Before writing your pitch Before writing your pitch you should: Watch these clips on “How to Win in the Den”. Watch previous pitches, good and bad. Consider how much money you really need (not want). Then consider the equity you are willing to give away (maximum and minimum amount).
Be visual It is important when you are pitching to be innovative so that you will stand out and show your creative side. Visualise your business from website screen shots to your product prototype. Take inspiration from Levi Root’s and Razzmatazz unique and memorable pitches in the den.
Your Valuation Your valuation needs to be realistic otherwise the Dragons will not take you seriously. You need to evaluate your business valuation on your current and projected sales Watch this episode to see how a poor evaluation goes down in the den.
Know your figures This is so important, you have to know ALL you current and projected sales figures. You will instantly lose credibility if you don’t know them. Practise them and have them memorised so when the Dragons ask for them, you will be ready.
Make sure the productworks This may seem like the most obvious thing but there have been pitches where the product demonstration has failed: The Knowledge Help Line Electric Egg Cooker If you are not confident it will work 100% of the time, you shouldn’t be pitching it in front of the dragons.
Do your research You need to know your own market inside and out from your customers to your competitors. They also want to understand why you need the investment from them and not an alternative finance option like invoice factoring. You should also research the dragons so that if you do get an offer, you know which dragon you want.
Practice Practice Practice Practice is of course so important. You only have 3 minutes to prove yourself and your business. Take the time to practice at home, at work and even in front of some strangers if you can. Also consider the questions they might answer as well as how to justify your weaknesses