Preparing to Pitch to the investor…This week at MEST, 5 teams are preparing to pitch their software business ideas to the MEST Incubator team. Each teams is working on unique ideas that are one way or the other seeking to solve problems for both businesses and individuals.
It’s pretty intense right now and you know, pitching an idea to a group of friends is really never the same as pitching to an angel investor or a venture capitalist. In both cases, the entrepreneur tries their best to communicate for example, how their idea works, how they will get their first customers etc and even more importantly, how you will make money selling that idea... I can promise you, a lot of work, time and resources are invested by both parties to make the best of the moment. The entrepreneur typically wants to be able to answers to all possible questions they are likely to be asked.
Here's a scoop into how the teams at MEST are preparing ...
EITs have carefully selected teams members based on complimentary skills sets (tech vrs business), industry interest levels etc, and currently these teams are in the final stages of determining which of their ideas to pitch to the MEST Incubator for seed funding. Here are some questions each team is trying to address:
From a technology point of view, each team is considering the following:
- Are we (team members) excited about the idea?
- Do we see an opportunity to create a solution to solve a particular problem that will also earn us some revenues?
- Is it technically feasible, do we see a technological limitation that could prevent the team from implementation?
- Are we able to execute?
And from a business point of view:
- What is the pain for the prospective customer, and how is our idea going to address that pain?
- Is there a market for the idea, and if yes, what is the size of the market?
- Are there players already in that space, and if yes, how is their idea different?
- Is the team able to communicate the idea well enough to convince someone to invest in the idea?
Each team is working hard to address all these questions and more, best of luck to all the teams! And by the way this is not a complete list, what do you think? and how will you prepare to to pitch your idea to an investor? Share your your thought...
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