In recent years, elevator pitch competitions have become another popular way for entrepreneurs to raise capital. Several contests are held annually across the country. Even ABC’s competition Reality TV show, Shark Tank, has proven to be fertile ground for entrepreneurs seeking investment capital.
In addition to the chance to win money, the benefit is that there are also endless networking opportunities at pitch competitions, as there are an abundance of entrepreneurs, angel investors, venture capitalists, and potential co-founders who attend these events.
Precious L. Williams walked away with $10,000 as the 1st place winner of the 2013 Black Enterprise Elevator Pitch, sponsored by PepsiCo and hosted by filmmaker and comedian Robert Townsend. Every year at its Entrepreneurs Conference + Expo, Black Enterprise rewards the entrepreneur with the best business pitch. Candidates submit their best video pitch, and from there the top ten are selected to present in front of judges and a live audience.
Williams, a New York lawyer turned entrepreneur, is president and CEO of Curvy Girlz Lingerie, a line of intimate apparel for full-figured, plus size women. She started the business in 2011 to be the ultimate shopping experience for “full-figured divas and plus-size fashionistas†like herself.
The 34-years-old Williams plans to use her $10,000 grand prize to expand her upscale lingerie house party model.
“Currently, I host lingerie parties in the New York/New Jersey area. I want to have Curvy Girlz Lingerie events in Washington DC, Atlanta and Chicago by the end of this year. The winnings from the competition will help me take Curvy Girlz Lingerie to a national level using independent consultants throughout the country.â€
Williams has found that in general – when listening to a pitch – the judges want to understand what problems the business is solving, what the business has come up with as a solution to the problem, and what results the business has produced so far. Judges will also want to know how the business plans to use the winning funds to grow the company.
Here are Williams’ solid steps for giving an award-winning pitch:
Having a compelling story
I started my business because I was a curvy woman who couldn’t find beautiful, stylish or fashion forward lingerie in my size. After polling other curvy women, I knew there was a niche market and a demand for intimate apparel that catered to these women. I have noticed that judges and audiences really connect with stories that are emotional, heartfelt, and real.
Know your audience
As I prepare for pitch competitions, I am very clear on who the judges and/or audience will be in attendance. For example, if I speak to judges who have a financial background, I find that they are most concerned about statistics, money and the target market. If I am speaking to judges from other arenas in business or a general audience, they are more inclined to be more engaged with who I am as a person, why I started my business and why I think it will be successful.
Speak with passion and conviction
No one knows your business better than you, so, you better bring your unique energy to the table. Whenever I give a pitch, I think about how to convey more than just “Big Girls need sexy lingerie.” The fact that I researched my business thoroughly and can talk about it intelligently makes me a better pitcher than someone who just thinks their business idea is great.
Be clear about your target market
You cannot hope to sell to everyone. You have to know who your target market is and know why they will want to buy from you. My target market is professional women of color. Research indicates that we are an untapped market and we have a buying power that will increase by 4.6% annually.
Practice, practice, practice…
I practice for hours, everyday, weeks before an event. Also, you have to be yourself. I know who I am and I am comfortable in my own skin. People are drawn to people who are authentic, so, even when those presenters make mistakes, audiences are still engaged. You are your best asset so use yourself to your advantage.