Startup founders are all too familiar with the hustle involved in creating a compelling pitch deck and seeking the attention of potential investors who only have a few seconds to spare. However, in the fast-paced and highly competitive Nigerian startup ecosystem, standing out during a pitch session is not just a choice; it is a necessity for achieving success.
While a well-crafted pitch deck is undoubtedly important, several other crucial aspects can instantly set your startup apart from the crowd. Eunice Ajim, the Founding Partner & VC at Ajim Capital, an early-stage fund providing financing for Pre-seed to Seed-stage startups in Africa, shared invaluable tips on how to achieve this differentiation.
In this article, we will delve into 7 of those unconventional tips, specifically tailored for startup founders. These tips have the potential to elevate your startup as a Nigerian founder and give you a competitive edge.
Read Also: 5 funding opportunities for startup founders
7 tips that will instantly separate startup founders during a pitch session
1. Arrive Early
In Nigeria, especially Lagos where most founders are located, traffic can sometimes make it difficult to be punctual. But arriving early to a pitch meeting is a great way to make a good impression. It shows your dedication to being professional, respecting other people’s time, and being prepared to handle any obstacles that may arise.
Arriving early for a meeting as a Nigerian startup founder can create a positive impression on potential investors or partners and set a favourable tone. It also allows you to calm your nerves and make final preparations for your presentation beforehand, ensuring a successful pitch.
“If you can’t arrive on time for this meeting, what message does that send?” Eunice Ajim says.
2. Start with a story
Connecting with your audience on an emotional level can make a big difference. Although a well-designed pitch deck is important, it’s the story behind your startup that really captures the attention of investors and customers.
Nigeria, like any other country, has its own set of unique challenges that its people face on a daily basis. These challenges have created a diverse range of experiences that Nigerians can relate to on a personal level.
Startups that can relate to these difficulties have a better chance of forming a deep bond with their desired customers and winning over investors who are emotionally invested. Nonetheless, a compelling narrative for a startup surpasses showcasing present-day problems and remedies. It must also depict a clear and vibrant outlook of the future you hope to bring as a Nigerian startup founder.
3. Act as though you are already partners with the investors
When pitching your startup to potential investors, projecting confidence can significantly influence how they perceive your business. It is recommended to approach the pitch as if the investor is already a valuable partner in your startup.
This approach changes the conversation from a transactional pitch to a collaborative discussion about your business’s progress and potential. It not only establishes a collaborative tone but also builds trust and confidence in your startup’s potential.
Also, using assertive language and a convincing tone can help you claim full ownership of this opportunity. Lastly, make sure to highlight the unique value proposition your startup offers and the potential for mutual benefits as partners.
4. Understand what the investor is looking for
When presenting your startup to investors as a Nigerian startup founder, it’s crucial to understand their expectations. This understanding can significantly impact how investors perceive your pitch and increase your chances of securing funding. Investors have unique investment strategies, industry focuses, and risk appetites.
Before your pitch session, research their past investments, the types of startups they’ve funded, and their overall investment philosophy. With this information, you can tailor your pitch to align with the investor’s interests and highlight aspects of your startup that resonate with their preferences.
5. Be honest about the risks
As a Nigerian startup founder, it is important to be transparent and honest about the risks associated with your business. Although it might be tempting to present a flawless image, acknowledging and addressing the risks can actually work in your favour, especially when it comes to developing trust with investors and stakeholders.
After all, no startup is perfect and without risks, and the Nigerian startup ecosystem is known for its unpredictability, with regulatory, economic, and infrastructural challenges. By acknowledging these specific risks, you demonstrate your awareness of the ecosystem’s complexities and your readiness to confront them head-on.
This level of transparency helps to build trust, credibility, and understanding with investors, paving the way for a successful and mutually beneficial partnership.
6. Show them you are a good investment
Investors not only require a well-crafted pitch deck, but they also invest in the founder. During pitch sessions, it’s crucial to present yourself confidently by demonstrating your thorough research on the market and competition.
Showcasing honesty, enthusiasm, and confidence can differentiate you from other candidates. Highlight your track record, understand your financials, and show a commitment to continuous learning.
These traits will position you as a founder worthy of investment, instilling confidence in potential investors and increasing your chances of obtaining the necessary support for your startup to succeed.
7. Follow up
Taking action after a pitch session can make a significant impact. It’s vital to follow up with potential investors promptly, setting yourself apart from the competition as a Nigerian startup founder.
Show your appreciation, seek feedback, and personalize your messages to leave a lasting impression. It’s crucial to find the right balance between being persistent and respecting the investors’ time.
Finally,
In order to truly thrive and excel, your startup must stand out from the crowd. By putting these unconventional tactics into practice, you as a Nigerian startup founder might just be able to easily captivate investors during your pitch sessions.
Read Also: 5 key takeaways from Y Combinator’s advice to startup founders
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