IT Milk: entry

We met with a panel from Lion Launch Pad to pitch our business idea. If we qualify, we will either become a full member and get desk space at Lion Launch Pad, or we will become an associate member. An associate member has all the benefits of association with Lion Launch Pad (which is mainly about connecting with mentors) but without the office space.

Groups get 5 minutes for a pitch presentation followed by a 10 minute Q & A session. This is the first time I’ve tried to formally pitch an idea, and I thought we did a decent job at it. I prepared a powerpoint presentation that introduces the company and its members and explains our prospective product. Regretfully, I failed to prepare the financial and demand forecasts, and instead presented rough estimates with no concrete basis. One of the panel members drilled me into the ground for that.

The results will be announced after the winter break. But even if we do not make it into Lion Launch Pad, the pitch session was a great opportunity to brainstorm more ideas for our product. Our Q & A sessions went over 20 minutes where the panel members straightened a few things out and suggested some very good ideas.

Lion Launch Pad Scorecard

The following is a list of items that Lion Launch Pad used to score our pitch. I wish that I had this in my hands beforehand, but I will definitely refer back to this list for preparing future presentations.

• Clearly describe the target problem/pain or market need.
• Clearly and succinctly describe the product/service/new venture concept and how it meets the market need
• Answer questions related to IP (patents, trademarks, copyright, etc.).
• Does your business model have any legal or regulatory impediments (regulatory prohibitions, IP entanglements, product approvals, required licenses)?
• Present solid competitive analysis and competitive advantage.
• Know the size of the market along with solid knowledge about the market.
• Understand the barriers to entry and possible work-arounds.
• Explain a pricing strategy.
• Have reasonable idea of the likely CoGS, margins, and SG&A expenses.
• Explain a distribution method (if applicable)
• Answer this question: “Overall, how will the product/service make money.”
• Estimate how much investment and time is needed until either proof of concept or break even
• Can you develop the company and handle the risk associated with the venture?