Four ways social entrepreneurs can deliver winning SBIR pitches
Guest post by Merrie London, Connecticut Innovations
Recently, I was invited to visit ReSET’s LeanLaunch Pad for Impact in Hartford, a 16-week program that helps launch impact driven Connecticut start-ups. It was such a joy listening to the entrepreneurs’ stories. I met with CEO’s of startups who were inventing and reinventing businesses – all driven to promote social benefits. I was taken by their passion and desire to make the world a better place. These folks believe in themselves and I am convinced they will accomplish their goals.
But passion alone won’t make these companies successful. As with any business, there’s a need for capital. My expertise happens to be in federal Small Business Innovation Research (SBIR) grants, and I was invited to listen to pitches and provide actionable feedback so that hopefully, some of these companies could secure federal grants in the future.
During my visit, the group was learning how to build a “minimum viable product.” It’s a strategy fit for a group with limited capital. The idea is for a company to build a product with just core features so that it can get it out of the lab (so to speak) and into the hands of early adopters. These customers would then pay for the product and also provide valuable feedback. Frankly, the discussions were quite energizing. As I considered the essence of each startup’s core product, I began to think about pitches and audiences. How could these companies fine-tune their pitches to win federal SBIR grants? That’s when I came up with these tips:
- Practice makes perfect
I know you’ve heard this many times before, but it’s timeless advice. It’s hard for many people to speak publically, especially when asking for funding and support. If you practice your pitch over and over, you’ll have a much better shot at easing through it. As someone who’s seen a lot of pitches, it’s obvious to me when someone has practiced. They look more comfortable, sound more confident and are more effective with delivery. Don’t overlook this simple step! - Do your research
Knowing your potential audience is key. Take the time to research who they are and what their goals are. When pitching a federal agency here are some things to consider:What’s the federal agency’s funding mission? - What kind of research and development problems are they looking to have solved?
- Will they think your technology or product will have a significant impact?
- Deliver the four pillars of a good SBIR pitch
During your pitch, make sure you’re able to prove that:Your company has a wonderful innovation. - You find an agency that cares about your innovation.
- You can achieve your work plan goals.
- You have a management team capable of commercializing a breakthrough product.
- Be prepared to pitch at any time
Consider preparing pitches of varying lengths to keep in your back pocket. You never know when you’ll meet someone influential. Because you’ll likely already have a longer version of your pitch down, I’d recommend focusing on a pitch of just a few sentences. When you meet someone influential, first try and understand their needs. Then, as concisely as possible, explain how your technology can solve that problem or make their life easier. Avoid talking about features. Just focus on the individual’s needs.
If you have any questions about the federal SBIR program, our state SBIR matching program, or how to leverage other significant federal/industry funding please feel free to contact me.
Merrie London
Manager Connecticut SBIR and Federal Leveraging Programs
Connecticut Innovations
Merrie.london@ctinnovations.com
860-257-2894
Interested in watching Connecticut social entrepreneurs present their business’? Come to Flight Night! Hosted by reSET and Murtha Cullina on February 12 from 5:30 PM to 7:30 PM, at Connecticut Public Broadcast Network, 1049 Asylum Ave. Hartford, CT. Free parking, refreshments, and inspiration.
To learn more about reSET’s LeanLaunch Pad for Impact, attend an upcoming information session by clicking here. Applications are now open!
