Every pitch includes this. It’s our baby. It’s the thing we want to talk about.
But nearly every pitch spends too long on it… when investors decide how long they spend, it’s just 6% of their time, just 13.9 seconds. Why? Because they assume the product does what is required. Why else would you be there?
Further, this is a test! Customers don’t have that long either. They know their problem already and simply want the solution. If you can’t describe it in succinct way now, what chance do you have with customers?
If you don’t have much time, what key points should you hit?
There are lots of ways to introduce the device: you could show pictures of the device, service or location, screen shots for software, or even have one in your hands.
For the purposes of a pitch, an easy way to get the points over is to use the story of a customer as they have their problem, find a solution, have a life transformation because of your product and tell their friends bringing you more customers. The target is to show that their life has improved by a factor of ten (not 10%).
When you personalise your pitch, you could expand the story to include the previous Slides: Problem, Solution, Now and Market.
One more element you could introduce is some pricing (if you’ve tested it).
Can you show your ten times improvement over the current solutions in 13.9 seconds? It’s a challenge. No-one said this would be easy!