Notable speakers at the event were:Mark Slade, Sola Amusan, Lanre Messan and other idea strategists.
So I attended Day 4 of the event, truly the event is power packed because less than 10 minutes of attendance, at a session moderated by Charles Ajiboye, I was made to understand how investors think and how you the business entrepreneur seeking to get their grants should act to achieve your aim. So here's what you need to do.
1. Prepare a minimal speech and deliver it in a short time: Say in 5 minutes, you should have presented an award winning speech. In pitching a business idea, You need not save the best for the last , the attention span of your listener is short, he has to process through other numerous ideas and sift through other applications. You are not the only one, So make yours stand out.
2. The tone and manner of delivery matters: You need to sound convincing, if picture slides, a short video will get your idea across faster, then use it. Be confident and self-assured.Talk to the investor , not at him, don't give him room to think or have second opinions , let him take in your pitch hook, line and sinker.
3. Be knowledgeable: Knowledge of your product, understanding of the target market triumphs over entrepreneurial passion every time.Have your statistics ready, know the finances involved at the start, during and at end of the project execution, your competition, market trends, . Dont ehm and Haw during an idea pitch, have all data stored and filed away in your brains.Be a moving encyclopedia of information about the business idea you are suppose to have.
4. Your business idea must have a value chain: Every human is selfish, ebven if you run a Non governmental organisation (NGO) or a non-profit organisation . Ask what the investor stand to gain? Money, publicity, social awareness. Give the potential investor considerable worth for his time, efforts and funds he is sinking into your project. If he invests N1000, he should get a return of at least N5000, if not, scrap the idea and think of another.
5. Have a successful business model: To have an effective business that will yield value and surpass one's expectations , the business must be scalable to conform to current market trends, functional, its survival not dependent on a sole individual. For example, Facebook, Rdm Africa operate and own few offices but have millions of dollars worth of investment, while some companies have numerous offices in worldwide locations, thousands of staff but less than thousands of dollars in profit, as expenses and running costs has eaten up the profit.
Before you make your next idea pitch seeking for millions of grants, Are you ready to make a killer presentation?
The Lagos Ideas week continues with a visit by the Lagos sate governor, Akinwumi Ambode, and other Nigerian celebrities.
Looking forswear to the Agricultural innovation series.