1. Craft a compelling narrative

“Competing for startup funding was a defining moment in my journey as an online coffee-brewing entrepreneur. At a pivotal pitch competition, I had to showcase my unique methods of blending the perfect cup of coffee. The judges were fascinated with my ideas and overall concept; however, I did not secure the much-needed investment.

“My main takeaways from this experience were that clear and concise communication is key. Consumers are not interested in what you do, but how they would benefit from your product or services. So the lesson learned was to craft a compelling narrative, understand diverse perspectives, and keep on refining your pitch.

“My advice for aspiring entrepreneurs: Master the art of storytelling. Learn to articulate your brand’s vision, welcome all feedback, and never lose sight of your goals.”

—Alex Mastin, Home Grounds

2. Understand investor expectations

“When I was competing for funding, my main takeaway was that it’s not about the money. It’s about the people you meet and how you can use them to support your project.

“It’s important to remember that every investor wants something different from you, and by having a clear understanding of what an investor is looking for, you can frame your pitch in a way that meets their expectations. For example, if someone wants access to your market share, tell them about your customer base and how much of it you plan on growing over the next six months. If they want to see an ROI on their investment, share revenue projections with them so they can see how much money they could make off their investment.”

I also recommend creating a professional presentation deck that highlights your company’s mission statement as well as its key metrics, such as the total number of users or monthly revenue generated through advertising revenue streams on behalf of clients using our platform. This will help investors visualize what kind of impact investing in this business could have on their bottom line.”

—Paul Eidner, CarnoSport®

3. Highlight your unique selling proposition

“Having a unique selling proposition (USP) is essential when competing for startup funding. Your USP sets you apart from competitors and gives investors a reason to choose your startup over others. Be clear about what makes your product or service different and better, whether it’s an innovative feature, cost-effectiveness, or a new approach to a common problem. A strong USP can make your startup more memorable and appealing to potential investors.”

—Hardy Desai, Supple Digital

4. Showcase social responsibility

“Show investors how your business will contribute to a better world. Investors need to believe that a return on their money is viable, but when they have the option to choose between a forward-thinking, socially responsible business idea and model, and a business that values profits over social and ethical values, they’ll almost always choose the former. Show why what you’re creating will help people and build a better world, and you prove that your business will have real longevity.”

—Robert Kaskel, Checkr

5. Be realistic about your funding needs

“You have to be realistic about what you can get and what you need. A lot of startups think they need hundreds of thousands, or even millions of dollars, to succeed, but most people don’t have that kind of money lying around or even know where to find it. You should set your sights on something smaller than that—like maybe $50,000 or $100,000—and then try to make that work as best you can with what you have available at the time (funding or otherwise).”

—Arvin Khamseh, Sold Out NFTs

6. Thoroughly prepare and learn from feedback

“Competing for startup funding, such as in pitching competitions or investor meetings, varies in outcomes, from securing funds to facing rejection. Key takeaways include the importance of thorough preparation, understanding your audience, and delivering a clear, concise pitch. Viewing feedback as an opportunity for improvement and demonstrating persistence and adaptability are crucial.

“Advice for entrepreneurs includes knowing your business deeply, showcasing a strong team, demonstrating traction, effective networking, being transparent, having a specific funding request, and being ready for due diligence. Success in securing funding often hinges on preparation, the ability to learn from feedback, and persistence.”

—Scott Baradell, Idea Grove

7. Clearly articulate your value proposition

“Participating in startup funding competitions has proven instrumental in refining business strategies and securing crucial financial support. In a recent funding endeavor, our team navigated a rigorous evaluation process, showcasing the viability of our venture and its potential impact on the market. The outcome was not just financial backing, but also invaluable insights gained from scrutinizing our business model, honing our pitch, and addressing potential investor concerns. This experience reinforced the significance of a well-defined value proposition and a clear, scalable plan.

“The key takeaway lies in the ability to adapt and communicate effectively; concise articulation of the business’s unique value proposition is paramount. My advice to fellow entrepreneurs embarking on this journey is to meticulously align their vision with market needs, articulate a compelling narrative, and emphasize the scalability and sustainability of their venture. In the realm of startup funding, a strategic approach and a refined pitch are indispensable tools for success.”

—Kate Cherven, United Site Services

8. Build genuine relationships

“When I once competed for startup funding and didn’t succeed, the main takeaway was the crucial role of genuine connections in the startup ecosystem. Good meetups of businesspeople and entrepreneurs happen all the time; find them. It’s a harsh reality, but having an amazing company and a brilliant idea isn’t always enough—everyone’s got those.

“What truly matters is building genuine relationships. My advice for others is to focus on making actual connections. Meet people face-to-face and get introduced through reliable contacts. And while LinkedIn and other online platforms are helpful, there’s no substitute for personal interaction and networking.”

—Bhavik Sarkhedi, Content Whale

9. Demonstrate your passion and expertise

“My key piece of advice for those competing for startup money is to perfect your pitch. Your ability to succinctly and compellingly explain your business idea is crucial. Focus on what makes your startup unique, how it solves a problem, and your plan for profitability. Also, be prepared to clearly articulate your market research, target audience, and growth strategy. Remember, investors are looking for both a great idea and a capable team, so show your passion and expertise.”

—Rosie Langello, Book Vibe

10. Be resilient

“Competing for startup funding taught me the importance of resilience and adaptability. Be prepared to face challenges and setbacks along the way. Continuously refine your pitch and business strategy based on feedback. Seek strategic partnerships and collaborations to maximize growth opportunities. Stay focused, determined, and confident in your journey.”

—Gillian Perkins, Startup Society