FILE PHOTO / Courtesy, Flowfold Inc.
Devin McNeill is CEO and co-founder of Flowfold Inc., headquartered in Gorham.
Updated: June 27, 2022
The art of the pitch: Maine experts offer advice for those who want to swim with sharks
FILE PHOTO / Jim Neuger
Whitney and Ben Waxman, founders of American Roots Wear in Westbrook.
By William Hall
The sharks are out. If you’ve seen the network reality show “Shark Tank,” where entrepreneurs pitch their businesses to celebrity investors in hopes they’ll buy in, then you’ll understand: Maine is a prime habitat for competition-minded startups.
Over recent years, several businesses with Maine roots have made it to “Shark Tank.” But Maine has its own “tanks,” and there’s plenty of pay-off to these pitch-offs.
The contests range from “Greenlight Maine,” a statewide, made-for-TV competition that airs on Maine Public, to the Downeast Business Bootcamp Pitch-Off, for entrepreneurs in Hancock and Washington counties.
There are other pitch-offs too, including Top Gun, Big Gig and LaunchPad. Some are the culmination of a business accelerator or incubation program. Most offer cash prizes.
But the greatest value of Maine pitch-offs may simply be the experience of presenting your business in a highly competitive environment, similar to facing real-world investors.
To advise entrepreneurs who want to swim with the sharks, Mainebiz sought answers from a panel of experts who have each chalked up impressive records of pitch performance: Kate McAleer, founder of Rockland-based Bixby Chocolate; Devin McNeill, CEO and co-founder of Flowfold Inc., headquartered in Gorham; and Whitney and Ben Waxman, founders of American Roots Wear in Westbrook. Here’s what our experts had to say.
Mainebiz: What were the three greatest benefits your business received from participating in a pitch-off?
Kate McAleer: An increase in brand recognition, great advice from the judges on what to refocus on in a pitch, and meeting additional contacts.
Devin McNeill: Pitching forces you to have a well-thought-out and well-communicated plan.
Whitney Waxman: Exposure, practice for pitching to investors, and gaining an understanding of what people want to know about our business.
MB: What are the challenges, or perhaps unpleasant surprises, about pitching in these contests?
KM: The stress and prep work are time-consuming but worth the effort even if you do not win! Also, sometimes there can be negative feedback and that can be hard to process. In general, I look up to Tory Burch’s timeline advice — ‘negativity is noise’ — and just try to move on.
DM: You have to be realistic about how much time it takes to prepare and make sure it is the best use of your time.
Ben Waxman: You do need to invest a considerable amount of time in the process which can take away from day-to-day responsibilities. However, I found it worthwhile as it really helped gather information for other interactions we had outside of the competitions.
MB: How important are presentation skills in themselves to success?
KM: Very important. I would say time is key when it comes to your pitch. You want to make sure it is short and concise. You don’t want to focus on the heavy details; provide the most important information about your business and your plan.
DM: Very important, and presenting is hard. It takes a lot of practice, and for us, a few losses before we were able to find a way to win.
WW: I like to believe that competition judges understand not everyone has this skill and will take that into consideration. I also believe that being confident on stage or on camera is a tremendous attribute when pitching your business.
MB: How important is it to have a clever ‘gimmick’ in your pitch?
KM: I find that being on brand in some capacity during your pitch adds a nice touch, whether it’s showing your brand colors in your attire or showcasing your logo in a soft way like a tablecloth. I also gift my products to the judges and the competition staff as a way to say thank you.
DM: The most important pitch is an authentic one. All you need is passion and enthusiasm for your business.
BW: It certainly gains attention and creates a reason to remember you.
MB: What three pieces of advice would you give to an entrepreneur who wants to enter a pitch-off competition?
KM: First, know your business story and form it into a short, concise pitch. Second, do some research on the judges that will be a part of the pitch competition. Third, always have fun while partaking in these. You want the judges to see your excitement behind what you’re building.
DM: Study past winners. Try to re-engineer the traits of a winning pitch. Then apply what you’ve learned to your pitch.
WW: Invest the time into it. Be thoughtful about the process. Really know why you’re doing what you’re doing, and be passionate!
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