Phil Holberton knows how to make a pitch to an investor.
In 2008, as head of a Beverly biotech firm, he won the North of Boston Business Plan Competition sponsored by Salem State’s Enterprise Center. Today, as head of The Holberton Group in Danvers, he’s an executive coach and business adviser, drawing on more than two decades of experience in executive management experience for various companies.
He runs a local CEO workshop at the Enterprise Center at Salem State University and is the pitch coach for MassChallenge, a statewide business plan competition and startup accelerator.
We chatted recently about how to make a perfect pitch to investors.
The first tip is to know your audience. Why?
Because every audience is different and you need to tailor your pitch to the audience. ... Most people focus on what they know about their business. They don’t focus on what the audience needs.
What does the audience need?
There are a lot of things. Does the idea have intellectual property? ... Does it provide a cost reduction to something that is already done? ... At the same time ... you have to have an emotional connection to the audience. ... Most entrepreneurs sell their business plan on logic, but most investors make their decision on logic plus emotion.
How long should the investor pitch be?
Typically, the way things are structured ... you usually get a half-hour of pitch and there’s a half-hour of question and answer. I encourage presenters to keep the pitch to 15 minutes. You need to weave it all together. ... If you can prepare a presentation that is start-to-finish 15 minutes, you are doing fine.
You advise presenters not to make jokes to start a presentation, but doesn’t that cut against conventional wisdom on public speaking on how to warm up your audience?