How to Perfect Your Pitch | 7 Tips from Experts in the Health Tech Industry
We all know the drill: Venture capitalists, investors and potential partners from big companies have busy schedules. As an up and coming startup, you’ll often only get one shot to land your pitch and secure the next round of funding or a promising partnership.
Last week, we partnered with VentureLab for the annual Venture Leaders Life Sciences week. We invited a group of industry experts from the Greater Boston Area and asked them for feedback and insights on 10 Swiss Medtech and Biotech startups.
To help you land your next pitch in the US, we’ve consolidated some of the most common feedback in the rooms.
1. Don’t forget the human element
People invest in a team, not only in a product. Don’t be afraid to tell the story of your startup and the incredible people who are part of the journey.
2. Connect the dots and be specific
Be very precise on which problem you’re trying to solve and then show exactly how your technology, product or service solves this problem. Use storytelling to show the connection between problem and solution.
3. Focus. Don’t try to tell the whole story
Technologies and products in the Life Science industry are often incredibly complex. For your pitch, don’t try to list all the advantages of your startup. Focus on your main differentiating strengths and stick with them.
4. Know your competitors
This seems obvious, but make sure that you’re aware of your competitors, even if you’re pitching in a new market. VCs and investors often have a good overview of the startup ecosystem in their region and will ask you how your product or technology differs from existing products in the market. Make sure you can state your unique value relative to competitors.
5. Smaller studies, clearer proof
Especially in the Healthtech industry, investors want to see clear, comprehensive clinical proof of concept. Consider deeper, smaller studies with fewer people or studies on larger animals, not just rodents.
6. Consider FDA approval time
Long approval processes by the FDA (US Food and Drug Administration) can be seen as a risk by investors. Consider possibilities to shorten the FDA approval time for your technology or service to increase your chance to land investors.
7. Don’t beat around the bush
Be very precise and clear what you’ll need the money for. You’re asking for 15 Million US dollars? Make sure to justify this sum and show clear potential for growth.
A big thank you to Venturelab, the Worcester Polytechnic Institute for providing the location and our industry experts for carving out time of their busy schedules to support Swiss innovation.
- Samuel Murphy | VP and Head of International Business Development at Salubris Pharmaceuticals
- Shawn Ayube | Director of Life Lab at LabCentral
- Dr. Shinichiro Fuse | Managing Director at MPM Capital
- Mary Tolikas | Director of Operations at the Wyss Institute
- Barbara Finer | Serial Entrepreneur. Founder and CEO of QuiVivity
- Patrick Anquetil | Founder and CEO of Portal Instruments
- Robert Cunningham | Platform Development Director at the Wyss Institute
- David Jacobs | Director of Medical Devices at Boston Engineering
- John Fletcher | CEO of Fletcher Spaght
- Richard Anders | Co-Managing Director of Mass Medical Angels
4D Lifetec AG, Juvabis, Medyria, Pattern BioSciences, Positrigo, Resistell, Synendos Therapeutics AG, TOLREMO therapeutics AG, Scailyte AG and Volumina Medical.
Venture Lab, Hansjoerg Wyss, EPFL, ETH Zurich, Kellerhals Carrard, Paul Scherrer Institut PSI, Etat de Vaud, Ypsomed AG, Kanton Zürich.