(Video by Donte Kirby)
Philly startups, you are not a Silicon Valley unicorn but you can be a shiny pony.
Founder Institute (FI) is a startup launch program that in September is bringing their 13-week course to Philadelphia. The org has brought programming to Philadelphia before.
Their goal is to create an ecosystem that breeds startups led by entrepreneurs that have the skills and veteran support to execute on a million-dollar idea.
Philly native Brenden O’ Hara, managing director of FI, accompanied by fellow FI director Kat Klasnic, gave a six-hour crash course on pitching a startup during Philly Tech Week 2017 presented by Comcast.
A few major keys to nailing not only a pitch but building a startup:
- Stop worrying about people stealing your precious idea like Gollum.
“If your idea is any good you’ll have to shove it down people’s throats,” said O’ Hara. Being secretive prevents feedback. Feedback turns good ideas into great ideas. “What you value is execution over ideas.”
- An elevator pitch should never include “I’m looking to raise money.”
Asking for money makes people shutdown and that’s counterproductive to making a connection. “You are not trying to sell,” said O’ Hara.
- Be wary of false positive feedback about a startup idea.
“The opportunity cost [is] working on a business for a long time thinking people will pay for something when they really won’t,” said O’Hara. Failing fast and moving on beats failing slow.
- Remember the Madlibs approach to structuring a pitch.
We solve [X problem] by providing [Y advantages] to help [Z target audience] accomplish [Z’s goal].
- “To be in the entrepreneurial mindset, you must be slightly delusional in your head,” said O’ Hara.
Balancing irrational optimism with realistic objectivity is the tightrope every entrepreneur walks “because you have to believe you can do something most people don’t believe they can do.”-30-
South Jersey’s Wodify hops across the Delaware, moves HQ to Center City
Orai lands $2.3M seed round led by Comcast Ventures
Live Philly wants to liven up your weekend
Join the team at Odessa working to shake up the global leasing industry
This month in Technical.ly history: Remember when Venmo was a Philly startup?
These Philadelphia tech companies will make waves in 2019: Technical.ly realLIST
NextFab is seeing more out-of-state companies apply to its RAPID accelerator
How this Vistar Media software engineer succeeds on an ‘inclusive team’
Sign-up for daily news updates from Technical.ly Philadelphia