Bill’s Top Five Tips for SpeedFunding

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Pitching is an exciting, adrenaline-filled experience that can end up being extremely profitable for all concerned, but you need to plan for success.

Here are my top five fundamentals for SpeedFunding.

1. Preparation: You walk out to make your pitch, and sitting in front of you are some of the most powerful, successful, wealthy individuals you may ever meet. You suddenly realise that the future of your business may well be wrapped up in how well you present it, and your throat goes dry and you realize that you’ve forgotten your pitch and now stand open-mouthed and mute in front of the increasingly frustrated investors… It doesn’t have to be that way. Prepare to be perfect. Practise in front of the mirror or friends and family. Create prompt cards to refer to. Know your facts and figures so you can manage your nerves.
2. Investors are not monsters, but they’re not small and fluffy either: One of the most common fears is that the investors will be monsters, turning on hapless presenting entrepreneurs like a pack of wolves on…well, a hapless entrepreneur. This just is not the case. Investors will have come, sometimes from very far afield, to hear your pitch. It is therefore in their best interest to make sure that if your idea has merit, even if you are struggling with your pitch, they draw the information they need from you.
3. Be 100% truthful at all times: An Angel investor is a shrewd individual with enough disposable wealth to be able to offer your business a substantial financial boost. They mostly will not demand reverence, but do treat them with respect and honesty. Rather than opting for the safer (relatively speaking) option of allowing their money to sit in a bank earning interest, they have decided to take the riskier path of investing in businesses that they believe have what it takes to achieve great things. As successful businessmen and women, Angel investors are adept at sniffing out the fibs in any presentation. If you are caught in the act you will instantly lose all respect and your chances of Angel investment.
4. Know your facts and figures: If you have ever watched the TV pantomime that is Dragon’s Den, you’ll have seen many a nervous entrepreneur publically humiliated for not knowing their facts and figures. While a little extreme, this does push home a very valid point: to not know your current accounts and financial projections could be devastating to your presentation. Investors will always be looking at whether they believe your business will make a profit and whether you have the skills and knowledge to achieve their and your expectations. Your financial awareness is a major factor in their investment decision.
5. Have a business plan: To appreciate how your business has developed to date and what its plans are for the future are fundamental to the success of your venture and your presentation. The formation of a comprehensive business plan is a subject of much nervousness for many new to business, but it is simply the past present and future story of your business in summary, so that anyone looking at it can appreciate its potential. This process will require you to focus on the facts and figures of your business (see point four above), and to plan for its future growth and development, all of which will be of great interest to Angel investors. If you have structured your business plan correctly, it should hold the answers to any questions the Angels might throw at you.