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!