I love reading strategies about "the pitch." Seth Levine poked fun at some "unusual" company names and it turns out that one of those companies called Fleck has a blog. They have recently posted about tips about the elevator pitch to VCs and investors.
It's a great post and a topic that several entrepreneur's have written about. I wanted to add a few things.
First, always make your pitch IN PERSON!!! - This might seem obvious, but in this day of electronic communication, I am still constantly approached by entrepreneurs who make contact with me through colleagues or associates via email and then continue to pursue investment in this manner. They usually email me their plan or summary and then request some phone time to go over their presentation.
Part of being a VC is judging people face to face and sizing someone up in a short period of time. I am improving on this skill over the years, but a lot of it comes down to instinct. No matter what it says on paper or what the guy's resume shows, you need to look this guy in the eye to see what he is made of. I personally believe that if you are an entrepreneur worth your salt, you will also want to size up your investor and figure out what he will bring to the table.
Secondly, how you behave when you are turned down on your pitch is just as important as how you gave the pitch! Decisions to invest large sums of money are not made instantaneously, particularly if you are investor that values people over ideas. Do not give up, do not get pissed off, do not go off. Ask the the investor what his critiques are, how you can improve on your presentation and plan.
This reminds me of an experience when I was a kid, trying out for the Olympic Development Player Soccer team in my area. I practiced and worked terribly hard to make this team. The tryout was a weekend ordeal with a list posted at the end of the Sunday. At the end of the weekend, I did not make the team. I left sadly but I remember that one of the kids at the camp, stayed behind and asked the coach how he could improve, what his strengths and weaknesses were, and that he wanted to do what he could to make the team the next year. The coach said that he was impressed with this kind of attitude in such a young boy and that he would include him on the squad. If only I had been the kind of person I am now back then...
I'm not saying that you will get an investor if you do this, but you will definitely become a better entrepreneur. I also suggest that you ask the investor if he knows anybody who might be interested or might be an asset to his endeavor. I have several times received plans that were too narrow in focus or were outside of my domain of expertise or interest. I have linked these people with others in their industry that ultimately helped them obtain funding.
The lesson is that you do not want to burn bridges because if you are a strong entrepreneur, you will be back again knocking on doors sometime in the future. I always ask every entrepreneur how many companies they have started before or been a part of that are not on their resume. I want to know everything, so don't forget that how you behaved in the beginning and in each company you have been a part of will be important in every endeavor you embark on.
Good luck.
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