His advice could well be useful to startups worldwide.
Firstly, ditch the reserve and show some self-confidence.
Much of my travels in the past 5 years have been to the United Kingdom, specifically London.
Not a night went by without something popping up in my diary.
Its what I hear and do not hear which takes me aback.
Why were startups being so reserved?
Why the reticence in talking up their projects?
Are they being trained by anyone on pitching?
Why is hand wringing more prevalent than handshaking?
Whats up with all the negativism?
How did failure become a badge of shame?
What are investors waiting for?
It’s free, every week, in your inbox.
These traits are admirable in certain situations but not this one.
Such were the opportunities lost in the space of an evening.
An invitation to a pitch event stated that each entrepreneur would get 3 minutes to address an audience.
The make-up and demographics of the audience was not clearly specified.
The event could have been open to the public for all I know.
It would have made sense such to be evident to those presenting for a number of reasons.
Three minutes would not be enough time to adequately present and cover the salient aspects of a startup.
There is more than a fair bit of information that needs to be brought to the table.
Pitch presentations tell a series of stories, not just one.
The startups are given a detailed outline regarding their PowerPoint presentations.
The ability meet criteria and follow instructions speaks volumes.
List your team What is the aim of your product/service?
What issue/pain is being solved/addressed?
What is the solution?
How big is the addressable audience?
What is the competitive landscape?
Are there any present customers/clients?
How much are you asking for in investment?
What are the plans for the money?
How will it be spent?
Startups took to actively backbiting their peers.
Failure is not embraced in the United Kingdom.
It is looked upon with disgrace and disdain.
In the States the prevailing attitude is that startupslearnfrom their misdeeds rather thanrepeatthem and are rewarded for doing so.
There are indeed successful ones and to the other extreme those who over compensate.
Let it be said, that a British accent in the States is worth its weight.
Next week, David offers his thoughts on government support for startups.
