We are reaching the end of the module and the only milestone left to achieve was the Final Dragon’s den. We now need to make sure that we pitch our ideas to the judges in 6 minutes.
My First thought in mind was – How can anybody explain everything in 6 minutes?
We have time and again got the opportunity to pitch our ideas to judges during the module which has given us the confidence to keep working harder and improve our pitch.
So in 6 minutes we have to explain our journey and explain to the judges why investors should invest in our ideas.
According to an article in Harvard business review (Caan,2011), a good pitch should have following components-
- Prepare, prepare, prepare
- Create a journey for the investment
- Convey your enthusiasm
- Back up your pitch with hard data
- Leverage your image
For our preparation, we made sure our pitch has all the major points covered. We all were feeling nervous because we did pivoted and now we had to present our new idea of the fashionable bags. We all thought that we wanted to take the judges/investors through our journey and also explain them about foldable tray.
One week before the final dragon’s den we had the mock dragon’s den which went really well. We got amazing feedback from the judges and they really liked how we handled the pivot.
We were told that under our brand name LME we could create a large number of products to help the wheelchair users. Now we wanted to just practise our pitch number of times so that we are well prepared for the finals.
Meanwhile we also had to create a business report explaining everything aspect of our start-up. Our entire team worked on the reports and pitch and we realised that even though we didn’t waste our funds we could have managed the finances better. Due to some issues with the bank we were unable to get our debit card which resulted in us not being able to spend from our company’s account. In both our presentation and report we made sure we covered our different marketing channels that we use to promote our product.
The day was here and we were ready and bit nervous. We all in our heart knew that the nervousness was because of the pivot. We had also changed the way we pitch a bit so that it becomes more engaging.
We did finish our pitch before time and we all did pretty well. The judges in the final dragon’s den gave us feedback which was a bit different to the other judges who were present on the mock dragon’s den. In the Q&A we were asked many questions which we all answered to our best capability. We did get feedback that the fur used for one of the bags might not be easy to use for the wheelchair users. Also they all liked our initial idea of foldable tray better than the bags. We learnt that during a start-up the pitch keeps changing depending on what stage you are as a company at that moment.
We as a team knew it deep inside our weaknesses but we all did feel proud of ourselves to get up there and pitch in the best way and make sure the judges understood our concept and idea. From this start up we as a team learnt a lot about running a business and different decisions that we need to take. I personally learnt that everybody gets to face challenges but it depends on how as a team or a company you handle them.
It was an amazing journey with its ups and downs but overall it was worth it as it taught me a lot about my own self and also about working with team members.