Last week, we attended the International Consumer Electronics Show (CES) in Las Vegas.
Businesses from all over the world came to show off their products, and to network with future partners. It was a great event, and we here at Veem want to thank everyone who makes this event such a success each and every year.
One of our highlights was the $30K Pitch Competition.
Hosted by our friends at TrendForward, the competition judged which business could sell their idea the most effectively.
Each winner received a check for $10,000. Pretty sweet, right?
Out of four contestants, one winner was chosen per day. The pitches were judged by none other than our CEO, Marwan Forzley:
'The cool thing about CES is its globalizing effect. There’s no such thing, for any of these businesses or their products, as a domestic focus. It’s all about global connection.'
This was highlighted by the winner of day one’s competition, AvidBeam. Hailing from Egypt, AvidBeam’s CEO, Hani Elgebaly, came all the way to CES to pitch his company’s video processing prowess.
But no matter where you’re from, a good pitch is a good pitch, and the winners of days two and three truly blew us away.
Share, a rideshare company out of Boston that helps commuters get to where they need to safely and comfortably.
And Humon, a Boston fitness company that uses sensors and analytics to help you understand and learn from your body’s needs.
To successfully globalize your company, you have to be able to sell it. These companies stole the show, and we want to help your business do the same.
With that, here are our tips for making a successful pitch.
Every product and service has a problem they’re trying to solve.
Whether it’s world hunger or tangled headphone wires, companies that can fix a widely-known issue, that have a purpose, are bound to succeed.
But you have to communicate the problem.
Jonathan Chang from TrendForward put this beautifully when he said that “pitches come in all shapes and sizes. But you have to identify the problem. Avoid the fluff, and express yourself uniquely and passionately.”
Sounds pretty easy, right?
Well, a lot of work goes into finding a problem to solve. It can’t be too niche, or you risk entering too small of a market. It can’t be too broad, or you’ll never get anything done.
There’s a sweet spot there, and your ability to precisely identify it is the first step to a successful pitch.
Once you’ve revealed the issue, you’ll need to solve it.
Keith Foster, another pitch-expert from TrendForward, wants companies to “take [him] on the journey of their solution, and how it will solve a customer’s ‘pain point,’” or issue.
The solution isn’t just an explanation of how your product works. It’s a story of how you came to your idea, and the inspiration behind it.
You want your solution to give potential investors hope that your company is the answer, and can stand the test of time. You don’t want your company to seem like a flash in the pan. How your solution looks to grow and evolve is vital to any pitch.
A pitch isn’t a novel, but it is a chance to showcase your road to success. Prove your worth.
Who is affected by your problem may be more important than the problem itself.
While you may want to focus on who’s listening to your pitch, there are two audiences: who’s present, and who isn’t.
Your potential investor may not be affected by the problem that your trying to solve, but they need to know that you’re aware of who is.
Knowing who you’re solving the problem for, and where future potential lies, will let your audience know that you are both aware of where your company is, and where it’s going. Or, in Keith’s words, 'how companies will reach out to more customers.'
This is also connected to growth. Knowing who you’re solving the problem for, and where future potential lies, will let your audience know that you are both aware of where your company is, and where it’s going. Or, in Keith’s words, “how companies will reach out to more customers.”
Here at Veem, we know how hard a pitch can be. We’re a startup too.
Let’s face it, not many people knew about blockchain back in 2014. But, time and again, we’ve shown how blockchain technology connects people around the globe, helping businesses like yours thrive in the international scene.