Tip 50: Product overview. This is a big tip.
The single biggest mistake that presenters make during their pitch is devoting too much time to explaining their product.
Your “product overview” should be one slide out of 10, and should be at most 5 minutes of your allotted 15. Even that is probably too much.
Investors are, of course, interested in your product. But we are just as interested in your business model; how you are selling your product and how you make money; who else has a similar gadget; and (critically) how are we going to see a return on our investment.
Your product is like the participation grade for going to class. It’s an easy 10% of the grade – just show up! But at most it’s worth 10% of the grade – so there’s no point showing up when class isn’t meeting, because you can still only get 10% of an “A”
As an entrepreneur living and breathing your new product or service, it can be very difficult to step away. You can’t possibly hope to address all of the 257 amazing products features in five minutes – so don’t try. (And also remember that some of the amazing features are probably not that amazing outside of your head. A slick UX is not a differentiator.)
Instead, focus on the key characteristics of the product. And keep it to one slide.