In my opinion, my strongest point for the elevator pitch was my ability to adhere to the time limit. I was able to communicate everything that I thought would be needed in one minute. As for my venture pitch, I took on a reverse role and imagined what I would like to know as a potential investor. Through the reverse role, I believe that my venture pitch is detailed and comprehensible.
Creating a venture pitch is a totally new experience for me- I was completely out of my comfort zone. Especially with the elevator pitch, I was not sure if a video with voiceover or animated text would be more effective. In the end, the decision to have an animated text video was made based on what I was able to do with putting things together for a video. In addition, I found forecasting revenue is a tedious and difficult task when there is a lot to discover in addition to not having an obvious starting and ending point. I felt that my biggest challenge was with a critical section of my venture pitch- “Investing in Edmodo 2.0”. While I would have liked to paint a more solid picture on the numbers, I felt limited in my ability to realistically quote a number, especially without any financial or business knowledge. I also struggled with explaining the “whys” behind the need for that amount of money. After writing this assignment, I am more convinced that to start up a venture and stay in the business, it is essential to have a good working knowledge of finances and financial management. Still, I could be wrong and I am happy to be corrected! I also appreciated my peers' constructive feedback from the Venture Forum. It is helpful to have a fresh pair of eyes to look at this venture because otherwise it will be challenging to imagine areas to improve on in this pitch. In order to move forward with this venture, I should be rethinking about strategizing my business models and making this product more competitive to attract potential investors and buyers. I would have loved to tweak my pitch after reading the feedback but some of the suggestions on product differentiation such as adding isolated analytics and visual trends are completely new to me. I will be needing more than than a week to read up and tune up my pitch. |
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