The EIC Accelerator pitch interviews have become an essential part of the evaluation process for blended financing. Understanding the importance of commercialization and having a solid go-to-market strategy is crucial when facing a jury primarily composed of Venture Capitalists (VC) and angel investors. In this article, we will explore the steps to take before the interview and discuss how to facilitate a successful EIC Accelerator pitch interview.
🚧 Preparing for the Pitch
🧠Understanding the Restrictions
To excel in your EIC Accelerator pitch interview, it's important to be aware of the limitations involved. Here are the key restrictions you should consider:
- Limited Time: You have 10 minutes for the pitch and 30 minutes for questioning.
- Limited Attention: The jury has to review multiple interviews each day.
- Limited Knowledge: The jury may not be familiar with your project or proposal.
- Limited Responsibility: The jury's role is to assist the EU in rejecting excess projects, rather than investing their own money.
📘Learning from Past Pitches
Learning from the experiences of past beneficiaries can provide valuable insights and increase your chances of success. Consider the following strategies:
- Engage with Successful Beneficiaries: Reach out to recently funded companies and ask about their experiences. Customized information based on region or industry can be particularly helpful. Many companies are willing to share tips and answer questions.
- Seek Professional Guidance: Contact professional writers or consultancies specializing in the EIC Accelerator or VC-like pitch events. Even without hiring a writer, consulting with experts can help you prepare effectively. They can assist in addressing common questions, reasons for rejections, and other potential issues.
💪The Importance of Practice
Practice is often overlooked but essential to deliver a compelling pitch. Here's why it matters:
- Make it a Priority: Allocate dedicated time for pitch practice, ensuring it doesn't get overshadowed by other tasks.
- Simulate Real-Life Scenarios: Practice in a setting that replicates the actual interview, including live or remote audiences. Use a stopwatch and present the pitch from start to finish, including the 30 minutes of critical questioning.
- Seek Feedback: Gather feedback on your performance and refine your pitch accordingly.
🧑🏫Leveraging Open Pitch Sessions
Open pitch sessions can provide valuable opportunities for improvement and exposure. Consider the following approach:
- Structured Practice Schedule: Dedicate a two-week period to conduct regular practice calls with your management team. Alternate between full practice sessions and days dedicated to preparing supporting documents, researching relevant topics, and refining your scripts.
- Engage with Experts and Networks: If your company has affiliations with VCs, accelerators, startup networks, or industry mentors, leverage their expertise and seek their support. Their input can enhance your pitch and even open doors to potential future investments.
- Utilize Social Media Platforms: If confidentiality allows, present your pitch to a live audience on platforms like LinkedIn, Twitter, or Facebook. Encourage open questioning, enabling you to gain diverse perspectives and challenging inquiries.
By following these steps, you can effectively prepare for your EIC Accelerator pitch interview. Stay tuned for Part 2, where we'll delve into more strategies to maximize your chances of success.
📏Perfecting Your Pitch
✨The Basics
Ensure that your presenters speak fluent English and can understand questions, even with accents or quiet voices. They should be able to quickly grasp the jury's inquiries, avoiding confusion and unnecessary gestures.
⏲️The Day of the Pitch
Give your presenting team the time and space to prepare for the interview. Avoid scheduling operational tasks beforehand, so that the presenters can fully focus on the event. Here's what you should do on the day of the pitch:
- Early Team Meeting: Gather your entire team in the morning and focus on the big picture. Discuss the vision and key messages of your pitch. Avoid getting caught up in minute details that have already been clarified during the weeks of preparation. Emphasize clarity, simplicity, and persuasiveness in delivering your pitch.
Example: On slide number 2, our audience should understand the significance of market problem X and grasp the potential consequences for the EU if left unsolved. On slide 10, the jury must realize the strength of our commercial strategy through Y, showcasing our existing partnerships with Z1 and Z2.
By focusing on the key ideas you want to communicate on each slide, you can ensure a clear and impactful pitch.
- Handling Difficult Questions: Practicing difficult pitch questions is crucial for refining your answers during the EIC Accelerator interview. Keep the following in mind:
- Be Prepared: Practice with individuals who are unfamiliar with your project, as their questions will be unbiased and challenging.
- Quick and Precise Answers: Train yourself to respond rapidly, providing concise and accurate answers. Avoid lengthy explanations or requesting time to think. Aim for 10-second answers during preparation to simulate real-time pressure. Refinements can be made after the pitch practice sessions.
- Familiarize Yourself with the Application: If you outsourced the application writing or had it delegated, it's essential for the pitch presenters to thoroughly understand the application. Although the jury members may not have read the application, targeted questions from even one juror who is familiar with it can expose a lack of knowledge on your part. Revisit the entire application, memorize relevant numbers, strategies, and partners as part of your preparation.
- Balance Areas of Expertise: Carefully select presenters based on their roles in the company and their areas or levels of expertise. It is crucial to have a balanced team representing various aspects of your business, such as marketing, finance, sales, and engineering. Having a diverse set of presenters ensures comprehensive coverage of all relevant expertise and increases your credibility.
Conclusion:
To summarize, preparing for an EIC Accelerator pitch interview requires attention to detail and strategic planning. Consider the restrictions, learn from past pitches, prioritize practice, leverage open pitch sessions, and focus on the basics on the day of the pitch. Handle difficult questions confidently, familiarize yourself with the application, and assemble a well-balanced team of presenters. By following these steps, you can enhance your chances of delivering a successful pitch.
Below are the mistakes to avoid during your EIC Accelerator interview: https://www.abbaco.eu/blog/eic-accelerator-interview-key-insights-and-tips
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