During the first day of the event, after arriving at the venue and connecting with fellow startuppers, you will be given the opportunity to line up and support your business idea in a short verbal presentation, commonly referred to as the pitch. Within only 2 minutes of time you will be asked to efficiently deliver your startup pitch in a compelling, succinct and effective way, like you would to potential investors. The feedback received afterwards based on your performance, will determine your collaborators and influence the potential of your business idea as a competitive candidate for the final presentation.
As hair-raising as it might sound, delivering a startup pitch is a pivotal aspect of a young entrepreneur’s trajectory and a unique moment when an aspiring individual is asked to pinpoint precisely what their business is supposed to do, how’s that different between competitors and where they plan to take it next. Showcasing your idea not only facilitates in attracting investor capital but also sharing your vision and helps forging solid collaborations with like-minded, hard-working cofounders. Both of the aforementioned elements are crucial to your success, hence sufficient preparation for a business pitch is only guaranteed to yield better results for any ambitious venture.
One proven, rather useful rule of thumb is to stick to the four-point method of pitching; problem-solution-market-business, in order to organize your arguments better and deliver them more coherently.
First, you have to address the problem using simple, common terms and give context to a viable solution that your product or service is supposed to offer. This way, you orient your audience on how your business idea will fulfill a given need by invoking their natural problem-solution thought process. Typically, future customers deal with high costs, inconvenience or inability to achieve certain goals and you have to state those in the most explicit and understandable way. If you cannot identify a very specific problem, think about trends to set the premise for your solution. Reflect on the iPod, a disruptive device that flowed from a social trend; the need to carry digital music everywhere in a fast and inexpensive way. Problems and trends are not mutually exclusive and the latter can be found in technology and economy not just social habits.
Keep in mind that coming up with a solution to a problem doesn’t conclude a business pitch. Ideas are meant to be capitalized and provide value to the ones who execute them (founders), as well as the parties that fund them (investors). Knowing the market that you attempt to enter, you should describe what an average customer looks like (age, gender, lifestyle, daily activities), estimate your market size (how many customers could possibly buy your product or service and how many of them you can reach at any given stage of growth) and also your capability to go after the market and differentiate yourself from competitors by offering unique qualities such as features, services or pricing. Finally, after you identify a market it’s time to describe how to capture it by explaining the business plan to get, keep and grow customers and discuss marketing, distribution channels and partnerships. Bringing a product to a market also entails a viable, long-term scheme of monetizing known as the revenue model. Make sure to emphasize on at least one, primary source of sales and elaborate on the costs that come with it, along with your pricing proposal.
Remember that many audiences including investors hear business pitches all the time, that’s why you have to demonstrate a genuine interest in your idea and communicate your points with fervent passion. Being brutally honest about several key metrics of your business, like market share, profit margins and expected growth rate will boost your credibility and convince the audience about you serious you take your startup journey. Keep in mind that brilliant ideas are pointless without equally exciting teams who would be required to execute them, so make sure to explain your personal dedication to the project and why you are the perfect person for the task.
At any case remember to sit back and relax, enjoying the process is the most notable part of the whole experience, especially the memorable moments you’ll spent at the event along with the new acquaintances you will make. Good luck on your startup pitch!
An event about entrepreneurship where anyone can present ideas, network and learn from creative peers! This is what we had in our minds before setting up Startup Weekend Thessaloniki.
Long story short, running this kind of events requires a budget, right? Trying to bring SWThess to life we had to create our projections and calculate how much we’ll need to make it happen. So.. 54 attendees for a full house, 10 mentors, team, and volunteers. This is more than 80 people, it’s going to be kind of hard. Our cost per attendee is €35/person and the ticket price cannot be that high. So, let’s go…
Then we had to project our expenses. We need a global facilitator – this was Katerina – to run the event, feed all those 84 people but ok they are not going to stay all day long so let’s cap it to 70-75, and print what we need from participation cards to business model canvases. So here are the projected expenses:
And here is our initial projection regarding tickets
|Ticket Type||Price||Units||Full house income|
So we’d started the execution of the event having in mind that we’ll have a loss of €570; however, thanks to each and everyone involved this is what finally happened:
- Total attendees: 47
- Mean age: 27,2 (Younger: 18, Older: 54)
- Diversity ratio: 75(M)/25(F)
- Ideas pitched: 14
- Teams formed: 9
- In-kind Sponsors: 19
- Cash sponsors: 1
|Thess Gala sponsorship||€200|
But what’s the deal with Techstars? They help us run the event and get 50% of the revenue. That’s clear from the beginning and in our case this means ~€100 for Techstars. Thus, what’s in the cash desk right now? ~€100! We’ll be using this amount to make SWThess happen once again, but when? Ehhm I’d say this October the 19th (Shhhh! We’ll need some more time for the official announcements)
Ah! I forgot GeekBot’s sponsorship. This is a real connected community case and I love it! As you could recall, last day of ticket sales prices went -50% because of a GeekBot offer. The deal was like this “Startup Weekend decreases ticket prices by 50% and if there is any loss by the event closure, GeekBot pays the difference cash”. No loss at all, GeekBot just owes coach Sakis for a while as we’ll need to fix some designs for the upcoming SWThess 🙂
Wrapping it up, we are a team of volunteers that offer personal time and energy to make this event happen. We’d like to thank every and each sponsor that contributed, we love you all ❤. We still have no budget apart from those €100 but we promise that we’ll be doing SWThess happen again and again!
