THE PERFECT PITCH - PITCH NIGHT
A great pitch is a chance for entrepreneurs to showcase their businesses by illustrating the value and returns they can bring to investors while also showing the potential customer how their product or service can positively impact their lives.
TechTribe Community is a platform for entrepreneurs to thrive, and we provide them with opportunities to perfect their pitch. We hosted our first ever Pitch Night on Wednesday the 24th of March because practice makes perfect! It was fun, insightful and inspiring.
Following the pitching workshop, hosted in February, this was a great way for our members to put into practice what they had learned. The Pitch Night was an opportunity for innovative business founders to pitch their product or service offerings to a panel of experienced business mentors and a virtual audience of potential customers, partners and investors.
Two founders were selected to present their pitches:
The first was Elijah Djan, founder of Nubrix. In his words, “a private company that intends to introduce you to a new world. A world where we use waste differently, think unconventionally and build sustainably.” His business creates sustainable building materials from various recyclable sources such as wastepaper.
You can find them at:
Next was, Sibayeni Metrofarming - a climate-smart urban farming business, that seeks to reduce food security issues through innovation, technology and creating new solutions in production. These were opening remarks of founder and director, Samkelisiwe Chunda. Her business seeks to improve efficiencies in farming by manufacturing hydroponic systems that enable production with minimal land, saving 90% irrigation water and reducing production costs to the farmer.
You can find them at:
Our Mentors for the Night:
Thank you for your time and insights
Feedback Given by the Mentors:
‘If you would come to an investor and say, ”I’ve got so many orders, but I need to unlock them, give me some money,” they would love that!’ This is advice received by Nubrix, as Audrey meant to show him that his potential sales are a key point when pitching to investors for funding. Buntu added that to de-risk the business, margins are a key validation element. For example, in Elijah’s case, input costs before manufacturing should be compared to target pricing to indicate to the investors what potential profit there is.
When responding to Samkelisiwe’s pitch, Sueneil interrogated her team balance, market growth, customer success and financial management systems. He recommended that they consider roof top farming, particularly in urban centres and areas with high demand for usage of urban spaces in farming. Audrey added that finding one part of the business to focus on and become good at, will enable the scalability of her model instead of trying to scale three different parts of it at the same time.
Key Pointers to Think About for your Next Pitch:
Outlook of potential sales.
Your ‘A’ team – balanced and strong.
Customer success and traction.
Focus on a key product/service for a scalable business model.
Cost and pricing margins to show potential profits.
Impromptu 60 Second Pitches:
An opportunity was also given to a few brave entrepreneurs to present impromptu 60second pitches, to get instant feedback. “Rasheed was born ready!’’ were comments made by one of the mentors.
All in all, the TechTribe Community Pitch Night was a great success. It provided entrepreneurs with the opportunity to practice pitching their business to experienced mentors while also getting real-time feedback on how these pitches can be improved.
It also allowed other members of the community to test their metal on the spot by doing the same. It was great to see how the next generation of African entrepreneurs are making strides in various sectors and how they are taking steps to shape the landscape of African business.
We cannot wait to see some more great pitches in the next one!
Missed the TechTribe Community Pitch Night? You can watch it here:
You want to join the next one, but not a part of the TechTribe Community? Join now and be part of Africa’s leading innovation and entrepreneurship online ecosystem community.