The Business Pitch Does NOT Need To Be Expensive
To begin with, it takes a great deal of time to startup a home business. Therefore, it’s no wonder that entrepreneurs are interested in a quick solution for the pitch. With more to gain and more to lose than what is required for a simple elevator pitch, the quick business pitch conquers the obstacle of lengthy-introductions and sales presentations.
What is a Rocket Pitch?
The Rocket Pitch is a three-minute; three-slide presentation that focuses the start-up team on its main opportunity and helps convey what makes the business idea better than the other ones competing for an investor’s checkbook.
Consequently, the Rocket Pitch cannot answer all an investors’ questions about your start-up but if you do it right, the investor will want to spend much more time with you to get those answers.
What’s Included in a Rocket Pitch?
1. The Opportunity and the business pitch
Furthermore, a Rocket Pitch should explain the opportunity you have identified, why you care about it and how you will overcome a customer’s reluctance to buy from your start-up. To achieve these goals, the first slide of your Rocket Pitch should answer these questions:
- What problem or opportunity have you identified?
- What is your solution to this problem or how do you plan to capture the opportunity?
- Which customer pain will you alleviate?
- What is your vision of the business and why do you care?
2. The Market and the business pitch
Next, if you can persuade an investor that your start-up is going after a real opportunity, the next challenge is to make a compelling case that the opportunity is worth a bet. To that end, your second slide should answer these questions:
- Which group of customers will you target?
- How big is the potential market and how fast is it growing?
- Who is your competition and why will your start-up prevail?
3. The Business model and the business pitch
Finally, your Rocket Pitch must explain how your start-up will make money. Doing that means not only explaining how you will generate sales, but also explain the costs of running your business and how much profit it will generate. To that end, your third Rocket Pitch slide ought to answer the following questions:
- How much will you charge customers for your product and why will they pay the price?
- What are the variable and fixed costs of your start-up and how much profit will it generate?
- How many customers can you win over time and why do you think they will come on board?
Ideas and business pitch for your new Startup
It seems now that we know “how” to pitch our next startup idea, we need to discuss how to come up with a new startup idea. It may seem overwhelming, at times, for a serial entrepreneur to come up with the next, great idea. Times are tough. Business budgets are lean. And the Internet “newness” has worn off, therefore new ideas are valuable.
How do you come up with your next, new startup idea?
Additionally, brainstorm with friends and trusted colleagues. Try out ideas on them and listen to their ideas. A small group of creative thinkers can come up with exciting concepts.
Brainstorming with Open Idea
This “Brainstorm in a Box” is a handy tool for hosting your own brainstorm!
Pick a Topic to Brainstorm About
Probably having a focus during your brainstorm is very important. Otherwise, you’re not all speaking the same language or addressing the same problem.
We prefer to pick a topic in the form of :
- “How might we…”
- For example, “How might we use storytelling to celebrate current entrepreneurs and inspire future ones?”
To get warmed up, you might want to try a quick 5 minute warmup exercise that’s related to the topic. Next, work with friends to Brainstorm for 15-30 minutes (on each topic).
Internet Entrepreneur Brainstorm Tips
Founders often bring many skills and talents to a new venture, but it’s no surprise that they still need help, guidance, and advice along the way.
The Challenge Process
To begin with, this starts with an invitation for you and others around the world to share inspirations, stories, tools and successful examples on the challenge topic.
Next, based on learnings from the Research phase, the OpenIDEO community shares new, wild or existing ideas and corroboratively refines them.
Consequently, the focus is on testing ideas with end users.
This is when the OpenIDEO community shares comments and suggestions for next steps.
Working closely with the challenge sponsor, the OpenIDEO team chooses a set of top ideas based on their potential for impact, level of engagement and relevance to the challenge topic and evaluation criteria.
As a result, this is where you can share learnings, find collaborators and share updates on how ideas are evolving.
It seems that brainstorming sessions welcome all creative thinkers. Everyone can contribute. The seasoned designer and the aspiring designer, the dreamer and the analyst, the MBA and the social entrepreneur, the hacker and the strategist, the big ideas guy and the details-oriented girl, the active participant and the curious lurker.
A Quick Business Pitch and You
In conclusion, no matter what field you work in, what level of experience you have, what country you’re from – if you’re keen to collaborate on solutions to challenges facing the world today – you’re welcome to brainstorm with friends for your next startup.