We’ll see you in October,
PS: In this PS I would like to greet people that were like “Of course, Startup Weekend! Let’s do it, we are sponsoring etc” and never responded to my calls, emails, and follow-ups. Hello guys! Next weekend we’ll be October the 19th, this is enough time to run processes and get in the loop, isn’t it? 😉
I don’t hide being an avid Netflix-created content binger. Among those binges, I found this great documentary series called “Dirty Money”. It outlines many dishonest business practices being performed by many companies around the world. The impact of this dishonesty is not only felt by consumers but also the businesses themselves. It turns out that being dishonest can only mean a short-term gain. In the end, we all must pay the piper.
What we have to keep in mind, is that in business, time can slow down considerably. This “slowing down” effect that might leave you thinking that “all is well”, means that you are probably surviving on borrowed time. At some point, past dishonesty will come back “in the now” and will be a critical, time-consuming affair that may impact your business. This could be in the form of losing a valued client, a business partner or damage your credibility as a business.
Being tainted in that way, especially when a business is just starting out, might mean the end of the business. Because when honesty is at stake, there are rarely second chances. Having the courage to own the mistakes and taking responsibility for the dishonest behavior are only two ways to mitigate the results.
As the famous auto industrialist John F. Dodge said: “There is no Twilight Zone of honesty in business — a thing is right or it’s wrong — it’s black or it’s white”. Nothing grey about it.
I hope to see you at Startup Weekend Thessaloniki where we can talk about it more!
This post was originally written by our Speaker and Prize provider Mr. Leontaris.
Changing your style of work and setting off to the unknown can surely be both an exciting and challenging cause!
What will you need to get you started?
A clear vision – You want to create, dream of having your own company, working on your own ideas, changing business in your field. Start walking towards your goal then!
Teamwork – No man is an island, as such without awesome people beside us to share our vision we cannot achieve full results, think in community, stay social, stay helpful and inclusive.
Mentors – Barely anything is more helpful and important than people you look up to and admire in your field of expertise, they will propel you towards faster and smarter routes in achieving your goals!
Location, location, location – Community hubs and lovely places to live, nurture creativity and productivity. Community, workshops – and well, events like Startup Weekend! – test your ideas and skills, they polish them so you stay on track with the market!
Don’t bother thinking about ifs and hows, join us in Startup Weekend Thessaloniki 2018 to live out your ideas in action!
The work. You get to test and live through the whole process of idea, team and business creation in a direct and hassle-free manner.
The people. You’ll certainly meet lots of like-minded people, mentors and role models that are the key to you stepping up your startup game!
The feedback. Mentors, judges, and companies share their views on your idea and working style so you avoid common issues that set you further away from a healthy business.
The cause. Community, networking, and volunteering is the best environment to meet your future teammates that you share a common vision.
The fun. An event without fun is clearly not worth it, so join us for 3 excellent days!
A weekend for you to test your startup idea, business plan, and teamwork while meeting cool people and eating delicious food!
Startup Weekends are 54-hour events where developers, designers, marketers, product managers and startup enthusiasts come together to share ideas, form teams, build products, and launch startups!
Startup Weekends are weekend-long, hands-on experiences where entrepreneurs and aspiring entrepreneurs can find out if startup ideas are viable. On average, half of Startup Weekend’s attendees have technical backgrounds, the other half have business backgrounds.
Beginning with open mic pitches on Friday, attendees are encouraged to bring their best ideas and inspire others to join their team.
Day 2 and 3:
Over Saturday and Sunday teams design and develop business plans while constantly streamlining their startup vision.
On Sunday evening teams demo their prototypes, listen to judges’ feedback and in some cities, win prizes.
Startup Weekends are specifically designed for entrepreneurs interested in receiving feedback on an idea, looking for a co-founder, or who want to learn a new skill. We also welcome anyone looking to test the entrepreneurial waters. Startup Weekends are risk-free environments where everyone is expected to roll up their sleeves and dive into the exhilarating world of startups.
Startup Weekend Thessaloniki is back in town and ready to empower your next creative entrepreneurial idea. We are happy to announce that ‘Get Your Hands Dirty’ is taking place from the 12th to the 14th of May at OK!Thess. This is a great opportunity to get your hands into new creations, working closely with experienced professionals, mix & match with like-minded people, network, learn and have fun during a highly creative weekend.
Startup Weekends are 54-hour events where developers, designers, marketers, product managers and startup enthusiasts come together to share ideas, form teams, build products, and launch startups! The weekend is all about learning how an amazing idea could be transformed into a lean & sustainable organization; learning is achieved via the hands-on approach.
Our first coaches are on board and now its Bus time! A small bus departs from Athens downtown early Friday the 12th May! Wanna ride it? Tell us where to pick you up. Want more info? Send us your inquiries at email@example.com
Startup Weekend Thessaloniki, Organizing Team