There is a boom in tech startups in Africa and a lot of Ideas have blossomed into full-fledged working companies and the world is beginning to take notice.
Many tech startups domiciled in Nigeria and Africa at large have become the recipients of funding from various international venture capitalist firms and investment companies.
All the tech startups that have received funding or any kind of support from various investors or venture capitalists have one thing in common, Pitching.
Pitching is important for different reasons, the first reason is funding. One of the fastest and also the most popular ways to get funding as a startup is by pitching your business idea. Most founders of successful startups have at some point in the process of building their companies had to pitch their companies to someone or a group of people in order to get them to be interested enough to fund it.
Another good reason to pitch is to get ideas. An idea can be great but inputs can make it better. Whatever the idea is, when brought before a good audience there is a great possibility that people would have a take on the idea and could make contributions on how it could be better or easier.
Pitching often is also great because it helps to point out flaws in the idea. An idea could be great to the one who conceived it but it would take an outsider who is looking at it practically to point out its flaws or the impracticability of some parts. Also, an idea as a whole could be great but the solution it is providing is difficult to achieve and cost more than other alternatives. It is by pitching that the founder would realize these flaws.
It brings up questions about the startup that needs answering. If a startup founder pitches often to various audiences, they can gauge their reaction when certain aspects of the idea are brought up and see which questions are repeated often. This would help the founder to understand what parts of the idea need to be revisited and be prepared to tackle those questions if they’re brought up in the next pitch.
What an ideal pitch should look like
Depending on who you’re pitching to, whether a group of friends, colleagues at work, coursemates at school, fellow founders, or potential investors, an ideal pitch varies.
In all these pitches, presentations could differ, however, they should all have the following highlights in common;
Describing the problem, the startup has come to solve.
Stating the solutions that have been proffered or that are being used to solve the problem currently.
Stating the solution that your startup is offering.
Stating the target market of the startup.
Show what ways you have tried to apply the solution your startup is offering and the positive results (no matter how small) you have been able to achieve.
Stating why you and your team is the best startup to offer this solution.