Pitch Competition Produces Takeaways for Founders
We were thrilled that our Fourth Annual Pitch Competition merged our NYC community with global supporters. The Pitch Competition took place in person for the first time while simultaneously being streamed online, reaching approximately 200 people.
Learn more about the event and the winners here. Watch the entire Competition here.
Knowledge is power, and empowered women empower women. So, building on our secrets from the 2021 Pitch Competition, here are takeaways from 2022.
It's Not You; It's Us. – This year, we received 158 applications from 30 states, up from 86 submissions in 2021. When the competition increases, every little detail is scrutinized. Sometimes a company is not the right mix for competition because it's too like last year's winner or there are too many brands from the same region. Rejection is tough, but sometimes it has nothing to do with your company.
Open Yourself to Feedback – Regina Trillo of Nemi Snacks won the 2022 Pitch Competition. Regina also applied to the 2021 Pitch Competition. Unfortunately, she was not named a finalist but scheduled a feedback session (available to all applicants). After implementing suggestions and reaching out to past winners, Regina made the finals and took home both the Grand Prize and Audience Choice.
Have a Plan – If you are seeking investors, or entering pitch competitions, have a clear plan on how you'll utilize the prize and its impact on your business.
Read the Criteria – Make sure your company meets the criteria for any investor, grant opportunity, or pitch competition. For example, our Competition requires companies to have sales and would not be the right fit for pre-revenue concepts.
Pitch Decks are Living Documents – New retail partner? Make sure your deck is updated. Secured an investor. Add it to your presentation. Set a monthly recurring calendar invite to remind you to update your pitch deck. Like your business, a deck is constantly evolving.
Bottom Line: Unfortunately, rejection is part of every entrepreneur's journey. Whether it is getting denied from a pitch competition or being turned down by a retailer, no one likes to hear no. Learning from your approach and continuing to put yourself out there is key. Every "no" will eventually lead to a "yes."