On day 2 of the Sprint, tensions are rising in preparation for the 1-minute pitches at the end of day, and - of course - the Sunday evening final presentation.
Participants are working hard, mentors by their side, to refine their work. However, in order to be rewarded on the long run you have to suffer in the moment being. And indeed, contestants are facing different challenges that they have to overcome quickly.
What are the odds that your specific idea has never occurred to anyone else, whether before or after you? The odds are slim. Therefore, it is crucial for participants to identify how their product or service stands out, and what added value it can provide to potential customers. Pinpointing market competition and surpassing it is one of the challenges that participants faced today.
Challenge 2: Shape Your Idea
Another challenge that participants have come up against is narrowing down a big vague idea into a concise one that can be pitched in a minute or less. Scaling down a complex business scheme into 10 slides for Sunday’s presentation has proven to be a tough task. Mentors have however intervened to help clarify and shape ideas scattered around participants’ minds.
Challenge 3: Team-Building
A collaborative and enthusiastic team is at the heart of a great idea; so, with no team at all or with a lack of diversity, how can one’s great idea turn into an amazing startup? Team-building is a challenge that participants are bound to encounter on their paths to success. Once the work process began, some participants found that they lacked expertise in a certain field in their team. This varies across the teams, from finance, to design, to marketing. Of course, mentors have fulfilled their roles of being the guiding voice of the teams and filling gaps according to their areas of expertise.
On day 2 of the Sprint, all participants had a chance to identify which field of expertise they lacked, and to have five 20-minute consecutive work sessions with mentors of their choice. From there on, pressure becomes higher, but challenges are overcome, one by one.
Practice is the key to perfecting any activity. After the short yet effective rotating work sessions, entrepreneur Tara Nehme delivered an hour-long pitch workshop. She used her expertise in public speaking to give participants tips and tricks to ‘pitch like a pro,’ as she has pitched her successful startup TickleMyBrain countless times during the past four years.
With her impeccable presentation skills, Tara Nehme encouraged participants to adopt a storytelling approach when pitching, pointing out the most important elements to highlight.
By the end of a fruitful day, our participants were finally given the opportunity to showcase a one-minute pitch of their startups.
Today’s pitch was brief, but it allowed the teams to evaluate their ongoing progress. Tomorrow, each team will have to reveal a four-minute well-structured pitch in front of our judges.