Pitching an Idea

 How to Pitch an Idea: Process, preparation and Structure

Idea Pitch

When an idea is presented to someone, it is called pitching an idea.  It is also known as presentation of idea and oneself to others for consideration.

Idea can be pitched in formal as well as informal way but in professional setting it is advised to be formal with a little flexibility.

Benefits of pitching an idea

Creating improvements: If a person has an idea to improve something, delivering a pitch successfully can help a person achieve that objective.

Generating revenue: The pitch may allow a company to generate more revenue by pitching a potential new customer.

Developing relationships: A strong idea pitch can allow a person to develop relationships with potential partners, which could procure more resources for the business.

How to pitch a business idea

An entrepreneur needs to make a successful pitch to convince the investor for funding in his innovative idea in business. Here are the steps one should take in order to deliver a successful idea pitch:

1.        Think about idea

Before pitch an idea to anyone, ensure that ir must be specific and actionable. It must solve and justify the cost of solution.

2.       Understand the scope of the idea

Understand the scope of idea. Big ideas need a lot of preparation, time and multiple meetings while a small idea may need lesser than this.

3.       Identify the decision-maker

Identify the person who has the ability to approve the idea. Small idea can be approved at lower level like peers but big ideas are approved by higher authorities. A person must identify the decision maker on his idea.

4.       Consider the other person's perspective

Always consider the perspective of the listener or decision makers. If the pitch of idea suits to the decision makers the chances of success improves.

5.       Plan the pitch

The next step is the planning of pitch.  Generally, pitch is divided into three forms

a.       Elevator pitch- it takes 60 seconds.

b.      Short pitch- it takes 3-10 minutes

c.       Long pitch- more than 10 minutes.

6.      Cover all the relevant details required for pitching

Don’t forget to complete the content of pitch in all the ways. Take advantage of a chance.

7.       Practice the pitch

After considering all the above suggestions, start practicing pitch for others who can give an honest feedback. Constructive feedback can help improve upon idea and cast a good impact.

How to prepare a pitch for business

Pitch must include

1.       Intro: Introduction must include answer of who you are, why are you there in the meeting, why do you need funds, what are the chances of success.

2.       Problem and its solution: Emphasis on the real problems of customers and presents a solution firmly. Also mention why your solution is better than other.

3.       Opportunity and market size: a good research on opportunity and market size can give strength to pitching idea. Focus on three things

a.       TAM- Total addressable Market

b.      SAM- Serviceable addressable market,

c.       SOM- Serviceable Obtainable Market

4.       Competitive Analysis: Elaborate the uniqueness of your  business modal. It will give you competitive advantage.

5.      Marketing plan: Give a clear idea reaching your customers quickly.

6.       Business modal: Show profit in your proposed business.

7.      Financials: A good explanation on investment and returns will helps your pitching business idea.

8.      Asking for funding: Give details how much fund is required, and what is your expectation to reach to good returns.