and balance confidence with arrogance.

Finally, PRACTICE, PRACTICE, PRACTICE!!! The more you pitch, the better you’ll get. Overall, it was a great experience, and I’m looking forward to the next one. Hopefully we’ll be able to put more time into it!