Since 2021, we've taken you behind the scenes of our annual pitch competition. This year is no different. More than 400 people attended the event in person and virtually held on Nov. 14, 2024, at The Town Hall by Skylight in THE PENN DISTRICT of New York City. Click here for the full press release and recording.
The competition grows in terms of audience and applications with each passing year. For entrepreneurs exploring pitch competitions and grants as a strategy to raise capital, here are six lessons learned from the 2024 event.
Be mindful of AI usage. Artificial intelligence is an incredible productivity tool but should not be used to replace your voice and story. Our team reviews all pitch competition applications and can spot when applicants are plugging something into ChatGPT or a similar platform (especially if multiple people have the same idea). ChatGPT is great for starting the writing process, but founders should include specific examples, details, and content.Check out our past blog, "Five Ways CPG Brands Can Incorporate AI in Their Operations," for effective ways to use AI.
Put your best application forward. You never know what opportunities will come across your pitch competition or grant application. There might be another award or a decision to create something else based on a person's answers. We know that filling out applications takes time and energy without guaranteed ROI. However, there's value in a complete, full-fledged document. At this year's Pitch Competition, we surprised everyone with a new grant – The Entrepreneurial Spirit Award presented by Kendra Scott SoHo and b2bkp by Kelly Anne Parker. The Award was heavily based on the responses to two questions - What is an example of a business challenge you overcame, and how did you power through? What leadership traits have contributed to your success as an entrepreneur? The moral of the story is to expect the unexpected.
Understand your pitch space. Will you be pitching online or in person? Will you hold a microphone or have one on you? Will there be a podium? Who will drive the slides? Once you've received the invitation to pitch at a designated meeting or event, make sure to understand the layout and get comfortable. Invest in a karaoke microphone or give a speech behind your kitchen counter to familiarize yourself with the tangibles before pitch day. Think of it as a dress rehearsal.
Stick to the time. Specifically for pitch competitions, if there's a time limit, stick to it. You can have the best delivery in the world, but if you are cut off, that will be the judges' last impression of your presentation. End on a high note.
Make people laugh. – Pitch competitions have an entertainment component to them. Shark Tank is a TV show after all. Incorporating humor is a great way to engage the audience, break the ice, and stand out from the crowd. However, humor can be a tricky balance, especially in business. The Retail Doctor Bob Phibbs explains the nuances in his blog post "How to Use Humor in Your Sales Presentation - the More Laughs, the More You Sell."
Get out the word. Most pitch competitions have an audience vote (if you aren't sure – ask). Tell your followers, network, ambassadors, family, and friends about how they can support you, including voting. This year's audience choice was $3,000 and voted on by people in-person and online.
Bottom line: Pitch competitions and grant programs are competitive by nature. For example, 325 business owners applied to the Enthuse Foundation Pitch Competition this year. Only five people can pitch; at most, three women will take home prize money. Keep these tips in mind for future pitch competitions and grant opportunities.
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