Yesterday afternoon, I participated as a judge in the Fairview business plan competition sponsored by the Center for Entrepreneurial Growth at Tech2020. You can find out more at Carly Harrington‘s Knox News article. First, I want to say congratulations to all the applicants and a special congratulations to the 1st and 2nd place winners– Orion Laboratories and NewCo (Josh Medical Kit). It’s very good to see the entrepreneurial spirit alive and well. Also, big kudos to Carly coming out to Pellissippi to write that story.

All compliments aside, I wanted to share some thoughts on the presentations and competition:

• First, you must know your presentation. Don’t use note cards, don’t read off the screen, don’t stumble around, and don’t be inconsistent. Your not pitching a business idea, your pitching your passion.
• Second, pitching your passion is NOT 15 slides on the technology or product. Passion is about solving a problem and making the world a better place. If your not solving a problem that makes the world a better place, rethink what you’re doing.
• Third, understand your value chain and isolate an opportunity on the value chain. In a 15 minute pitch, help your audience understand the value chain and where you fit. That sets up up to help the audience understand the end game economic impact of the opportunity.
• Fourth, do NOT oversell validations and the stage of development. You only get once chance to make a first impression. Overselling your validation (through management team, advisers, application of the product/service, etc) is an immediate deal killer. Pitch exactly where you are and where you want to be over some defined milestones. Investors know you need work.
• Fifth, don’t lose heart! Great entrepreneurs are coachable and are diligent. Take the feedback, revisit your plan and model, and keep pushing forward. There is a fire that all entrepreneurs are cast from. Make no mistake, yesterday wasn’t even a match compared to the inferno of start-up development, but it was a start.