$47,500 in 2 Weeks from Maine's Startup Pitch Competitions
"The single most valuable part of pitching in a competition is the free publicity. I've had folks reach out to me to help in ways outside of sales. I've had someone reach out after a pitch competition who later became a partner in my business."
Dylan Veilleux, founder of Tree Free Fire
Pitch competitions are a place where founders can go to share their startups with potential customers, garner feedback under pressure, and win sizable amounts of money. Within a two-week period last month, four startups in Maine that we work with won a combined total of $47,500.
Not only are startup pitch competitions free to enter, but they can lead to other business opportunities, like for Dylan Veilleux, founder of the Tree Free Fire, where he found an eventual business partner.
In a pitch competition, founders are given a set amount of time to share their idea and compel the audience. It's a chance to highlight all the things that make your idea unique and exciting.
Not only does do startup pitch competitions provide free publicity, but they’re also a great place to develop your presentation skills.
Preparing for a Startup Pitch Competition
While many founders will enter a pitch competition without talking with potential customers or building anything, we think that the preparation for winning happens long before the night of your startup pitch competition.
When we first start working with founders, our goal is to get them talking to potential customers as soon as possible to understand what to create. Part of this process is testing and learning right away based on customer feedback. And, of course, this iterative process is ongoing (even after you've brought your startup to market). Making continual changes based on feedback will only make your product better.
We work with founders to make sure that they’re prepared to get in front of a crowd with a compelling story that’s based on progress and results. Not only that, we have an excellent track record of founders from Maine's startups winning their pitch competitions.
Ultimately, you know your product best and are the one to tell your customers (and the audience) how it's going to benefit them. During your pitch, highlight your startup’s benefits and what makes it stand out from the rest.
"Practice! Practice in person with your family, practice saying your message out loud while timing your message, and practice making every word count toward your most important message."
Heather Kerner, founder of The Good Crust
Making Your Startup Pitch Memorable
You want the audience to walk away with your startup being top of mind. In a startup pitch competition, you’ll likely be competing with a number of other founders. Your goal is to make it impossible for the audience (and judges) to forget. So when planning for your startup pitch think about what makes you unique.
For example, Tree Free Fire's unique portable campfires are an easy way to make memories without the hassle of building an actual campfire. The product is memorable and quickly makes for a fun evening of relaxing and storytelling.
The Good Crust offers handmade pizza dough made from 100% Maine-grown grain. Not only is the dough delicious, but it also supports local farmers and businesses. The dough can also be sold as part of fundraising for local non-profit organizations, making it a win for everyone.
You want the audience to walk away with your startup being top of mind. In a startup pitch competition, you’ll likely be competing with a number of other founders. Your goal is to make it impossible for the audience (and judges) to forget. So when planning for your startup pitch think about what makes you unique.
For example, Tree Free Fire's unique portable campfires are an easy way to make memories without the hassle of building an actual campfire. The product is memorable and quickly makes for a fun evening of relaxing and storytelling.
The Good Crust offers handmade pizza dough made from 100% Maine-grown grain. Not only is the dough delicious, but it also supports local farmers and businesses. The dough can also be sold as part of fundraising for local non-profit organizations, making it a win for everyone.
“You know your product better than anyone else. You’re the one that’s spent countless days and nights working on this. Nobody can tell you otherwise.”
Josh Kim, Founder of The Cubby
Overcoming Obstacles in Your Pitch
For any new founder, a startup pitch competition can seem really intimidating, so practice and preparation are key. Here are a few tips to help your startup pitch stand out:
Practice until you make your presentation feel like it’s spontaneous
Tell an interesting story that is easy to understand
Keep it brief and clear
Share your pitch with others and ask for feedback
Focus on the result that you’re after
Be concise without skimping on details
Change your word transitions if you’re stumbling
Get comfortable speaking in front of small groups first beforehand
Reaping the Rewards of Your Startup Pitch
While your participation in a startup pitch competition won’t make or break the future of your business, it's ultimately the results that matter the most. Your preparation of understanding your customer, building something that customers want, and crafting a compelling story is what will allow you to win.
“I think that showing off results matters most. The most important aspect I’ve learned from Nick is to understand the market I’m looking to get into through customer research. Getting out and talking with people within the industry has made me have a much better understanding of what’s going on and really be able to shape my product to the needs of the consumer. Because I know my customers well, I built something that started earning revenue really quickly.”
Jake Warn, founder of SledTRX
Validating the interest in your idea by potential customers can mean that you can go to market and quickly start generating revenue. It will also connect you to Maine’s startup community and help you meet people who share in your mission and vision. By following our approach, and with a lot of practice and preparation, you can enter your first startup pitch competition with confidence.
Ready to win your first pitch competition?
I’d love to help you get started.