Perfecting the pitch: How to pitch a business idea

Perfecting the pitch: How to pitch a business idea

The right preparation can turn a high-pressure meeting into a valuable opportunity

Successful pitches depend on preparation, a clear message and the ability to connect with the person across the table.

When those pieces come together, a conversation can become a sale.

At the University of Cincinnati’s 1819 Innovation Hub, entrepreneurs connect with potential buyers through a community that brings startups, corporate partners and mentors together. Founders also learn how to perfect their business pitches through the Venture Lab business accelerator.

Whether you’re part of Southwest Ohio’s startup ecosystem in the Cincinnati Innovation District or beyond, a strong pitch can be the difference between an idea and an opportunity. Discover from three Cincinnati-based business leaders and pitching pros how to strategically land the sale.

The strongest pitches are built around the person listening.

Imagine you’re selling a food product to both a restaurant chain and a grocer. Giving the same pitch to both audiences may overlook what each buyer needs most.

If you're selling to a grocer, head to the store and ask employees about their needs. Photo/UC Marketing+Communications

Think like the people sitting across from you. What are their store’s greatest needs? What challenges does the company face? How will your product specifically solve them?

Research before the meeting can make a major difference, according to James Foley, Cincinnati-area sales manager for Boston Beer Company. “There’s so many gatekeepers along the way before you get to the buyer,” he says. “Anything you can get – more information – is going to certainly help you as you shape your proposal … and you can start speaking their language.”

Foley mentions how those pitching to a grocer could head to a store, talk to department managers and discuss needs with the backdoor receiver. Those conversations may reveal challenges you’d otherwise miss and give you a clearer way to explain how your product helps.

Walk in prepared, focused and ready to make your case.

Have a plan for your business pitch before you enter the boardroom. Flexibility can help, but it’s best to have an orderly outline to keep your presentation on track if you get lost in the moment.

Make sure to answer the “meat-and-potatoes questions” of any startup pitch. Brian Sedra, chief growth officer at Via Carota Craft Cocktails, has pitched and been pitched to enough times to understand what every buyer expects answers to.

Brian Sedra Chief growth officer, Via Carota Craft Cocktails

“What is it that your product is?” Sedra notes as the first common question. “What problem are you trying to solve? And then, what are you bringing to the table? Why should they lean into what you have to offer?”

He states that organization plays a huge role in whether your pitch goes well or heads sideways. Determine which questions will almost certainly arise, come up with easy-to-follow answers to these questions and strategically incorporate them into your pitch.

Show the buyers that you’re reliable, confident and simple to work with.

A convincing product and strong market fit are essential when making your business pitch, but don’t discount the importance of making a good first impression. Showing yourself as easy to partner with, responsive to concerns and confident in your product matters just as much.

A man confidently launching into a business meeting. Photo/Antonio Diaz via Adobe Stock

“As founder and part of the managing team, you’re as important – if not more important – than the actual product which you’re pitching,” Sedra says. “Because if I don’t believe in you, I don’t care about your product.”

Inspire your buyers by projecting confidence, both in own abilities and in whatever you’re pitching. If you believe in yourself, there’s a higher chance your buyer will trust you too.

Rebecca Southern, founder of gluten-free baked goods startup The BodyBakery & Co., suggests channeling your nervous energy before the pitch into excitement. “What you feel in your body when you’re nervous and what you feel in your body when you’re excited are the same thing,” she says. “Don’t keep telling yourself, ‘I’m nervous.’ Just tell yourself you’re excited … It’s going to be good.”

Engage your audience instead of presenting to them.

We’ve all endured low-energy meetings where you’re just waiting for the clock to run out. Your startup pitch shouldn’t be one of those. Instead, bring your audience into the conversation.

Make sure to engage potential buyers during your pitch. Photo/Ashley Kempher

Foley recommends engaging your buyers as typical people – far from a novel concept, but one that’s easy to neglect in the boardroom. “Don’t be so married to your presentation,” he says. “Have a conversation. You’re trying to connect with a human that’s sitting across the table from you.”

Slide decks can support your pitch, but they shouldn’t replace the conversation. Put pertinent details on slides but use your presentation to share additional thoughts, call out the most important points and lead a back-and-forth dialogue with your audience.

“Ask open-ended questions to get [the buyers] talking,” Foley continues. “They’re talking about the business, their category, the trends that they’re seeing, and you have to fit your product into the white space that exists. When you sit down with a buyer, they have a problem and you need to be their solution.”

Know your product’s blind spots and be prepared to answer about them.

You’ll never know every question your buyers will ask during a pitch, but there are probably at least a few you can count on. Plan thoughtful answers before they’re asked in the boardroom.

Entrepreneur performing research on his computer. Photo/UC Marketing+Communications

“The number one thing you can probably do is know the objections, anticipate what those challenges and hurdles are going to be and have an answer or solution,” Foley says. “We all know the weaknesses of our products.”

Think of both your item’s pros and cons. Even a strong pitch can lose momentum if you lack reasonable answers to your buyers’ most pressing questions.

If you can’t give a response, Foley recommends honesty mixed with engagement. “You can say, ‘We’re working through that; what do you recommend?’ Get [the buyer] involved in the solution.”

Keep the business pitch shorter than your first draft.

It’s understandable that you’d want to stretch your pitch as long as possible – the longer your pitch, the more your potential buyers will know, right? Wrong.

Instead, you’ll likely be cut off or forced to condense your pitch while you’re giving it. That’s not ideal for any entrepreneur, especially one halfway through a critical business conversation.

“Most buyers are going to give you 30 minutes, they’re going to be 10 minutes late, they’re going to have a couple pleasantries,” Sedra says. “So, you really have 16, 17 minutes in a 30-minute meeting to get everything out. If you walk in with a 30-page deck, forget about it.”

Don’t cut important elements from your pitch for brevity but do trim anything that isn’t necessary. Also, be on time. You’ll have longer to pitch while also showing respect for your buyer.

The UC 1819 Innovation Hub helps entrepreneurs turn early-stage ideas into growing businesses through mentorship, resources and startup programs. A key component of this growth process is the Venture Lab, where founders learn to pitch effectively and hone their business plans while being mentored by entrepreneurs in residence.

The Venture Lab provides the largest amount of nondilutive funding in Southwest Ohio, giving founders additional support as they develop and grow their companies.

Entrepreneurs being mentored in the UC Venture Lab. Photo/Kailyn Swarts

1819 also hosts the 12,000-square-foot Ground Floor Makerspace, where founders can prototype on Cincinnati’s most comprehensive assortment of making tools and equipment. UC faculty and researchers leverage the Technology Transfer and Commercialization office to turn their ideas into products, while entrepreneurs enjoy the Hub’s well-equipped coworking spaces.

Whether a founder is testing an idea, building a prototype or scaling, 1819 provides resources to help move the business forward. Before your next pitch meeting, explore the programs, spaces and support available at UC’s 1819 Innovation Hub.

Pitch your startup well by researching the potential buyer beforehand, thoughtfully planning out your pitch, selling yourself as well as your product, making the pitch a conversation, anticipating questions before the pitch begins and keeping the presentation brief but comprehensive.

Entrepreneurs gain valuable business connections and startup mentorship through the Venture Lab, prototype their designs in the Ground Floor Makerspace and connect with potential investors and buyers through the building's mix of corporate partners and startup companies.

The UC Venture Lab business accelerator, located at the 1819 Innovation Hub, has three programs:

Featured image at top: Startup founder pitching during Venture Lab Demo Day. Photo/Joseph Fuqua II

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