How to Optimize Pitch Deck Review Sessions and Lessons Learned from the Pros
A core value of the Enthuse Foundation is feedback. When Kim Lawton and Kristy Snyder started the Enthuse Foundation in 2018, they specifically stressed the importance of providing guidance to women founders, especially when they are not accepted for funding opportunities.
“While there are a growing number of organizations and incubators offering financing and mentorships to women-owned businesses, we found that few, if any, offered constructive feedback as to why a business wasn’t selected for their program,” they said in the first welcome letter. “We realized that it wasn’t what women entrepreneurs were saying, but perhaps, what they weren’t saying was preventing them from getting to the next round.”
This realization has been the North Star for the Enthuse Foundation since.
We are proud that every single Pitch Competition applicant receives the opportunity to receive tailored feedback on their pitch decks.
Numerous entrepreneurs have incorporated the feedback and have gone on to become finalists and winners of the Competition, including Regina Trillo of Nemi Snacks (2022 Grand Prize Winner), Drew Lederman of Resist Nutrition (2023 Audience Choice Winner), and Alexandra Baker of In the Kitchen with Alexandra (2023 finalist).
In 2023, 70 entrepreneurs took advantage of this opportunity. Since we are in the education business, here are a few themes that emerged from these conversations.
Editor’s note: For guidance on creating pitch decks from scratch, please watch a recording of our webinar “How to Create a Pitch Deck?”
AI is a Complement, Not a Replacement. We are all busy, and sending your AI assistant to a virtual meeting might save you time. However, if someone is taking their time to help your business, give them the courtesy of being present (even off camera). Meeting AI is an excellent tool for notetaking and recaps, but it is no substitute for YOU. If something comes up, canceling is better, which brings us to.
Canceling is Better than No Showing. Many investors, program operators, and professionals utilize calendar programming for quick coordination. Remember that once you’ve secured your spot, you’ve taken it away from someone else. Canceling or rescheduling the meeting on the same platform frees up that time for another person to secure it. Be a mindful entrepreneur.
Understand what the Selection Process is and Prepare Accordingly. When entrepreneurs apply to our Pitch Competition, they submit for a CHANCE to pitch on stage. The deck or application differs from what they will be using on stage. This is an important distinction. We reviewed 310 submissions in 10 business days without the luxury of the entrepreneurs walking us through their decks. It needed to stand independently (unlike a Pitch Competition when you verbally explain your business).
Speak to the Prize Offered, Not the General Want. The last slide of every pitch deck should be an ask. What are you looking for? If the application is for a specific competition or grant, mention the prize offered (for us, it’s $10,000 and 20 hours of in-kind admin services), not the goal raise amount ($2,000,000 seed round).
Feedback is a Suggestion. Do What Feels Right for You. A pitch deck is an evolving document. It changes daily. Often, many versions are tailored for specific investors, competitions, grants, and retailers. The more people see your deck, the more notes you’ll receive. Often, those points might contradict each other. You can’t please everyone. At the end of the day, this is YOUR business and your pitch deck. We give you permission to do what works best for you. And also to change something if it doesn’t.
Don’t Bash Your Competitors. State Facts. There’s room at the top for everyone. However, your value proposition should be clear. For example, suppose someone has money to only buy one type of non-alcoholic drink. Why should they choose yours versus a competitor? A competitive matrix helps clearly show your brand’s unique characteristics against another company. Sticking to facts vs. opinion (tastes better, crunchier, bold packaging) will make you look better.
Example:
Bottom line: Feedback can take time to come by. It is part of the Enthuse Foundation’s secret sauce and a differentiator. For an investor and Pitch Competition judge’s perspective, check out “How to Put Together a Winning Pitch?” as Eugene Khabensky, Vice President, Head of Global Ventures for Diageo, shares what qualities he looks for in a pitch.