Hi CEOs!

It has been a Shark Tank kind of week here at She’s Her Own CEO®, as I had the opportunity to serve on two distinct judging panels as a “Shark.”

The popular TV show, Shark Tank, as well as the current-trend popularity of becoming his or her own boss, has sparked many real-life spin-offs of this type of competition game. “Shark Tanks” can be viewed in-action…everywhere from colleges to corporate leadership courses to home parties!

Speaking for myself as a former graduate student and as a corporate executive, I’ve been on both sides of the pitching equation. I have been both the pitch presenter representing my Fortune 100 corporate employer AND the “Shark” who has awarded seed/funding money to aspiring entrepreneurs.

But back to last week. Two Shark Tank sessions. Two days. Two distinct universities here in Atlanta, Georgia. To set the stage…not only is it Spring Graduation season, but it is also time for career decisions to be made. Awarding money to aspiring entrepreneurs is a task not taken lightly, and the funds awarded will no doubt help the winning entrepreneurs commence their business ventures with wind in their sails! As I have often talked about here on She’s Her Own CEO® and during TV segments, some graduates are ready to become entrepreneurs right after receiving their diplomas.

As a judge, my job was to listen to and evaluate each pitch (5 minutes each!), to ask pointed questions about the feasibility of the business concept presented, and to provide verbal and written feedback afterward. The specific dimensions for the judges’ rubric are listed below:

Judging Criteria

• Feasibility: Synergies, barriers to entry, sustainability as a going concern, IP protection, regulatory environment, scalability.
• Market: Clearly defined and sized market, solves a problem.
• Pitch (weighed x2): Strong, clear, professional presentation, effective flow, use of reliable financial and market data.
• Innovation: Creativity of idea and uniqueness of solution.
• Strategy: Clearly defined problem and business model with a unique value proposition.
• Capability: Skill set of management team, financial savvy, relevant qualifications to execute.
• Research: Thorough SWOT analysis, proper cost and revenue analysis and projections.

After judging more than 15 pitches over a 2-day time frame and providing feedback on the criteria listed above, I later reflected and summarized my comments into 3 themes:

 

 

Top 3 Success Tips for Shark Tank-Style Pitches

1. Credibility. Always present real content, thorough research, and good-faith future assumptions. If you have more than one person presenting the pitch in a team format, ensure that each speaker on the team has a content-driven role to play in the presentation. Having a member of your team act as the “hype man” or “hype woman” without providing much in the way of real content is a red flag to the judges that the pitch is not credible…or at minimum has major flaws in the assumptions presented. Also keep in mind that the allotted presentation time for the pitch is highly regulated, so don’t waste it on empty attempts at crowd engagement.

2. Preparedness. During your pitch rehearsals, ask trusted friends or advisors to quiz you with tough questions. Have them throw everything at you. Have them include all possible questions, including things such as, “Why are you not dressed in accordance with your fashion brand’s attributes?” Be sure to consult the judging guide if you are provided one by the proctor in advance. If you don’t receive a copy, be proactive. Consider all aspects of your proposal: innovation, strategy, regulations, pitch quality, innovation, and especially feasibility.

3. Honesty. During the live presentation, if you cannot honestly answer a question, be truthful with the judges. Instead of talking around the issue or providing misleading information, present what you DO know based on research. Tell the judges when you have not considered the angle or issue that they have raised. Most likely, the judges themselves are entrepreneurs. At least one on the panel will know something about your proposed industry. They know when your pro forma P&Ls are out of line and when your product and technology costs are understated. They can detect BS a mile away.

These college entrepreneurs are definitely to be commended! In addition to their normal studies, they were also preparing for their professional futures.

Have you participated in a Shark Tank-like competition? Subscribe to the blog, and let me know about your experience in the comments below!

 

xx Kathryn