Partner Sites


Logo BusinessBecause - The business school voice
mobile search icon

Why 90% of Harvard MBAs Mess-Up Their Start-Up Pitch

The investor pitch is a difficult one for entrepreneurial MBAs to master. Business school graduates and investors shed some light on your start-ups' chance of success at the judging panel.

Mon Feb 17 2014

BusinessBecause
The pitch: a process every MBA will be familiar with, whether on school assignments, trying to get investors to back your start-up idea or honing the skill with classmates during your lunch break.

It’s a tough culling process and can often make-or-break your start-up dreams. The reality is that investors get dozens of drub ideas and, even more likely, you have a great idea but your pitch fails to energize the judging panel.

Entrepreneurship is set to be a key career path for MBAs throughout 2014; recent reports have suggested that as many as 31 per cent of applicants want to start their own companies after graduating.

As AGSM MBA grad and entrepreneur Ramanan Krishnamoorthy puts it: “I eventually got sick of making money for somebody else. I thought, why not do something I’m passionate about?” His attitude is shared by many in the b-school community.

And there are many reasons why it’s a good idea to try and get crowd-funding and investor backing (not least because of the thousands you’ve just spent on an MBA degree): credibility, instant feedback and motivation – as well as the chance securing cash.

But where 90 per cent of some MBAs fail, says Jules Pier, founder and CEO of the product launch platform The Grommet, is taking ten minutes to get to “the point”. She goes to Harvard Business School twice a month to listen to eight different startup pitches from students and has to make snap decisions to invest.

However, some of these pitches are, well, disappointing. “The ones who come in raw and unpolished are at a disadvantage, even if they have a world-class idea,” says Jules in a blog post. “There is no substitute for being face-to-face to hone your story until it’s the shortest possible length with maximum clarity. Your goal is to invite the next level of questions by being clear, inspirational, and credible.”

She launched her start-up platform during the economic crisis of 2008 - when little funding could be found elsewhere. Since then, the company has been helping entrepreneurs and MBAs achieve start-up success for six years.

Jules says the pitch can be intimidating, but you’ll never have a better chance to get feedback from so many experienced entrepreneurs. “You would normally have to fly around the country and attend a dozen meetings to have access to the professionals who will be assembled in front of you, listening to you and holding your prototype in their hands,” she said.

You also shouldn’t pitch to friends and assume it will be a reliable test-run. “Pitching to people who are already in your corner is not real life. They already know your product story and they care too much about you,” she says. “A real pitch in front of judges simulates that rough and tumble reality.”

She says it is important to cut through the unnecessary detail to sell your product or service in just a few minutes. “It’s an exercise in discipline that will pay dividends. And most importantly, you’ll learn how to make that magic connection with a skeptical, judgmental audience – a stand-in for the consumer,” she said.

What’s more, by attending investor and crowd-funding events, you’ll gain credibility with investors whether you get backing or not. “To potential investors, your presence at top-level events signals that you’ve stood out from the pack and created something that’s worth taking a closer look at,” said Jules.

But it’s not all plain sailing. Even getting to the stage where you’re ready to pitch can be immensely difficult, says London Business School MBA Corrado Accardi. He secured a record £400K in crowd-funding for his pizza business – eventually. “I tried to look for investors for the initial business plan in 2010, but I lacked credibility because I came from the construction sector and I had to shelve the idea,” he says.

AGSM graduate Ram, who runs a consumer goods start-up in Australia, agrees. “I have faced many, many challenges. There were so many instances when the rational decision was to shut down and go home. But if it was meant to be easy, everyone would be doing it,” he says.

It can be daunting if you’re idea is rejected, but continuing to pitch to investors will energize you all over again, says Jules. “When you quit your job to work on your amazing idea, you were filled with excitement; 18 months later, you may well find your enthusiasm flagging,” she said.

“Putting yourself in front of an audience and a panel of judges will help you remember why you took the big risk in the first place.”

When Grenoble GSB MBA Oliver John Rivera had to pitch his insect-food idea to an incubator, he had to make a bit of an impression to stand-out. “I handed them a plate of insect sushi. It was a bit of a show and I made quite an impression. Sometimes a serious business presentation is not best way to go,” he says.

For Harvard MBAs to secure funding with The Grommet, it is all about condensing information. “Think of delivering the ‘preschool board book’ version of your story, with just big pictures, models, and words that provoke understanding and interest,” Jules added.

“If you engage people by being clear, simple, and you can inspire confidence in your ability to seize a big market, a lively dialogue with the panel is sure to follow.”

Other start-up funding platforms say that the people in your business team are more important than the pitch. Alexandre Sagakian, an ESSEC Business School MBA and serial entrepreneur who is a Director at Techstars, one of the best-known accelerators in the world, says it’s all about the team.

