Why is it so challenging to get a big company to pay attention to your start-up company? Wouldn't it be be great if you have a leg up on the competition?
Keep in mind the herd mentality of big companies, meaning they will rely on the judgment of others. To be honest, the big companies are busy, have multiple pitches daily and are skeptical of what you are presenting. So, if you want the big companies to notice you, you’d better have something good to offer them.
You may find that it isn’t quite as challenging to get noticed if you have perfected your presentation.
According to presenter Tammy Hepps, founder of the story writing online website, Treelines.com, it is critical that you clearly define your product and make sure it is ready to present to a large company. Tailor your pitch to the company in the following ways:
- Prepare your company’s story. Rely on the fundamentals that make you a solid start up. Be succinct and precise in your presentation. Have an actual product or service that is ready for your client to see and use. Let them know how much funding you have. Who is on your team? What degrees and prior experience do your employees have? What is the current size of your team and your estimated growth plan? Present your financials to date.
- Know the company you are pitching to. Do your research. Understand the company’s strategy. Prior to your presentation, you should brainstorm specific ways your product can help this company.
- Know your competition. Be aware of similar companies. Articulate what you do differently and why you are better than your competitors.
- What is the company looking for? Let the interviewer lead this discussion. Know and quantify what tangible benefits you will provide to your client company. Introduce your “special sauce” that will benefit their company.
- Find someone internal to advocate for you. Find the right person within the company that is in the department where your product fits. If you cannot find the right person, you have to convince them with your pitch.
If you address each of the step suggested by Tammy Hepps, you can dramatically improve the chances of getting help from one of the “big boys” and go a long way with your new startup company.
The above article was a recap of a presentation given by Tammy Hepps at the recently held Innovator's Summit which was part of RootsTech 2016.
