Observations from an entrepreneurial pitch

Hope everyone had an exciting July 4th. Over the weekend, I had an opportunity to attend an entrepreneurial pitch event in Chicago. Now, there is a ton of credible material online on the proper mechanics and delivery of an elevator pitch, so I am not going to get into that here. What I will comment on here are common elements that I found missing in the pitches:

1. Rambling: Cut to the chase. Pin down a structure and stick to it. And, of course, practice, practice, and practice!

2. "I don't know": Nothing turns off investors quicker than an "I don't know" answer to an obvious question that an entrepreneur should know. For example, a technical term is utilized in a pitch and an investor requests a general clarification on that term. The entrepreneur's hands go up in the air accompanied with a "I am just the business guy; I don't know what that term means." (Actual quote from the event.)

3. Your "ask": Clearly enunciate your "ask". Are you seeking financing? If so, how much, what's the structure, and what do you hope to accomplish with it. Maybe you have money, but need management or advisory team members. Whatever the case, be specific and don't neglect the "ask" portion in the pitch.

4. Milestones: It's great to talk about the company, management, cool idea, and the focus market in your presentation. But what will make a presentation even more compelling is to highlight briefly the milestones you have achieved since the last round of funding or to date. Doing so conveys that there is a healthy development inertia, indicates a development strategy, and provides context to the "ask".

5. Accept feedback: Please do not argue or engage in a back and forth session with judges as they critique your pitch. To me, this conveys a lack of maturity on part of the entrepreneur; resistance to learning and change; and lack of coachability-- these are all attributes that are major dings to your company, even if the product/service concept is robust. No investor wants to put money into a company with a CEO or management team that will not be open to new ideas, advice, and business models.