How can entrepreneurs improve their pitch to achieve success?

Irfan Keshavjee, Founder & Director, Karibu Homes

It's not pitching the solution. It's pitching the story of the problem.

It's very hard to convey a problem if you can't explain to an investor what the person is going through.

John Waibochi, Co-founder & CEO, Virtual City

What is important in telling the story of our business is the why.

Understanding that both customers and investors want to hear the why it is what it is that you do, and not just what the products and features are of what it is that you do.

Rather than try and explain what it is that we do, we then have to say, let's explain why this is important. Let's talk about impacts, let's talk about efficiency, let's talk about corruption, let's talk about traceability.

You need to be able to pick one or several of those and be able to explain the why this is important.

A lot of it has been explaining the impact, what it is that we do, as opposed to what the core is of what it is that we do.

Chad Larson, Co-founder, M-Kopa, CEO Kopo Kopo Inc. 

Another thing I find really effective in pitching is being honest about the shortcomings of the model as it stands today, because the investors are likely going to figure out those shortcomings and you're going to do yourself a favor in terms of credibility if you raise them first.

“We recognize right now that that's a weakness of the business model.” Because a good investor is going to spot that.

If you've spotted it first and raised it to their attention, and then maybe thought about some solutions, all the better as far as credibility.

I think the worst pitches are the ones that basically smooth over and try to hide the weak points that a good investor is going to spot anyway, and all you're going to look like is you managed the information; where you shared all the good things and not the bad things.

Irfan Keshavjee, Founder & Director, Karibu Homes

Transparency, Accountability, Honesty

Transparency and accountability and honesty are the most critical thing in getting an investor to say, "Listen, I'm going to give a million dollars to these people in their pockets and trust that they're going to do the right thing."

No matter how compelling your story, if you are not a transparent, honest, trustworthy person, nothing is going to fly.

Key takeaways 

• Pitch the story of the problem and how it negatively impacts people, beyond just the solution

• Highlight why your business matters rather than just explaining what it does

• Be transparent about your model’s shortcomings; it raises credibility with investors