15 of the best application forms will be selected and those businesses / individuals will be invited to pitch their business idea to a panel of judges on the 14th December. The judging panel will be made of Sensi management and external Business professionals. The participants must convince the judges that their business is a strong viable idea with real potential and they have the ability to make it happen. Judges will be looking for:
1. 3 minute business pitch
2. 3 minutes of questions at the end from panel.
What is your product/service?
What is the problem you’re solving?
Who is this for? Who’s the target customer?
How are you going to market it? How are you going to sell it?
What makes this unique or defensible? Can I copy it? Does it stand out? Is it interesting in some way?
What’s the market opportunity? Can you see a clear way to go to market?
If you have made sales how much have you made in the last year. Break it down to monthly. Know how much profit this made. If you have not started trading give projected sales for the first year of trading (How much you think you will make in the first year). Make sure you can justify this and the figures are as realistic as possible.
Practice practice practice! Make sure your pitch fits within the 3 minute time allocation. Ask a friend to time you.
Pitches should be short and informative.
When dragons ask questions: “Take a deep breath. Only answer in one breath and stop talking,” says Scoble, noting that short answers will help the judge do his job better, as he’ll be able to probe with more questions.
Use props where relevant. For example bring samples of the product. If your business is food/drink let the judges taste it!
Boards with imagery such as logos / Any design concepts / sales graphs. These boards should convey thing simply and no more than 5. No power point slides.