Pitching competitions offer a unique platform where startups stand to gain early exposure and attention from investors and the tech community.
Of course, bringing home the trophy is a bonus. But all participating startups are also winners in their own right. Hear about some successful case studies of Tech in Asia’s signature pitching competition below!
One pitch can lead to funding
Raising capital for your startup can be a time consuming nightmare. Instead of knocking door after door attempting to get investors’ buy-in, why not try a pitching competition? You get the amazing opportunity to be put on stage, directly in front of investors. Not one, not two, but multiple investors will be tuning in to your short 5 minute pitch. Nail it and you might just walk away with multiple term sheets!
After their Arena win at Tech in Asia Jakarta 2015, Manila-based U-Hop has closed seed investments worth a total of US$7.4 million and received more than 50 enquiries from VCs till date. Exploride, one of our Bangalore Arena finalists, recently received a term sheet for a US$1.5 million investment after being heard at our Bangalore conference. Tripadvisor’s recent investment in restaurant booking service Eatigo, first runner up at Tech in Asia Singapore 2015, brought their total amount raised post-Arena to US$15.5 million.
Build strategic partnerships
Startup or corporate, strategic relationships is one of the ingredients for any business’ success. The gathering of like-minded tech professionals at a pitch competition makes it an excellent avenue for every entrepreneur to build partnerships and their client base. Make a strong and memorable first impression with heavy hitters in the industry and they may provide useful introductions in the longer term which could open more doors for your business.
Arpit Jain, founder of Greedy Game, met a number of attendees and investors after the event to discuss further about his product. A Better Florist founder Steve Feiner also agreed that new relationships were formed and more business opportunities presented after the competition.
Extensive media exposure
Building an initial reputation for any business is often easier said than done. One of the best ways is to be featured in the media. Depending on the scale of the competition, local and perhaps national media sources will be covering the event. Viola – instant exposure to thousands of international tech-savvy early adopters! Getting your startup covered, or at least mentioned, can bring in more opportunities and be a massive boost for your business.
Eatigo, a restaurant booking startup’s success story, received global TV coverage from both Bloomberg TV and CNBC after their pitch at Tech in Asia Singapore 2015.
Receive expert feedback
Being the best doesn’t happen overnight. Top performing companies are constantly searching to make their best even better. And how you may ask? Garnering feedback. This simple strategy can increase a company’s odds of success. A short 5 minute pitch to a panel of industry specialists may expose a hole in your business that needs to be addressed. You’ll avoid heartache and the costly mistakes made out of naivety.
Agnes Peng, COO of Gliacloud, shared, “It was a great experience for us to show and tell our innovation and receive feedback directly from the audience and industry professionals.” She also added on that they received several investor inquiries after the pitch.
Original Article From: https://www.techinasia.com/why-your-startup-should-join-a-pitching-competition