Introducing your startup to investors, commonly known as “pitching,” is a crucial aspect of the startup world. It helps companies bring their ideas to life or decide when to pivot.  Milda Vilčinskaitė, Startup Community Manager of the Startup Lithuania Division at Innovation Agency Lithuania, and Gintarė Košubienė, Product Manager at Micapass discuss what a good pitch should look like and what opportunities it can unlock. 

A key to every door? 

Ms Košubienė, Product Manager and one of the founders of Micapass, the Lithuanian startup developing an automated money laundering detection tool targeted at participants in decentralized crypto markets, already had an opportunity to experience the practical benefits of pitching to investors. In the Pitch Battle competition held at the Startup Fair. Adapt 2023 last autumn, the startup won the opportunity to receive an investment of EUR 70,000 and participate in the acceleration programme provided by Firstpick. 

“A startup shouldn’t miss a single opportunity to pitch their ideas to their target audience. First, it provides some feedback from professionals in different fields; second, it’s a real opportunity to find partners, investors, and potential clients. For example, winning the Pitch Battle competition at the Startup Fair. Adapt 2023 helped us draw a lot of attention to our startup, in particular, important contacts, opened many doors and gave us the confidence to keep moving forward,” says Ms Košubienė. 

Ms Vilčinskaitė, Startup Community Manager of Startup Lithuania Division at Innovation Agency Lithuania, agrees with Ms Košubienė, emphasising that a pitch is one of the best ways to present your product to investors and to get them interested, thus opening the way for further discussions on investment. 

“Various larger events often host competitions where startups can even win investments. A pitch to investors is also an opportunity to get feedback from venture capital funds, business angels, and partners. Their advice, insights, and questions can help identify the startup’s strengths and weaknesses, as well as areas needing improvement,” says Ms Vilčinskaitė. 

A show or a demanding work? 

Ms Vilčinskaitė notes that although at first glance a pitch may seem like a show where all you have to do is prepare a presentation and present your product in a convincing manner, it takes much more effort to succeed.  

“A good pitch is often the result of months or even years of work. To create a compelling pitch, a comprehensive analysis is necessary and the presentation must answer a number of important questions. What problem is your startup trying to solve and for whom? How are you going to make money? What are the growth projections for your startup and how big is the market? What have you already done and what have you achieved? What makes your solution better than competitor’s? Who is in your team and why do you believe you will succeed in developing this product? These are important questions and there are quite a lot of them.  When you are ready to answer these questions, it’s time to make your pitch,” shares Startup Community Manager.  

Ms. Vilčinskaitė also advises startups to articulate their innovation clearly and simply, and urges them not to hesitate to highlight their existing experience. 

“ Startups often discuss their technologies or processes in complex terms, but it’s important to remember that investors may not be as familiar with these details. Keep your explanations as simple as possible. Additionally, don’t hesitate to share information about yourselves. If you have experience in business, whether it was successful or not, be sure to mention it. Having prior experience is valuable as you can apply the lessons learned to your own startup.,” comments Ms Vilčinskaitė. 

 Ms. Košubienė, Product Manager at Micapass, also offers advice for startups preparing their pitch to investors. 

“It’s crucial to present your idea and team to as many people as possible and as early as possible,” advises Ms. Košubienė. “This approach can save a lot of time. If the idea isn’t the right fit, you can pivot to something new without wasting time. On the other hand, if it’s well-received, it provides a significant boost to propel you forward at a faster pace.” 

Startups will have an opportunity to pitch their ideas to a wide audience and potential investors at the Pitch Battle competition stage during the Startup Fair. Pulse 2024 event that will take place on 3rd of October. Registration is open until  2nd of September here.