I recently had the incredible opportunity to participate in the Draper University Pitch Competition, sponsored by the OECS As someone who has coached and judged numerous pitch competitions, being on the founder side of things provided me with a fresh and invaluable perspective.
How to Succeed in a Pitch Competition
Choose the Right Pitch Competition for Your Business Stage
One of the most critical decisions is selecting a pitch competition that aligns with your business stage and goals. Since my AI platform is still in the ideation phase, this particular competition wasn’t the best fit, as it primarily sought startups with sales and traction. Carefully assess what you aim to gain from the experience and select a competition that best supports your objectives.
Visibility and Networking Are Just as Valuable as Winning
Even if you don’t take home the top prize, the exposure and connections you make during a pitch competition can be game-changing. The mentors, fellow participants, and industry experts you meet can open doors to future collaborations and investments. Don’t underestimate the power of networking in these environments. My goal was feedback and I used the time while at draper to continuously battle-test my idea and conduct customer interviews. There were 130 persons from over 30 countries in one space in 7 weeks. There was no better context in which to get feedback, not just for my AI model but many of my existing initiatives. My peers aided me in refining my pitch and I adjusted my expectations regarding the outcome of the pitch competition as the funders sought investment ready platforms.
Pay Attention to Investor Q&A and Establish Credibility
The questions investors ask during a pitch competition reveal what truly matters to them. Whether they focus on revenue, scalability, or customer acquisition, these insights can help you refine your business model and presentation. Make note of recurring themes and gaps in your pitch so you can strengthen your approach for future opportunities. Judges including billionaire Tim Draper questioned me about the need for a female-focused platform. The panel of judges at the time of my pitch was comprised of all men. This is why one’s story and journey are important. Though questioned, there was little skepticism as I had used the first 30 seconds of my pitch to establish my expertise and familiarity in the female entrepreneurship space and the traction my business had in co-creating with female founders. It allowed the panel to focus on the core of the presentation and ask questions that would allow me to refine my business model as they were not distracted.
Observe and Learn from Other Competitors – Refine and Revise
Watching successful pitches can provide valuable lessons. Take note of the commonalities among winning participants—whether it’s their storytelling approach, financial projections, or market validation. Engage with them during and after the competition to build lasting relationships and gain additional insights. Don’t be an ostrich during your peers’ pitch competition presentations. Instead study their decks, their presentation styles, the nature of the questions asked by the pitch competition panel, the panel members’ body language. While you await your time on the stage make small adjustments to improve your pitch.
Balance Team Assignments Without Unnecessary Stress
Many pitch competitions incorporate team-based exercises. While collaboration is essential, don’t let these assignments divert too much focus from refining your own business model and pitch. Keep your contributions efficient and professional so you can dedicate time to what truly matters—your startup’s growth.
Ensure the Program Offers Tangible Business Benefits
Some pitch competitions emphasize abstract skill-building, while others provide direct business value. If your goal is tangible progress, ensure the program offers enough focus on your venture rather than excessive team projects. The right balance will help you accelerate your startup’s journey.
Final Thoughts
Participating in the Draper University 7 week Hero Program and Pitch Competition gave me an invaluable perspective that I wouldn’t have gained otherwise. I am now more motivated than ever to refine and develop my AI startup idea, armed with these lessons that can benefit other entrepreneurs as well.
If you’re preparing for a pitch competition, expert guidance can make all the difference. Email us at [email protected] to have Dr. Tamu conduct a personalized pitch training for you or your team! Stay tuned as I continue to share my journey in the startup world!
