Dražen Nikolić, experienced mentor and advisor has led the online workshop for the participants of theEWA program called “How to pitch”
This is the fourth online workshop as part of the EWA 2024 Croatia program. Following this workshop, a general pitch rehearsal is scheduled for November 15, leading up to the final Demo dan where participants will have the opportunity to present their ideas to investors.
The goal of the workshop was to prepare participants for an effective presentation of their projects to potential investors and partners. Given the upcoming Demo Day, it served as an opportunity to receive valuable advice and make adjustments to participants’ presentations.
Interesting Facts You May Not Know About Startup Pitches
1) 3 seconds is the time a presenter has to initially capture an investor’s attention.
2) 5-7 seconds is the time it takes to make a first impression during a pitch.
3) 60% of people remember visual content from a presentation after 24 hours.
4) People recall content up to 22 times better after 7 days if the facts are presented in the form of a story.
5) 3 out of 4 people have a fear of public speaking.
In addition to these facts, Dražen highlighted that the term “pitching” entered business jargon from American baseball, where it refers to the initial throw of the ball towards a target (base point).
Types of Startup Pitches
After a short introduction and interesting facts, Dražen has presented basic pitch forms – conceptual pitch (one sentence), elevator pitch (one minute) and sales pitch (20 minutes). Each of these formats has its own specific characteristics and content that need to be mentioned within the given timeframe. Throughout the workshop, emphasis was placed on the importance of quickly capturing the audience’s attention and clearly presenting key information about the project, from the problem and solution, to the team, product, and market potential.
He also highlighted storytelling as an important component of a successful presentation. A pitch presented as a story enables easier connection with the audience, and research shows that people remember stories better than plain facts. Dražen advised conveying key messages through a simple and authentic narrative.
Types of Communication with Investors
In the workshop, we emphasized the importance of different types of communication with investors. Communication can be divided into verbal, nonverbal, paraverbal, visual, and intercultural. An interesting fact is that the first impression of a startup is formed through nonverbal communication, while verbal communication has a lesser impact on the first impression created during a pitch.
The Importance of Storytelling and Persuasion in a Pitch
There are several things we can do to successfully capture the listener’s attention during a pitch, and Dražen highlighted elements that can significantly change the perception of our startup in the eyes of the audience:
1) Tailor your presentation to the target audience
2) Use stories and analogies
3) Use evidence and authority for reinforcement
4) Employ rhetorical questions and calls to action
The goal of pitching is to create a “Wow effect,” which is achieved when the presentation evokes a strong experience that is simultaneously cognitive, emotional, and motivational. To successfully secure investment, we must also be mindful of the moment when we make the pitch, specifically when we invite investors to take action. This moment needs to be carefully timed to come at the peak of our story.
In addition to the previously mentioned tips, participants received an overview of emotional triggers that can be used during a pitch, advice on reducing the fear of public speaking, and other useful tips to enhance their presentations to investors.
Practical Part of the EWA Workshop
In the practical part of the workshop, each participant had 4 minutes to pitch their project, followed by brief feedback on their pitch. This exercise helped them practice their presentations and identify opportunities for improvement.
The workshop concluded with a review of the preparation process for Demo Day. Participants received clear instructions on how to further refine their pitch presentations and get ready for the final rehearsal.
Comments from EWA Workshop Participants:
“The lecture flow was good and useful.”
“An excellent workshop that will be very helpful”
“The feedback we received is very important to me and it drives us towards progress, which is an excellent part of this presentation—very interesting.”
