Motivational speakers and life coaches love to tell us that if we can dream it, we can do it. But coming up with an initial idea for a product, service or business is only the start of the journey; try as you might, simply manifesting the cash to fund your startup just isn’t going to cut it.
What budding tycoons actually need to move them up to the next level is investors. Whether the money might come from a personal contact, venture capitalist, or angel investor, a stand-out marketing deck and killer pitch are required. It’s a tried and tested route that most businesses will have to engage in to achieve their potential.
To this end, the Westfield Grand Prix – run by the Westfield shopping centre group – is launching in the UK this year. The competition, which has been running in Europe for a number of years, invites entrepreneurs with a sustainable business concept to pitch their idea for a chance to win free retail space in one of the two London Westfield centres for up to 12 months. Winners will also receive a contribution to pay for design and fit-out, together with personalised guidance and financial support from design and retail experts, as well as in-centre advertising created by retail media agency Westfield Rise.
As with any investment process, the pitch will make or break your chances. So here are some top tips to help you wow the judges …
1 Research who you’re speaking to
Loretta De Feo was stumped when she couldn’t find a haircare product that was “healthy, that really worked, that smelt beautiful, that looked and felt great and that was accessible”, so in 2018, she launched the now award-winning hair and beauty brand Dizziak. Among her key investors is the pop star Dua Lipa. De Feo says that it’s important to do your research about who you’re targeting and be prepared: “See if you can find as much information as possible about who they’ve invested in before and their company and portfolio. There’s not always a lot of information out there, especially about venture capitalists, but do your best – know who you’re going into the meeting with.”
2 Test your pitch out on family or friends first
Vishal Patel and his brother-in-law, Sajag Patel, created and launched the premium drinks brand Sollasa in July 2022, which was an instant hit with foodies. Vishal says that they probably contacted about 100 investors with their deck, but adds that it’s best to practise your pitch on friends first: “Until you start getting it out there, you just don’t know which areas need to change, or need to improve. So initially, pitch more to family and friends, because in that first stage you will get a few things wrong, and they’ll be really good at telling you what’s wrong. You don’t want to do your first pitch to your number one investor choice, because it might not be 100%. Ours wasn’t! But to have trusted people give us feedback is invaluable.”
3 Set the scene, emotionally connect with your audience and back it up
“I’ve been a big fan of Dragons’ Den since I was very small,” says Vishal. “I remember an old teacher of mine once told me he couldn’t wait for the day he would see me on the programme. We didn’t go down that route in looking for investment, but what you will see on the programme is that all the best pitches have similar elements that make them successful. To me, that’s setting the scene, explaining to the investor what’s the consumer pain point, and what’s the solution that you’ve come up with. Try to emotionally pull them into your pitch and business, and then back this up with data and proof of concept.”
4 Don’t worry if you’re not a natural public speaker
“There are people who are amazing at public speaking, but I don’t think that’s my strongest point at all,” says De Feo. “But I want to work with investors who can see beyond that. I’ve always found it really superficial that people confuse articulation with intelligence, because that doesn’t make them smart or able to run things properly. I know people who might be a little awkward, or stumble when they’re speaking, but what they’re saying makes total sense. It’s something I work on but ultimately I need that person to be able to believe in me and not just think: ‘Oh, she’s great at speaking.’”
5 Be confident in talking about money
While we Brits might be notorious for being uncomfortable about discussing money, it’s best to tackle this head-on in the pitch. “Don’t be afraid or shy about talking about the numbers you need funds for in order to grow your business,” says Vishal. “Be really honest about the support you need, and give clear goals and outcomes. You’ve reached out to someone who you know is in the investment game, so if you’re not talking about numbers it would appear a bit odd. Be confident in what you’re doing, as it helps investors make decisions as to whether to back you or not.”
6 Be yourself, and make it personal
Vishal says: “Be yourself, be authentic. From what you’re wearing to how you talk, investors are investing in the founder, your beliefs and your values, and you shouldn’t hide from that. When you hear a lot of pitches, I think it comes across quite quickly whether someone is being genuine or not. The personal element – not just the professional – is so important, as ultimately you’re going to be spending a lot of time together, and you want to make sure you’ll get on well.”
7 Investment is a two-way street
De Feo and Vishal both agree on a final point. “If someone wants to invest in you; great,” says Vishal, “and if they don’t, then they’re probably not the right investor for you.” De Feo adds: “Speak from the heart and you can’t go wrong. If that doesn’t work, then they probably weren’t right for you.”
Applications for the Westfield Grand Prix in the UK are open from 22 May to 30 June 2023; complete a form and upload a presentation deck with your concept here. Finalists will face an online public vote to decide the People’s Award and will pitch to a judging panel that will decide the grand prix winner, to be announced in October 2023. The UK judging panel’s winner will then progress to the European final. See grandprix.westfield.com for more details.
