Tip #91: Taking feedback

Tip 91: Taking feedback. Very often investors do not provide much feedback on your pitch. (Their goal is to make investments, not become pro bono pitch consultants.) But when you get feedback, act on it.

At VentureSouth, we (generally) do not spend much time helping potential pitches before the screening stage pitch, because we want to see how effective, knowledgeable, and prepared a presenter is without coaching. (But these 91-and-counting tips surely count.) We also don’t have the resources to help every entrepreneur with pitch improvement. (Try SCORE, SC SBDC, NC SBTDC, etc.)

Later in our process, though, for companies passed screening and moving into our “roadshow,” we will likely give you feedback on content, style, omissions, and some of these tips.

How you respond to that feedback reveals a lot to us. Do you take criticism gracefully? Do you execute on the suggestions? It takes quite a while to formulate constructive criticism and actionable suggestions on a pitch (especially if the first thought when looking at a slide is “what the heck?”).

If you ignore it, or say “great feedback – thanks” and then your next draft is barely distinguishable from the previous one, we know you are not going to be coachable or good partners for the next five years. We will find ways to convey this to our members.

So: solicit feedback; act on it.