Having written several posts about Angel Investing on Handshake 2.0 and having heard questions about angel investing from the constituents of local angel investing initiatives in the Blacksburg, Virginia area, I was fascinated to receive this announcement from Bob Summers:
"The NewVa Corridor Technology Council's (NCTC's) Access to Capital Committee and 460 Angels are seeking local businesses which need capital to grow. A business pitch is the first step to communicating an entrepreneur's idea and opening doors to the required $. The Pitch and Polish Clinic is an activity which is designed to help entrepreneurs make their presentations better before they go to the funding source."
Bob Summers was open to answering the questions I've heard (and asked myself):
Q. I'm an entrepreneur with an idea, but I don't have a company. Can I still pitch?
A. Yes, but you need to have prepared a two-page executive summary to get the most out of the presentation. A well-prepared business pitch includes details on the Market opportunity, the Technology/Product, and the Team that is going to lead it.
Q. I have a company, I have an idea, but I don't know if I'm an entrepreneur. Can I still pitch my idea to see if this is the path I want to take with my company?
A. Depends. The Pitch and Polish clinic is designed to help entrepreneurs tune an investor pitch to raise needed seed or early stage capital. Time is best used for those product companies which have global scale that require angel or venture capital for rapid growth.
Q. I'm not sure my idea is good enough to pitch. How can I decide whether or not it's good enough?
A. Is your idea the basis of a business that can have $50+ million in revenue in three years? Software product companies that meet the needs of an untapped market can meet this metric and are good ideas. Think hard about the market opportunity (who will buy) and competition (who will stop you). If your product will solve a problem that is worth paying for and you can beat the competition, then it is a good idea worth giving a pitch.
Q. I want to pitch, but I'm not sure I'm ready. How do I know I'm ready?
A. If you can explain the idea and business in 10 minutes with 6-8 slides, then you are ready. The Pitch and Polish Clinic is designed to give you a chance to practice, so go for it! This is not Shark Tank…we don’t bite.
Thanks for the information, Bob. I'm still working on my killer app. " $50+ million in revenue in three years"? Piece of cake. I look forward to being in touch with you when it's ready. 🙂
For more information about the Pitch and Polish Clinics, to learn about upcoming clinics, or to request a pitching slot, please contact Bob Summers, [email protected].
Pitch and Polish is open to all technology product companies with a 10-minute business presentation that want feedback from a room of experienced business people. The clinic provides an entrepreneur with the opportunity to give a 10-minute investor pitch and receive feedback on how to improve. The clinic is held monthly at the Virginia Tech Corporate Research Center. The first Clinic will be held in May, 2010.
460 Angels is a seed and early-stage angel investor group focused on funding and coaching hi-tech entrepreneurs with scalable business models based in the New River Valley and Roanoke region of Virginia.
The goal of the Access to Capital Committee, formed by the NewVa Corridor Technology Council, is to increase communication between technology firms that need funding and investors willing to fund them.
The NewVa Corridor Technology Council (NCTC) is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.