Last Thursday we had a Happy Hour at Cubo Itaú in São Paulo and, dear founders, life is a funny business indeed *gets philosophical*.
Our co-founders, Gina, Yuri, and Brian, GOT STUCK in one of the building's elevators for about 30 minutes.
The thing is they were not alone. No no no. A founder in the making was in the elevator with them. *Gasps*
And come on, Hector, what do you do if you see yourself in this scenario?
You start PITCHING, of course!
And so did this person, giving our founders an actual elevator pitch. (The literalism brings tears to our eyes.)
Regardless of how it went, this is the ultimate proof for everybody: you need to be prepared to pitch under ANY circumstances.
And so it happens that we have very insightful lessons on how to master your pitch 😎 – ideally not in a stuck elevator, that's just scary as f*ck.
Marcial González Fraga, Investor at Latitud, shared some insights gathered after witnessing +1,000 pitches for startup fundraising.
📌 Here we share those applicable to an elevator, in case you need them for your next networking event.
The very first message you need to communicate to VCs while you wait for the fireman is how big and serious the problem you're solving is.
Don't jump to your solution. Stress the problem you're solving and make sure that the investor gets it before you move forward.
VCs need a sizeable valuation when the startup exits. This will depend on a substantial addressable market, so they will only invest in you if they see a path to that.
Remember: don't tie a solution to the problem. This will give you the space to eventually pivot or expand your offering. Always connect what you're doing currently to a bigger ambition.
"If you pitch yourself and what you are doing only right now, it will seem a niche that's too limited," says Marcial.
What are the signals that make your startup the one that's ready for success?
The first signal can be the founders’ and the team's backgrounds. Other good signals are their skillset and the company's recent quantitative or qualitative achievements.
It's very important to find and communicate an area where you are in the top 1%. After the big problem in the big market and your ambition, signals are the next piece for a VC to consider whether you can be that fund returner or not.
👉 Another lesson Marcial shared is to work on your first impression – but we get that if you're stuck in an elevator having a panic attack, this is kinda negotiable.
Want to check lessons related to your deck or how to present your idea in a more comfortable space? Read all 8 of them on our blog. 👇
If you pass through our booth, maaaybe some angels can fall from the sky. Good thing we just taught you how to pitch the right way, huh? 💅
We are at Pavilion 3, stand 214 with our founders, team, and community. Come to connect, talk tech drama, discover how to incorporate the right way, and, most importantly, get yourself one of the cool temporary tattoos we've made for this occasion. 🤩
Pssst! We're almost running out of the "Girls wanna have funds" tattoo. Wonder why that is…
Can't make it this time? Then we can save some tattoos for the ACE Summit on May 12th. Yup, we'll be there too: we got booths for every fancy event of the season. 💃 *Bridgerton vibes*
(Hot on April 2023)
💪 Arriba, El Salvador!
Cubo, the Salvadoran app that helps small shops to accept card payments, recently raised US$ 3.5M in capital, making it BID Lab's first direct investment in a fintech in Central America.
Cheers to Gabriel and all the Cubo Pago team!
🏃 We are all nomads
Nomad surpassed 1.5 million clients and expects to triple its revenue. The fintech that offers dollar accounts to Brazilians also aims to reach financial equilibrium by the turn of the year.
Way to go, Lucas Vargas e Patrick Sigrist!
📗 Report to-go
McKinsey & Company have released the 4th edition of their LatAm Digital Report - Startup Study 2023. They have some nice insights on funding, product & growth strategy, profitability, and culture.
Sounds like a must-read to us!
🔎 Cohort in the making
This is not fresh news, but in case you missed it, Google for Startups Accelerator Latino Founders' program is already underway.
From April 17 to June 28, 15 U.S. and LatAm tech startups with at least one Latino founder will be participating in this cohort virtually. Go check who's in!
-> Every time one of your friends subscribes to our Newsletter, you get stuck in an elevator with the VC of your dreams ✨ So ask them to subscribe!