iQnite Bootcamp #2: Business Modeling and how to validate the idea and be investor ready
Bootcamp days - and what happened since Bootcamp #1?
Mid November, our case competition, iQnite, held it’s first bootcamp. 38 participants showed up with their ideas ready for a two-days bootcamp working on how to get from idea to value proposition. It was two intense days with a lot of coffee, workshops, pitches, learnings – and fun of course. After the first bootcamp, the iQnite team selected 9 teams for further participation in Bootcamp #2. And so, on December 3, the selected teams showed up in inQvation for the second bootcamp: a 1-day bootcamp focusing on business modeling and how to validate ideas and be investor ready.
In the second bootcamp, we took a closer look at the participants ideas, we defined the make-or-break experiments to figure out how the ideas can make it successful to market and be able to convince the panel of judges on pitch day, January 22. We talked about assumptions and experiments, because when you are early in the process and don’t have a running business yet, there is a lot of things you think you know but really don’t. And mistaking assumptions for knowledge can kill a project. Therefore, the participants got an introduction to a method called “Assumptions Mapping” – a method that is useful for replacing assumptions with data. Assumptions Mappings is a classic 2×2 matrix where you look at what you know (your data) and how important that is to succeed with your idea. You can use the method as an overview, an action list or as a clear sense of focus showing you what’s critically important.
What about Pitch Day and the expert panel?
On Pitch Day, January 22, the expert panelists will determine, based on the participants pitches, presented facts and the research they have done, which idea has most legs. In other words, the expert panel will crown the winner of iQnite.
We’ve put together a high-profile panel with experience within climate change, policy making, design, product, entrepreneurship – you name it. They all know a business idea with the most potential for real impact, when they see it. Our expert panelists are:
Mikal Halstrup, Founder of Designit, an international Danish design company which have won lots of accolades and awards for groundbreaking designs. Mikal is an experienced entrepreneur currently exploring new ventures.
Simon Goldschmidt, Chief Commercial Officer at ORBITAL SYSTEMS, a startup pioneer in recycling and saving of domestic water. Simon is a seasoned entrepreneur and has lived the entrepreneurial life for years.
Louise Lerche-Gredal, Plastic Changer and Commandress-in-Chief at Plastic Change, a Danish NGO working to help reduce the unnecessary use of plastic. The organization has already made a significant impact with their initiatives.
Eric-Alan Rapp, Partner in Vækstfonden Venture. His focus is on sourcing and investing in high-potential companies operating in sectors related to Food and Impact / Sustainability, ideally with a strong technology angle.
Claus Zibrandtsen, inQvation CEO. He has led several seed and venture investments in Danish and foreign startups such as Goodiebox ApS, Cortrium ApS, and Tailor Shaped ApS (Son of a Tailor).
All of the participants who made it to the second bootcamp are going to pitch their ideas to the panelists on Pitch Day. But pitching an idea isn’t as easy as it may sound. A good pitch requires preparation – and lots of it. And that’s exactly what all the participants worked on at the second bootcamp. But how to prepare for a killer-pitch? In collaboration with the mastermind behind iQnite, Mads Vad Kristensen, we’ve made a how-to-prepare-for-a-killer-pitch-guide.
Seven things you need to know in order to prepare for a killer pitch!
A great pitch makes your idea and business shine – but how to prepare for this great killer pitch? We’ve made a quick seven-steps guide for that – Let’s go!
Step 1: Define your goal
To make a great pitch, you need to know what your final goal with the pitch is. What is your purpose?
Step 2: Get to know your pitching audience
It may sound banal, but it’s nevertheless an important step when preparing for a great pitch. You can compare it to a job interview – you don’t go without researching, do you?The internet is your friend! Do your research, get to know everything about the people you’re going to pitch to: What have they invested in earlier, what makes them tick, what are their interests etc.
Step 3: Tell your story
Now you know almost everything about your audience, right? So what’s next? Get them on the hook. It’s important that you relate to your audience and what they respond to – they’re important, because you need something from them. Therefore, it’s necessary to create empathy for the problem. Finish this sentence “Have you ever experienced xxx?”. Don’t leave anyone feeling unable to relate.
Step 4: A credible solution
Understanding the problem is one thing – convincing people that you have the solution is another one. If this is a nail, what is your hammer? Be specific, ‘dumb it down’.
Step 5: Get people excited about the opportunity
Numbers, numbers, numbers. They matter! Is it a problem worth solving? Why? The audience need to see themselves as helping to solve it.
Step 6: Show that you’ve got what it takes
Okay, so if it is a problem worth solving, why will you succeed and what makes you stand out? It’s important that you’re specific! Act a salesman and sell yourself! Be proud, (a little) bold and daring.
Step 7: What do you want?
If you want something, make it clear! What do you need from your audience? Be specific and tailor your pitch around getting that.
We hope you find our how-to-prepare-for-a-killer-pitch guide useful. Next up is the final Pitch Day, January 22. We’re looking forward to seeing our participants pitching in front of our expert panelists – and we can’t wait to see who will be the great winner of iQnite!