How To Survive A 'Shark Tank': Investors' Advice

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The chance to pitch potential investors is one of the most stressful and important situations for an entrepreneur: An entrepreneur may only get one shot to speak to an investor, so it’s important to make it count, investors say.

Tim Wright, general partner with Needham, Mass.-based GrandBanks Capital, told CRNtv that the work starts before the actual meeting.

’Figure out who it is you’re pitching to,’ he recommended.

From then on, he said, ’it’s got to be really clear. If you get to the end of 15 minutes with me and I don’t know what we’re solving yet, you’re wasting our time because I’ve glazed over.’

Wright also said it’s essential for all team members to show their roles and voices during a pitch.

’If the CEO speaks over everyone else on the team, I’m out. I’m done,’ he said.

John Hession, a partner at Waltham, Mass.-based law firm Morse, Barnes-Brown & Pendleton who is highly active in the investment community, said actual sales strategies are ’overlooked’ in many entrepreneurs’ business plans.

’There are certain alarms that I see in business plans that just tell me right away [that] not a lot of thinking has been done about customer revenue inflow,’ he said.

PUBLISHED NOV. 16, 2015