“Focusing on your team is the best thing you can do. Make sure you all complement each other and that your interests are aligned,” he told BusinessBecause. “I believe you should find the team before the product, and that may be counter-intuitive, but even if your idea doesn’t work, you can tweak it.”

Techstars provides seed funding from over 75 top venture capital firms and angel investors, and Alex hears pitches from London-based entrepreneurs on a regular basis.

He says that finding funding isn’t a problem if you’ve got a great product. But finding the right partners is equally as important. “You can alter the business model, but what you cannot do is alter the team,” he adds.

“You have to make investors have confidence in the team, and confidence that you will make the right business decisions.”

Student Reviews

ESSEC Business School

Student

Verified

5/12/2023

On Campus

The best intercultural university

There are more than 50 nationality in the grade, so there are opportunities to interact with people from all around the world. In terms of academics, the BBA course offers diverse courses for the 1st

Student

Verified

6/04/2022

On Campus

Creativity, adaptability and entrepreneurship

The Master in Management program at the ESSEC Business School allows the students to choose their courses accordingly to their preferences and their professional targets. We can also go through international exchange and take part in internships with companies that are also partners with the school. The school is also next to the city of Paris.

Prithwiraj

Verified

17/11/2021

On Campus

Top business school in France

Doing PhD in essec took some time, to be precise about five years. But the experience was very good and cost effective too. There are opportunities for the student for teaching assistantship and that helps both financially and in career. In the final year I could manage to teach marketing to M1 students and this helped shape my career

Student

Verified

30/10/2021

On Campus

Great college

The program is well suited for early professionals with an engineering degree preferably or a degree in economics. I would suggest taking the ceasure irrespective of the experience level as it helps you take your time to adjust to the job market.

Student

Verified

30/10/2021

Blended

Good school in France

I am currently enrolled in M2 in Essec business school. I am specialising in marketing management. The Grande Ecole programme is valued in France and my school ranks very high up. There are a lot of opportunities for internships and CDD.

Student

Verified

9/02/2020

The program curriculum

BBA program. The program is really practical and useful, provide us many international opportunities. Like internship and humanitarian experience, and the flexibility is also really cool, we can choose different campus and tracks as we want.

Véronique

Verified

11/12/2019

International Course

This school is very international and business oriented. Highly recognized by the companies The campus has been renovated and is very functional and modern from now on. Excellent atmosphere. Reputation of essec is a plus

kevin

Verified

11/11/2019

Friends, Career opportunities.

The program I did gave me the opportunity to start in Singapore. I got the chance to know all the students that started there and we bonded and made some friends for life. The career opportunities that ESSEC also gave me were unbelievable.

Student

Verified

25/09/2019

Practical and useful

I think the best thing about Essec is that it's not focusing on academics rather it emphasizes on future job mindset and professional experiences.. The classes are interesting and we have plenty of workshops attributing to different sectors.. The campus is very nice with a good cafe and wonderful library. The only problem is the location of the campus. It's quite far from Paris.

Kartik

Verified

14/02/2024

On Campus

Amazing experience! Must try

I think its a very amazing school with great and experienced faculty. Also the alumni network is very solid and useful. The school has a great balance of studies and work experience which is really essential for a student.

Ali

Verified

28/05/2024

On Campus

GBBA: Diverse, Enriching, and Career-Boosting

My experience at ESSEC Business School has been outstanding. The Global BBA program offers a rich academic curriculum and diverse learning opportunities. I appreciated the chance to study on different campuses, including an international exchange, which broadened my perspective. The social environment is culturally diverse and vibrant, enhancing both my personal and professional growth. The administration is attentive, constantly offering new academic and student life opportunities. The campus facilities and classrooms are excellent. I highly recommend ESSEC for its excellence, global exposure, and career opportunities.

Maximilien

Verified

5/06/2024

On Campus

ESSEC BS BBA REVIEW

The English track BBA program at ESSEC is simply exceptional. Courses are taught by internationally renowned professors who are experts in their field. The subjects taught cover a wide range of disciplines from marketing to finance, strategy and entrepreneurship. The English track is a major asset because it allows you to develop perfect mastery of professional English, essential in today's globalized business world. Some students love student life at Essec, which is one of the best in France, but it all depends on taste.

Clément

Verified

14/06/2024

On Campus

Great program, incredible school

I love almost everything about this school, from the student life to the academic program and the opportunities it provides. I'm currently at the Paris campus, in Cergy, and I'm really enjoying it. The BBA program is very rich and diversified, you can start with geopolitics and then finance, what I mean is that there's a great balance between the subjects in this program. I was also lucky enough to spend a semester at the Singapore campus, and I loved that experience on the other side of the world. ESSEC is also known for its dynamic and rich student life, with access to several parties a week and the various associations within the school. If I could recommend just one school, it would be this one - I'm 100% satisfied.

RECAPTHA :

12

82

58

fe