Research shows that…
- 9 out of 10 startups fail in their very first year
- Most of them fail not because of a below-par product or service but rather because of lack of funds
They fail because they’re unable to convince investors about the merit of their product or service. In other words, they pitch their product poorly.
If you want to avoid the fate of 90% of startups, you must learn the dos and don’ts of pitching your startup to investors in Dubai and UAE.
3 Dos of pitching your startup in Dubai and UAE:
1. Make the first 60 seconds count
If you can engage investors in the first minute, there’s a good chance they might hand you a cheque.
How can you do that?
To engage investors, you must describe the 3 Ps in the first 60 seconds of pitching.
- Product – Tell them your product (or service), as well as why it is needed. In addition, share the revenue model.
- People – Inform investors about the key minds behind your company and why they are the most suitable people to run the company.
- Passion – The last ‘P’ is just as important as the other two. Unfortunately, many businessmen fail to convey their passion to the investors. If you’re not passionate about your business idea, why on earth someone else will invest money in it?
If your product is something that you can carry with you in the meeting room, do that. Let the investors see by their own eyes how great your product is. It is a simple strategy but it works like charm. You might not even need to give a presentation of your business if the investors happen to like your product.
3. Follow up with the investor It is very much possible that despite great pitching an investor might decide against funding your business. But that doesn’t mean you should stop following up with the investor. There’s always a chance that this investor might communicate your business idea to another investor, who might willingly write a cheque to you. It is also possible that the investor who turned you down initially might decide to back you later.
3 Don’ts of pitching your startup in Dubai and UAE:
1. Don’t come unprepared This goes without saying. If you don’t prepare your pitch, you are not likely to impress the investors. At the same time, don’t take it to the other extreme and appear like you’re reading from a script.
2. Don’t fear defending your business idea Many entrepreneurs in Dubai and UAE make the mistake of coming to the investor meeting with a lack of confidence. They are just not prepared to handle the expected conflict or contradictions which might happen between them and the investor.
However, in truth the conflict and contradiction with the investor is an extremely good think for the entrepreneur. It shows that the investor is actually interested in your business idea and therefore it is necessary that you handle any contradicting views well. You should make the best out of this opportunity by listening to the conflicting views and defending your product or service.
3. Don’t pitch to wrong investors Be sure you’re pitching to the right people, who not only value your product but also your concept and passion to realize your dream.
Need further help with your pitching?
Well, if you want to learn more about how to pitch your startup to investors in Dubai and UAE, just get in touch with our experts. They will be more than happy to help you.