Below are three common mistakes entrepreneurs make before, during, and after a pitch meeting.
Mistake 1: Not doing your research
You need to know who you’re “in the room” with. You should look at their past investments and know if they have invested in companies like yours before. Doing you research can allow you to customize your presentation and make it much more attention grabbing.
Mistake 2: Being Too Defensive
Your startup is your baby so it can be hard to hear concerns that investors may have about investing in your company. But the best thing you can do is make a note of the concern (so you can see if it’s a recurring issue brought up by multiple investors), and try to understand the investor’s perspective.
Mistake 3: Not Following Up
If an investor rejects you with some kind of negative feedback, or fails to get back to you after 1 or 2 meetings, it is imperative that you follow up. If you received feedback from a potential investor that wasn’t interested at the moment, take their feedback, act on their recommendations, and then go back to them with your progress. Nothing can build trust with a potential investor more than showing you value their opinion and are able to quickly make changes to your models.