So we decided to gather together and try the 3 and 5-minutes pitches of our ventures and get some real life feedback from it. I should say it was very productive, even if we had to leave Starbucks and move to Borders at 9pm. (I had no freaking idea that Starbucks in downtown San Mateo is closing at 9 pm! That's absolutely ridiculous. Are we supposed to move to City next time? :)
So, few thoughts on the pitch:
- Clearly state the purpose, but not the process. Purpose comes first, process next.
- Make sure to have very clear about the process, have a use-case if it's easier for you to explain.
- (Consumer will ask) What does it give to me? What do I get back? (We were talking about B2C idea)
- Make sure not to scary people by thinking that you're building a new social network. Be clear about overhead which you add and how it balances with benefits gained.