Participating in a startup competition is a challenge but it can become an opportunity to test an entrepreneur’s project. Due to the fact that the call for the South Summit Startup Competition is now open, we have decided to share a series of tips that will help your startup get noticed. What should you do to succeed in these meetings? 😉
First of all, DO YOUR HOMEWORK! You must prepare for the competition, study what it will consist of, collect all the information you can find, the assessment criteria, the jury, etc. You should not only investigate the competition but also your opponents, look for previous years’ winners, their projects and those that are going to be your competition in order to learn from their successes or mistakes and improve. However, another thing you must know perfectly to rock a startup competition is… your own project.
Now that you are ready, what do you do during the competition itself? The most important thing is to have a perfect pitch that leaves the public and potential investors speechless. The keys to a ‘perfect pitch’ are:
- Be memorable: the speech must be clear, concise, complete and answer a series of basic questions: who you are, the problem, your solution, your target, your market… All this knowing you must show your uniqueness, so judges remember you.
- Keep it simple: the most important thing is the first 30 seconds of your pitch. Then, you should always tell what the problem is and how you solve it. In addition, this discourse should be presented as naturally as possible, so avoid robotic messages loaded with figures. You should also leave aside technicalities, which dilute the interest of the listeners (having in mind your numbers are crucial and you’ll be asked about them)
- Believe in your project: if you believe in your project and know how to sell it, everyone will trust what you transmit to them. The speech must be down to earth, have credibility, you can even add a comic or emotional point. It is important to look confident and dress professionally.
Competitions offer startups the possibility to contrast their proposal with other entrepreneurs, validate their project, meet potential investors, and corporations in search of innovation. Listen to the presentations of other projects, learn from how others do it and internalize what works best.
The learning that is achieved in these encounters is essential for any entrepreneur. Startup competitions are an excellent opportunity to network and contact relevant agents in the entrepreneurial ecosystem. So, the last key is to never give up because you never know in which startup competition you’ll find your perfect investor match.
Currently, we are looking for the 100 most innovative startups in the world, the next edition of its Startup Competition will be held within South Summit, which returns to Madrid from 6 to 8 October 2020, what are you waiting for to participate? 😉 You can do it until June 1 by hitting this link. See you at La Nave!