PITCHTUESDAY is a Bi-weekly platform for builders within the ICP.Hub Sahara’s community to pitch their innovative ideas and startups they are developing on ICP. This initiative invites startups operating in both Web2 and Web3, especially those harnessing the power of ICP, to pitch their innovative ideas in exchange for grants and invaluable support. The platform is set to be a game-changer for entrepreneurs across West Africa.
Adedayo Adebajo, co-founder of ICP.Hub Sahara, shared the vision behind the initiative: “PITCHTUESDAY is designed to nurture and elevate aspiring entrepreneurs in Nigeria and the sub-region. We aim to foster an ecosystem where brilliant minds can connect, innovate, and grow.”
However, condensing a startup idea into a 5-minute pitch can feel overwhelming. The challenge of explaining the core of a business in such a tight window can be daunting, especially for founders who could easily speak about their vision for hours. Yet, mastering this skill is crucial, and it's entirely possible to convey the most important aspects of your business in 5 minutes or even less.
The 5-Minute Pitch: How to Nail It
When pitching to investors, especially in competitions like PITCHTUESDAY, you’re often restricted to a tight timeline, but don’t despair—it's possible to cover everything important within 5 minutes, and sometimes even in 1 minute.
Identify Key Areas of Information
The first step is identifying the core pieces of information you want to convey. You won’t have time for everything, so focus on the essentials. If you're familiar with tools like the Business Model Canvas, you already have a head start, as this can help you visualize and isolate the key elements of your pitch.
Start by knowing your customer’s challenges. What are the pain points your business addresses? This is the foundation of your pitch because it explains why your project exists. Use these key questions to guide your deep dive into customer challenges:
- Who is our ideal customer and why?
- Which problems do our customers face that we solve?
- What current solutions exist, and why do they fall short?
Understand Your Solution in Relation to These Challenges
Once you’ve identified the problem, the next step is presenting your solution. Focus on how your product or service directly addresses the issues you've laid out. Avoid delving into too much technical detail—stick to the benefits that make your solution the best for your customers.
Ask yourself:
- What is our solution?
- What does it look like?
- How does it outperform current alternatives?
- What have we done to validate our solution with customers?
Estimate the Size of the Market Opportunity
Investors want to know the scale of the opportunity you're tackling. Be specific when describing your market—don't just throw out flashy global figures if your focus is more niche. Investors see past inflated numbers, so give them real, tangible data on your target market.
Key questions to consider:
- Who is your customer?
- How large is your target market?
- How often do customers purchase your solution?
- What industry trends affect market size?
Describe the Business Model and Your Progress to Date
A pitch isn’t just about a solution; it’s about showing how you’ll turn it into a successful business. Explain your business model—who you're selling to, how much you charge, and how you plan to scale. If you’ve already gained traction, be sure to highlight this. Metrics like revenue, customer growth, and user engagement are golden, but even pre-revenue startups can demonstrate progress through customer validation and development milestones.
Key questions:
- What have you achieved since launch?
- What metrics prove customer interest and growth?
- Are you running a beta, and how is it performing?
Make the Ask
Don’t forget the most important part—what are you seeking? If you’re asking for funding, be clear about how much and what you plan to achieve with it. If you’re looking for co-founders, team members, or advice, state that. The ask should be specific and actionable.
Questions to address:
- What do we need?
- What will that help us accomplish?
- Who in this audience can help, and how?
Visualise and Develop Your Story
With the key elements outlined, start building your story. Storyboarding helps you find the best way to arrange your information while keeping the narrative engaging. Add case studies, anecdotes, or data points that strengthen your pitch and connect with the audience.
Consider:
- What key points do you want to convey?
- How do you structure the story to be compelling?
- Who are the characters or real-world examples in your story?
Create Your Pitch Deck and Script
Now it’s time to turn your storyboard into a pitch deck. Your deck should be visual, not overly wordy, and should reinforce your talking points without overwhelming your audience with text. Meanwhile, your script should flow naturally and emphasize transitions between key sections of your story.
Engage Your Audience with Calls to Action
Once your pitch ends, it’s important to leave your audience wanting more. You won’t have time to go into every detail, so focus on making your business sound valuable, interesting, and urgent. Your primary goal should be to spark further conversation or action.
The Importance of Practice
Finally, practice makes perfect. The more you refine your pitch, the better you'll get at delivering it confidently within the 5-minute limit. Remember, the aim is to convey the high-level story, not the fine print.
5-Minute Pitches Are About Opening Doors
The best advice for delivering a 5-minute pitch is not to focus on all the little details of your business but to zoom out and tell a cohesive, engaging story. This story should get investors intrigued, excited, and eager to learn more. You can always dive into the nitty-gritty in follow-up meetings or during Q&A sessions.
By focusing on the bigger picture and practicing your delivery, you’ll be able to convey your company’s potential within the tight 5-minute window at PITCHTUESDAY and other high-stakes pitch competitions. Good luck!
Article by: Mana Lamja