So you have a great business idea in your mind and feel that it can actually be very successful but you’ve reached a point where you don’t know how to meet investors to pitch them your product or service. You probably would be wondering, how is this usually done? Is it through meeting investors face to face, sending them an email, or by calling certain people?
Don’t worry, these are very normal questions to ask. Small business owners usually need to work harder to showcase their ideas and innovations to investors in a competitive business environment, and Saudi Arabia has always supported creative ideas through platforms such as Monsha’at, and there are other Saudi entities that support and finance a variety of different projects. All it requires is that you dedicate your time to being prepared and finding the right organization to contact.
Whom do I pitch my idea to?
You need to be ready to convince people that your concept deserves attention and investment, and it’s important to appeal to each of the following:
1- Investors who are able to fund your idea from both the public and private sectors.
2- Customers or potential consumers who will purchase your product or service.
3- Fans will support your idea simply because they believe in it.
Tips to successfully deliver your pitch
Whether you’re presenting a new or existing concept, use the following tips to help you prepare a successful pitch:
1- Present your concept in a short and engaging way
Cut to the chase. Focus on grabbing the attention of the person you’re talking to and deliver your idea in the first 30 seconds. Try not to exceed 20 words when you’re presenting slides as it can be too tedious to follow. There is beauty in brevity and the right words will leave your audience captivated. Also, make sure you speak confidently and clearly.
2- Explain the problem you’re solving
Make it clear to investors that there is an important problem that you can solve by turning your idea into reality. Explain the needs and issues related to the problem you want to solve. Humanize it by associating the idea with something that consumers are looking for or use real life scenarios. Also, look for similarities or common ideas that can help you connect with investors.
3- Speak simply and enthusiastically
You should always present your pitch in a logical way. Make it very easy to follow and understand, because once an investor's mind is distracted, he or she may lose their desire to invest. Be accurate in your details and present facts in an enthusiastic way, this will show your passion and belief in your concept and give investors the confidence that you are committed to your work and want to be successful.
4- Clarify the feasibility
When it comes to the return on investment, it’s essential that investors clearly understand how your idea will work by providing a minimum viable product (MVP), prototype, or any videos or illustrations. Present a business model and clarify expenditures and revenue in order to convince investors that your concept will generate a return.
5- Discuss your competitors
Investors will want to know if there are any existing or potential competitors in the market. They will also want to know you plan to compete with them or move alongside them in the market. You need to address these concerns by demonstrating your competitive edge through your unique selling proposition (USP). Investors will ask questions and challenge your ideas and numbers. Allow them to do so and be confident in your answers. Be professional and provide supporting numbers and evidence.
6- Prepare your financial plan
Keep your financial plan simple and highlight key numbers that investors need to know. Determine what financial investment will accelerate the success of your concept and clearly show investors where the funding will go and explain the return on investment they can expect. Then you can confidently ask them for funding.
You may be hesitant to present your concept to people, but you need to be motivated to meet investors who can support you in your journey. Rest assured that investors are always looking for creative people with innovative ideas. All you have to do is approach them so they can see what you have to offer. You may feel the need to bury your creativity and ideas when some people discourage you or underestimate them or discourage you from following through with them. However, you have to find the courage to believe in yourself and present your concepts to those that are waiting for them.
