This December 2, 2021 release from the White House highlights that while the US federal government is the largest purchaser of goods and services in the world, less than 10 percent of those federal contracting dollars typically go to small disadvantaged businesses (SBDs). In addition, while women own roughly 20 percent of all US small businesses, less than 5 percent of federal contracting dollars go to women-owned small businesses. This press piece also shares information about a new set of reforms to the federal procurement process to help meet the current administration’s target of increasing the share of federal contracts to SDBs during Fiscal Year 2022 to 11 percent.
Kat Weaver completed the Women’s Entrepreneurship certificate program in early 2020 and just wrote in to tell us how much she learned and how it helped propel her to start her second company, Power To Pitch.Kat wanted to share some of her wisdom with the students in our program and we are so thankful that she graciously agreed to let us post her advice on our website. Kat states:
Are you making these pitch presentation mistakes?
If you’ve positioned yourself for an opportunity in front of an investor, retailer, or to pitch at a business competition you might only have one chance to make a lasting impression.
I’ve seen the same mistakes made over and over, essentially costing great business ideas and their owners, funding, partnerships, and opportunities.
My name is Kat and I’m the founder of Power to Pitch. I started my first business, Locker Lifestyle in college after being a victim of theft. I had no money to launch so I entered every pitch competition I could find, eventually winning all 22 of them.
After receiving hundreds of questions from individuals asking how I won six figures worth of equity-free funding, I founded Power To Pitch to help entrepreneurs build the confidence to pitch themselves to success.
Here are my top tips to get yourself ahead of the competition:
LEAD WITH YOUR STORY, WHY, OR INSPIRATION: I see most entrepreneurs lead with the explanation of their product or service which does not hook or emotionally connect with the audience. I coach every business owner I work with to start with their story. Whether it’s a grant judge, investor or retailer you’re looking to impress, think of the number of pitches they hear all day. What will stick out? Think – they’re investing in YOU as an individual before your business.
TALK COMPETITION. Most business owners are afraid to bring up their top competitors. Instead, think of this as an opportunity to put yourself ahead. I don’t recommend outright bashing who they are and what they do. Instead, talk about their core offerings, THEN lead into how you’re better. Be as specific as possible to showcase that you’re aware of the market you serve.
WHAT ARE YOU DOING WITH THE MONEY? One of the biggest mistakes I see is the lack of specificity when talking about the allocation of funding. If you’re pitching for a grant or to an investor, they will want to know EXACTLY what you need the money for and how it will be used. For example, if you’re applying for a $10k grant and you say “we need it for marketing, web development, and packaging”, you’ve already lost your audience. You need to be as specific as possible when describing your business needs. The more detail you can give, the more confidence they will have in you. Instead, say something along the lines of “we need $2,500 for ad spend in Facebook marketing to reach x demographic in x time with a goal ROAS of x. We need $5,400 to hire a developer to optimize the homepage and checkout of our website to optimize our sales funnel for x amount of customers driven to our site each month.” and so on.
There is no EXACT formula to writing a pitch, but by avoiding these mistakes, you are already ahead of the competition!
Many thanks to Kat for sharing her wisdom with us and allowing us to post it on our site. If you want to learn more about Kat and her pitch competition tips, head to www.powertopitch.com.
Bank of America, in partnership with Seneca Women, announced the launch of the Bank of America Access to Capital Directory. This platform was created to help educate women-owned businesses in the U.S. on navigating the capital landscape and identify potential sources of funding, such as equity, debt and grant capital. Click here to read the press release. Click here to access the directory.
Yael Vizel is the founder of the startup, Zeekit, which uses artificial intelligence to enable customers to try on clothes via a virtual platform. Vizel is also one of the only Israeli women to seal a nine-figure exit deal with an acquirer (in this case Walmart). This article shares a fascinating interview with her as she discusses the deal and also the ins and outs of being an entrepreneur.
Sallie Krawcheck, one of the highest-ranking women on Wall Street from positions at Bank of America and Citigroup, is the CEO of Ellevest, a digital financial company for women that she co-founded in 2014. In this interview with NPR’s “Marketplace” host Kai Ryssdal, she shared thoughts on what the COVID pandemic has specifically meant for women’s personal finances.
According to Krawcheck, “if pay is what you bring in, wealth is what you have and keep.” Prior to COVID, women’s wealth was approximately 32 cents to a white man’s dollar – and only one penny if only considering Black women. In this discussion, Krawcheck mentions how this has only become more severe during the pandemic and also shares strategies to close the gender wealth gap.
Essence recently published a piece with nine resources for black women entrepreneurs. They include grant opportunities, pitch competitions, and crownfunding platforms. Check out this article to learn more.
The US Chamber of Commerce has a helpful website that provides links to financial assistance programs, resources, and advice to help small business owners – which is particularly important as we continue to navigate the COVID pandemic. From national to state and local resources, the page is a great one to scroll through if you are a small business owner.
According to this recent post, the U.S. Small Business Administration (SBA) recently announced grant funding along with the launch of 20 new Women’s Business Centers (WBC) that will be opened across America. These new centers will serve rural, urban, and underserved communities. The move to open 20 new WBCs is the largest single expansion of the program since it began 30 years ago. Check out the post to read more about where the centers will be located as well as to access other resources from the SBA.
Click this link to access “Black Entrepreneurship: Overcoming Adversity and Staying Focused”. In this webinar, a panel of Black entrepreneurs in various stages of their startup journeys will share their experiences, the adversities they’ve overcome, and the resources and organizations that have provided them the support, connections, and opportunities they needed.
The panel was moderated by Marquita M. Qualls, Ph.D., Executive Director of Entrepreneurship Programs, The National GEM Consortium and the panelists included Shila Nieves Burney (Founder and Managing Partner, Zane Venture Fund), Hakim Weatherspoon (Associate Professor, Cornell University; and Co-founder and CEO, Exotanium) and Titus Calloway (Founder and CEO, BlackLaunch LLC and ReLo)
This webinar was coordinated by Black Entrepreneurs in Training (BET). BET is a Cornell program dedicated to inspiring, informing, and initiating the next wave of black student entrepreneurs and is supported by the Center for Regional Economic Advancement at Cornell University (CREA).
In honor of National Women’s Small Business Month, IFundWomen will be awarding six (6) $2,500 grants to idea stage entrepreneurs. Applications will be accepted through Saturday, October 31, 2020. For more information, click here
Tory Burch Foundation Fellows Program
The Tory Burch Foundation Fellows Program is accepting applications from now until November 12th, 2020. The Fellows Program is a one-year fellowship that offers mentorship in addition to a $5000 grant to use for additional business education. To learn more and access the application, click here.
