Pitch battles are a great way for startups to gain attention and attract a room full of potential investors, future employees, and new customers – all in three fast-paced minutes on stage.
But… what if you have a complicated product that solves a problem most people aren't familiar with? Or what if you need a PhD to really understand the technology behind your solution?
Whether you have a financial platform that solves a common accounting problem or a product that pushes the boundaries of quantum mechanics, it can be extremely difficult to not only explain your approach in a short amount of time, but also to get people (especially judges) to care about it.
We spoke to TNW 2024 Startup Pitch Battle winner Barbara Bachus, COO and co-founder of Exomatter, to find out how she prepared for the big win and what advice she would give to future competitors who feel their product might be too complex to win a pitch battle.
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Companies are constantly evolving the way they manufacture their products. Whether it's making refrigerators more energy efficient or building faster, safer airplanes, research and development processes to find and develop new materials are still based on trial and error.
“That means they go into the lab and do thousands and thousands of experiments. It can take up to six years to develop just one material. That's a waste of chemicals and energy in the lab,” says Bachus, pointing out that 50% of a company's carbon footprint comes from material production and R&D.
The challenge of developing new materials was exacerbated during the pandemic as supply chain disruptions left companies scrambling to find new sources of raw materials. The move away from less sustainable polymers and other raw materials has increased the pressure to quickly find and develop new materials.
That's why Bachus and her team developed Exomatter, an AI-powered materials development platform that helps companies in the manufacturing, enterprise and chemical industries find better materials for their products faster.
“If you think about batteries, they rely on materials. If you think about how you can recycle a product, it relies on materials. All building materials that capture CO2 from the atmosphere rely on developing better materials. So materials are the key and core driver of all innovation and all environmental impact.”
While the Materials Challenge is an extremely important topic, Bachus admits it's “not the most exciting topic,” which is why she was so excited to have Exomatter in the spotlight as the winner of TNW 2024's Pitch Battle competition.
She shared her tips on how to captivate the audience and impress the jury on stage.
4 tips for pitching a complex product (and succeeding)
1. Put it in context
Consider: What is the impact of the challenge or problem you are facing? Can you put it into context by comparing it to something everyone can relate to?
Bachus began her pitch with the number 1060. That is the number of all the materials scientists can choose from, a number that is even larger than the number of stars in the sky.
Using this example, she was able to convey to even the non-technical audience the magnitude of the problem faced by R&D researchers.
2. Show proof of value to your beachhead market
Marc Wesselink, co-founder and general partner of VC firm Venturerock and one of the judges at the Pitch Battle, said what particularly impressed him about Bachus' pitch was the progress her startup had shown so far.
After her very brief introduction to the challenge, Bachus presented the company's achievements to date in a “summary” slide and mentioned in her speech the three most important achievements (out of six): acquiring three DAX and one MDAX companies as customers, growing the team from two to twelve members and achieving revenue of $650,000.
Bachus suggests narrowing the focus to three key factors that your audience will remember. And don't go into too much detail about the technology, but use keywords. For example, if your solution uses AI, mention that because it's a hot technology right now.
3. Choose the best speaker in your team
This may sound obvious, but many startups still believe they need to send their CEO or founder into battle. Even if someone knows your company inside and out and is a genius in the lab or on a laptop, that doesn't necessarily mean they can wow an audience. This is crucial because, as Bachus says:
“If you can’t hook people within the first 10 seconds, you’ve already lost the game.”
4. Talk to children
When you're so close to a product or industry, it can be difficult to recognize what information you take for granted or what industry jargon you use.
Whether it's your family or friends, make sure you're targeting different audiences who may not work in your field. Bachus suggests that children also make great audiences: “Try explaining your technology to children, because if they understand it, that's the right way to present it on stage.”
Getting the most out of TNW's Startup Pitch Battle
After winning the pitch battle, the Exomatter team was able to have some great conversations with investors from the Netherlands and abroad who noticed their booth on the exhibition floor and stopped by.
The team's next step will be to hire great people and expand their customer base to new markets. They are especially interested in hiring some great sales people who can introduce their platform to new customers.
Overall, says Bachus, she especially enjoyed the mood and atmosphere at TNW 2024:
“It felt like a big family during those two days and that was great.”
One piece of advice she would give future Pitch Battle participants is to use the TNW app. “I didn't try it because I was there on short notice, but I heard that other startups had a lot of meetings because they had already arranged them through the app before the conference.”
Think you're ready to compete in TNW 2025's Pitch Battle? Register here to secure your spot!
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