The myth of the 60 second pitch
I can pitch you a 60 second idea, in fact I have a limitless universe of 60 second ideas. But nobody is investing in your idea after 60 seconds. And I have worse news, nobody is going to invest in you after your pitch at NextWeb, or Essential Web ’07 or any of the other favourite rites of passage for startups.
What investors are going to invest in is simple,
- Market opportunity: A big and growing market, without strong incumbents, where you’re company has an unfair advantage.
- Great Team: Stupidly off the scale technical brilliance will get you somewhere here, but is that you? Are you as smart as Sergey and Larry. No I didn’t think so, So great team means great engineering guy, great marketing, great sales guy and/or great “did it before” guy. Or some combination of the above.
- Style, Fashion, Vogue: Investors are herd animals, advertising, social networks and media sites are big at the moment. If you’re pitching something else, prepare to queue.
One minute pitches are the entrepreneur equivalent of shitting in a bottle. Very dificult to achieve and one you’ve done it nobody is interested in the results.