HOW TO PITCH A MILLION DOLLAR STARTUP?
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This document provides tips for pitching a million-dollar business idea in 6 steps: 1) Describe the problem simply and credibly, 2) Explain how the problem is currently solved, 3) Describe your solution and why it is superior, 4) Explain the size of the market opportunity, 5) Why your team is best suited to solve the problem, and 6) What funding is needed and why, including any traction or customer validation to date. The overall message is to pitch with confidence based on past failures and successes.
HOW TO PITCH A MILLION DOLLAR STARTUP?
- 1. H O W T O P I T C H A - M I L L I O N - D O L L A R B U S I N E S S ? B Y T H U Y M U O I - C O N T E N T B Y D E E PA K G O E L - # 5 0 0 S T R O N G
- 2. W H Y P I T C H ?
- 3. D O N ’ T P I T C H , J U S T S H A R E T H E S T O RY
- 4. W H AT D I D I S H A R E ? • Personal Top Sale in Bank of America, Monterey Park - 6 months straight • Recruited and built the Top 5 Production Team in World Financial Group - life insurance agency • Capital raised from super angel Dave McClure, Khailee Ng, and top-notch angel investors in Vietnam
- 6. 1 . W H AT ’ S T H E P R O B L E M ? • Describe the problem in real-world experience • Simple, concrete, credible, emotional • Assume that the reader never heard of the problem before
- 7. 2 . H O W ’ S T H E P R O B L E M B E I N G S O LV E D T O D AY ? • Every problem is getting solved today. It might be getting solved in an inefficient way. • Talk about online/automatic and/or offline/manual ways to solve it • Talk about direct/indirect competition
- 9. 3 . W H AT ’ S Y O U R S O L U T I O N & H O W I S I T S U P E R I O R ? • Describe your solution • Keep it simple, concrete, credible, emotional • Your unique value proposition
- 10. 4 . H O W B I G I S Y O U R O P P O R T U N I T Y ? • How big is the market? • Business model & pricing • Be ambitious & realistic
- 11. 5 . W H Y I S Y O U R T E A M I S T H E B E S T T E A M T O S O LV E T H I S ? • Past accomplishment of the team • Technical + marketing/sale skills • Go to market strategy • Cost of user acquisition
- 13. 6 . W H AT D O Y O U N E E D & W H Y ? • Traction till date. • Revenues, key customer names & testimonials • “Make the ask”
- 15. “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed” – M I C H A E L J O R D A N –