Do not wait to state this $number. Do not dance around. After getting this out, immediately explain in detail all your expected expenses. Show how you arrived at this $number. Also use this time to explain why you could not self-fund. Explain "this business is not yet self-sustainable, and e.g. 2 members had to keep their day-jobs while we build this out".
Do not wait to state this %number. Do not dance around. After getting this out, immediately explain in detail how flexible you will be on Investor-RoI. Spend a lot more time on this than on speculative-fake income-projections.
Do not use PowerPoint. Do not use a canned presentation-style. Talk to people, and listen. Its OK to be gruff. No need to be over-polite, that doesn't work. Respect people's time. Get to the above two numbers within the first two minutes.
If you find this overly-reductionist, don't hire us.
Discuss how you are going forward no matter what, including if no investor $bites. Explain that you are going forward no matter what. Explain that you are solvent, self-funding, and that the business is going forward no matter what, but an outside cash-infusion could get you there faster.
Explain also that if the business cannot be self-funding, then why did you choose it?
Explain exactly how you know your customers, why there exists demand, or will exist, and how you will channel this. Have you run a crowdfunding campaign? do you have ready-purchasers already standing by? Have you done sample-runs of your product that affirm existing customer-appetite? If not why not?
Do not cite your "likes" on Facebook. That is so 2012. Even then, Facebook "likes" meant nothing. Have people made written-comments on your media? (User-Generated Content or UGC). Have your future customers already put their money where their mouth is? e.g. a well-subscribed Crowdfunding Campaign.
Investors don't want to know your revenue projections, as these are usually crap. Investors want to know your fact-basis for these revenue projections.
Do not expect to be given time to discuss a PowerPoint. OR perhaps expect to be asked to run your PowerPoint in reverse. Usually, the last 3 slides (the "ask") are the only slides that are important. Do not "hide your ask".
Expect to be asked this. Have an answer ready. Its unpleasant and somewhat like being stripped naked. Do you want the money or not?
What will the outside money be used for? Are you purchasing a complex 3D printer? a lease for office space? Specialized computing devices? AWS space? Are you paying yourself and other parties a salary? How much?
Competition-winners often have products that are non-viable. BUT the Judges just did not know how to discern this. Many Entrepreneurship competitions also require the participants to not yet have revenue. This is an inexcusable way to run any competition.
University competitions do not have the right incentives. They want to see that their teachings have been absorbed. They want to see their own ideas affirmed.
Many people who think they are entrepreneurs are merely playing at it, more like "want-epreneurs" who are bored with life, bored with their day job, can't make any money, but want to pursue something as a mere disguised hobby. Show how and why your venture is not a mere hobby.
At present, right now, during any given week, how do you divide your time among the following 5 categories?
primary day-job or other activity (e.g. college) necessary to keep you alive;
selling your product\service to customers;
building your product\service;
selling your product service to investors; and
family.
Make sure this adds up to 100%. Do not add any other categories. Fit everything into 1 of the above 5 categories, only. Do not use PowerPoint.
= = = = =
In doing the above, do you sometimes use computer/Internet of your day job?
In doing the above, does some of your activity/energy take away from your day job?
If your day job knew you were starting another business, would they fire you?
Use the above not as a negative, but as a reason that funding you would be a good idea.
Prepare to discuss how long you have been in this. Are you still without revenue now? What is your plan to get to revenue?
The obvious next remark is . . . "come back to us when you have revenue".
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