Are you nursing a big idea for a startup? You have a dedicated team and a brilliant business plan, but the only thing that prevents your project from skyrocketing profitability is a lack of funds, isn’t it? The truth is that just having an idea isn’t enough for getting the project funded. It requires some purposeful endeavors in order to become noticed and considered for investment.
Your luck is that in this text you’ll find the core things that are expected to be done for resultive fundraising. And here you can discover even more useful information on how to pitch MVP in front of investors. So, let’s delve into the issue and put all the steps you need to do for getting the project funded in an actionable order.
What is a great pitch?
If you count on attracting money for growing your product, you need to tell the story about it in a way that will arouse the interest of fund-givers and make them write the bills.
The pitch is a short presentation where you have to transfer the core idea of the project and its values for customers. The better you can articulate why your business is worth investing in, the higher are the chances to get it funded.
How investors pick the projects and why MVP matters
Imagine an experienced gardener who is attending the fair where thousands of seeds from all over the world are represented.The truth is he will buy only ≈1% of the seeds for his garden. Only those that truly deserve putting resources into them (expertise, money, time and effort).
He’s targeting at selecting ones that promise a great harvest (profitability), resilience in terms of threats (risk management) and new opportunities for agriculture (business strategy). It isn’t simple to capture his attention if the firm that offers seeds isn’t famous and can’t provide a proven track of previous rewards in the industry. But the participants can be lucky if they can tell a catchy story, offer convincing data and demonstrate some samples of production that allow the buyers to assess its potential.
Making parallel with the process of onboarding investors, this is the step where MVP plays its key role. It lets investors see exactly what you’re intending to «grow» and understand whether your idea is worth the embodiment in terms of feasibility and profitability.
In the next part we will tell you how to prepare an MVP pitch. Pay attention: you do not only need to design it perfectly, but take care of finding the investors whose domain expertise resonates with your idea. Check their bio, read twitter and LinkedIn profile to make sure you’re going to pitch MVP to the right people. If their area of interests coincides with what you’re doing, the chances to get noticed double or triple.
What’s the structure of MVP pitch required?
So, you need perseverance, creativity and a bit of luck. Be active in networking, try to grow your ‘social capital.’ As for the intellectual capital, one of the best ways to demonstrate your skills is to organize a team and achieve results is to build an MVP.
To complete the task, you need to explore the market, find out your competitors’ strengths and weaknesses, to draw the portrait of your target audience and define in a few words the problem you’re intending to help solve. All information you’ll gather in the preliminary stage will serve you as a trustworthy basement for further work and project defense in debate with investors.
Trends, figures and other facts are necessary to convince investors that your product is based on real users’ needs and expectations.
As you are very limited in time, your MVP pitch should be very well-organized and concentrated in terms of information.
All the excessive features should be vaporized in order to leave only essential ones that provide the work of the application in an understandable way.
The deeper you know your target audience, the better you’re prepared for beating off questions. All the data you’ve collected for pitching MVP should be organized in a way that reflects the logic of your business. You can find the exact requirements on the website of the organization where you plan to search for financial support. As a rule, they expect several slides with the most essential info. For example, it should answer the questions:
- How much money do you need?
- What purposes will be reached with its help?
- What is your target audience, and why will they use your product?
- How will your project earn money?
- How much and when can you return funds plus interest to investors?
Read the requirements before MVP pitching in order to be prepared for any tricky requests.
What’s the better UI design for your MVP
Now when you know the rules of the game, you can enter it equipped as needed. Let’s focus on the features that empower you to promote your project successfully. First, articulate the idea of your project as simply and clearly as possible. The design of your MVP should reflect it in a better way. Try to select and implement only those features that are crucial for project workability. Avoid making your MVP too complex and superfunctional: too many features can distract attention from the core things and values and even get users confused. So, get rid of all the excessive functionality and polish the essential features in order to make them best in its class.
One of the rewarding decisions is to trust UI design to an expert agency. The professionals are able to compose all the information you need to present in a better way. Since your cherished aim isn’t to impress investors with outrageous designs, but to engage them in affairs, the key task to be solved is to transfer the main values of the product through visual means. For example, at Purrweb guys know how to make an idea sparkle with all its facets due to components of graphics. Bear in mind that the palette of tools: colors, fonts, illustrations and animations should be united with the main goal: to tell the story of your brand in a way that leads to investors’ generosity. And the actionable way to convince them to participate in your project is to explain through the MVP interface how delightful it can be to solve the definite problem. If all the elements are in the appropriate places and tailored masterfully, it will engage not only your potential customers, but professional investors too.
To sum up
As you see, there’s a way to drive home your desire to find financial support. Of course, it takes tangible endeavors. You need to do research, choose an IT agency, build a cute MVP and prepare for its defense. But there’s no such thing as lunch for free, you know: all cool achievements require time and effort. The positive side of this business fuss is to get real feedback from customers, first profit, better understanding of the market and, if you perseverant enough, investment for the further development.