I can sell ice to an Eskimo.
I’m not boasting, but I’ve never been on stage to pitch without delivering results.
It took me some time to learn, but now I can pitch anything effortlessly.
I’ve also learned to pitch beyond the stage. Pitching is essentially selling. Connecting with the audience and showing value.
As an entrepreneur, selling is a constant. I often find myself selling one idea or another.
It’s always either a product I’ve built, a product I’m building, or something I’ll be building in the future.
Not every entrepreneur is a product manager, so I count myself lucky that I can wear each of these hats independently and succeed.
Early in my career, I realized the importance of mastering the art of pitching. So, I dedicated myself to learning it.
Here’s a strategy that always works for me, even if you have only 24 hours or less to prepare for a pitch session, do this and you’ll emerge victorious.
Step 1: Know Your Stuff
The first and most important step is to know your stuff. Immerse yourself in your product, service, or solution. You need to be the expert, the go-to person who can answer any question about your offering without hesitation. In the African investment landscape, this means understanding not only your product but also the local market dynamics, the cultural nuances, and the unique challenges and opportunities in your sector.
Step 2: Craft a Compelling Story
Then, craft a story around it. Connect the story to someone who faces the exact problem you’re solving. This could be a real or imaginary person; it could even be you. Investors want to see the human side of your business—the real-life impact. African investors, in particular, are often driven by the potential for social impact as well as financial returns. Make sure your story reflects this dual focus.
Step 3: Create a Journey
Once you’ve done this, create a journey for them. Start with the problem they face, how you solve it for them, the benefits they gain, how they specifically use or interact with your solution, how they’re paying for it, how many others have the same problem regionally or globally, who else is solving the problem for them, you and your team who are building the solution, the amount needed to scale, and finally, what their future looks like after you’ve solved their problem.
In Africa, the journey often involves overcoming significant barriers—whether it’s limited infrastructure, regulatory hurdles, or socio-economic challenges. Highlight how your solution navigates these barriers effectively.
Step 4: Develop Your Pitch
With this, you’re ready to develop your pitch. I suggest putting it in writing. Each deck should be written out. This helps you organize your thoughts and ensures that you cover all critical points. Your pitch deck should include:
- Introduction: Who you are and what your startup does.
- Problem: The specific problem you’re solving.
- Solution: How your product/service addresses this problem.
- Market Opportunity: The size and scope of your target market.
- Traction: Any evidence that your solution works—user numbers, revenue, partnerships.
- Business Model: How you make money.
- Competition: Who else is in the space and how you’re different.
- Team: The people behind the startup and their expertise.
- Financials: Key financial metrics and projections.
- Ask: What you need from investors and how you’ll use the funds.
Step 5: Practice, Practice, Practice
The next step is to practice your speech with a timer. The trick is to start using a stopwatch and refine and edit your words until you can keep to time. Then keep practicing. You can ask a friend or colleague to act as a judge/panelist or stand in front of a mirror during practice.
Self-esteem is crucial; you need a lot of it, especially at this stage, because once you’re on the real stage, you might find yourself lacking. But you won’t have much to worry about if you’ve been practicing and visualizing.
Unique Considerations for African Startups
When pitching to investors in the African context, keep these additional tips in mind:
- Highlight Local Insights: Showcase your understanding of the local market. Investors want to see that you have a deep grasp of the local context and can navigate it effectively.
- Show Social Impact: Many investors in Africa are looking for ventures that provide both financial returns and social impact. Highlight how your startup contributes to solving social issues or improving community well-being.
- Leverage Local Networks: Relationships matter. Show how you’ve built strong local networks and partnerships that will help your startup succeed.
- Address Scalability: Investors want to know that your solution can scale beyond a single market. Explain how you plan to expand regionally or even globally.
- Be Ready for Tough Questions: African investors can be particularly rigorous in their due diligence. Be prepared to answer detailed questions about your business model, market assumptions, and growth plans.
Do this, and you’ll be able to sell ice to an Eskimo or even sell honey to a bee.
Mastering the art of the pitch isn’t just about the words you say; it’s about the confidence you project, the story you tell, and the impact you promise. In the unique and dynamic African investment landscape, a compelling pitch can make all the difference. So, know your stuff, craft your story, practice relentlessly, and go out there and make your mark.
