Prepare your pitch
~2 m
Preparation - Congratulations
You have the chance to pitch your wonderful idea to the benevolent investor Mr MXF. I want to hear:
- what is your big idea?
- who are your customers?
- how many customers do you think there are?
- how will you tell them about your product?
- how much will they pay for you product?
- how will they stumble upon your greatness?
- What is the total market (global, per year) for your product?
- What is the addressable market (i.e. the market you can reach)?
- What (virtual) money do you need to get started?
- What (virtual) monay have you already raised?
- What are you going to spend the (virtual) money on?
You can use PowerPoint, AI tools, Excel, Audio, Video, Prototypes, Modern Dance and helpers in the pitch. Thoe most important thing is that you believe that people will exchange money for your business or service!
A product is typically something that you will make. It might be physical like clothing or robots. It might be virtual like a software game or an application. You can sell with a traditional “take a chunk of money and give the customer the thing” model, or you might be adventurous and look at subscription or finance models.
A service is typically something non-physical that adds value. It might be as ephemeral as advice or consultancy or it might be a piece of software for finding bus routes or predicting the weather. In the age of software, it can sometimes be difficult to decide if you’re selling a product or a service. Often the only way to know is to ask “if the customer stops paying can they still get the benefits of the thing?” If the answer is “no”, then you’re probably selling a service.