The Practice Pitch is an opportunity for every entrepreneur in track 1, 2, and 3 to get valuable feedback from an expert panel of business professionals, angel investors, and grant makers who each have more than 20+ combined years in the industry.
The Practice Pitch is not a formal investment or sponsorship pitch. It is used to help entrepreneurs prepare for a financial investment or sponsorship funding. It is not a guarantee of investment or sponsorship. It is a tool to support successful completion of Track 1, 2, or 3.
The purpose of the Practice Pitch is to provide feedback, guidance, and insight to help refine the business plan and adjust the business approach before project implementation. This is a required step to be completed as an outcome of Phase 1: 90-day Sprint. Entrepreneurs in the 90-day Sprint must complete a Practice Pitch before advancing on to Phase 2: Pace to Success.
Practice Pitch Process
A Practice Pitch Summary Report will be generated to provide quantitative and qualitative feedback about your business venture. The Entrepreneur and the Company will be rated in four categories:
- Leadership Potential
- Management Potential
- Business Elements
- Philanthropy Elements
The scores provide a snapshot of where each entrepreneur and company are following the practice pitch and shows a comparison between the practice pitch and potential investment or sponsorship readiness.
Entrepreneurs can focus their business decisions on the items that have been identified as areas for development and/or improvement. It is an opportunity to prepare and develop sound business infusion strategies, refine the business plan, build and activate the executive team, launch operations, and track and measure results to be ready for an investment or sponsorship funding opportunity at the end of phase two.
In addition to the items noted in your summary report, there are a few critical items every entrepreneur should focus on throughout Phase 2: Pace to Success, which include:
- Develop and grow your executive team
- Develop business capabilities for operations
- Define your unique selling proposition/niche
- Strengthen your position in your target market
- Market, sale, and generate revenue
- Plan and forecast for continued growth
- Develop and manage dual operations for the business
- Track and measure business, financial, and social impact results
The feedback provided by the expert review panel and the items noted above are critical to you and your company being ready for future investment opportunities at the end of the program.