CEO at WellSpeak.io an app with speech recognition that allows practicing English speaking skills
Hi community! My name is Sergii, I'm a CEO at WellSpeak from Kyiv Ukraine. We build a mobile app for practicing English speaking skills.
When we decided to start our startup at the end of August 2019 we didn’t even know the word “pitch deck”. But on October 8th we took 3d place at 168 Startup Battle Kyiv where were 9 other projects.
In this step-by-step guide you will find:
Conducting a presentation in front of investors is the event! It is not just a regular meeting, where you show slides and explain the idea or logic of something. The goal of the pitch is to get investors’ attention, convince them, that you are the right person, with a good product and mature team which can handle any problem on the way and brings investors money.
Before you can pitch your product somewhere (for example Web Summit), your team must apply to the event, where a jury will review the application and make a decision are you good enough to present your product or not. If you are lucky, you gonna have 3 minutes to prove you are the one!
1. The first slide - try to help other people understand what the product about. Put there the name of the product and short description. On the first screen, we decided to tell people what we believe and why we started to build WellSpeak.
2. Problem - here is should be clearly defined the problem you are trying to solve. The best way to clarify the problem is to ask you, potential clients. In our case, we have defined 3 problems at one time.
3. Solution - the solution you are offering should be explained as simple as possible. Do not use slang, simple images, simple words.
4. Market opportunity - the aim of this slide is to show investors that you are targeting to a really big market. No one wants to invest in the 10M US dollar market.
Tip: break your market into TAM, SAM, SOM
In our example, we considered 2 years SOM.
Here are some tips on how to achieve it.
5. Why now? - at this slide, you have to answer the question “Why now is the right time to make this business?”.
Our presentation highlights the next things:
6. Competitors - show people how you are different from other products or companies.
Pay attention, investors and jury do not believe entrepreneurs who say that they are unique and no one else hasn’t done it before - it’s a very rare case.
Be very precise in what you are saying, it is better when you can say about the numbers:
7. Business model - this one should not be complicated. Just show people how will you be earning money. There is no need to show prices.
8. Go to market - the information that should be shown here depends on the current stage of the startup. As we had not had relevant traction we decided to put on the slide our plans for the first two years.
9. Investments - we separate our expenses on to parts (Marketing / Development). How to get an idea of how much money do you need for the first time, we need to write an additional article.
10. Team - here you have to show and say why your team can be successful.
Highlight things like this:
11. Close slide - say thanks to everyone and engage the audience with phrases like this:
Right after the pitch be ready that jury will be asking you questions. The source of questions are unpredictable so, try to prepare question at home before the pitch. In our case, we met 3 potential angel investors but unfortunately, we didn’t close a deal.
In this article, I tried to show a result of the full-time job of two founders who believe in what they are doing! Maybe exactly this article will be a reason to start your first startup.
Download WellSpeak right now and practice your English speaking skills with AI.