In light of our upcoming pitch contest we thought that it would be great to get some perspective from somebody who’s had a lot of experience with pitch contests before. So this is a guest post by community member Christine Ho of Well of Change.

On to Christine…

So you are considering entering a pitch competition? Let’s say you clearly explain your business and cover the basics: management team credibility, problem, solution, target market, customers, marketing, business model (how you’ll make money), competitors, competitive advantage, demonstrated traction, funding amount and how will it be spent. Take it from somebody who’s been both a judge and participant in numerous pitch contests. Whether you win or not, there are many benefits of participating in a pitch competition:

1) Pitch competitions are a great exercise. They can open your eyes and may evolve your business. Good intentions are not enough in social entrepreneurship. By helping your own business make money first, you will be able to achieve your social mandate in a sustainable manner. By continuing to bring rigorous business metrics, we can make social enterprises even more successful.

2) Pitch competitions have many winners. After the pitch, you’ll have more contacts for mentors, peers and attendees in the audience. If you use the opportunity wisely, the competition can be a marketing platform. We received our first angel investment in the off hours after one of our competitions. Whether it is a 30 second elevator pitch or a 20 minute presentation, a pitch is such a short time to fully evaluate a company. So follow up with your contacts.

3) Remember, the judges are not your jury. A competition usually has a panel of expert judges that are required to pick a winner. Firstly, their expertise may be outside your sector. More importantly, what does any one panelist really know? The old story is that 9 out of 10 companies funded by venture capitalist fail. Even the experts gamble. Therefore the customer is the only real jury. So on your next pitch, look to demonstrate market traction with your customers.

In conclusion, beware of assuming post hoc ergo propter hoc*. Do not believe the winning company pitched well therefore they must have prepared a lot for the competition. They probably won because they demonstrated a good business and winning the pitch was simply a reflection of that. So if you are a serious entrepreneur, my advice is work on your business.

Christine Ho

Thanks to Anfernee Chansamooth and Kevin Tsoi for reading drafts of this.

*Post hoc ergo propter hoc is Latin for “after this, therefore because of this”

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Christine co-founded WellofChange.org, a marketplace that allows you to donate any item and service to raise money for your favourite charity. She is a role model for “StartSomethingWithAlesse.ca”, a national campaign that gives grants to motivate young Canadians to take action. An entrepreneur at heart, she also started C Ho & Associates, an events marketing business that’s been involved with the Toronto International Film Festival and Canada’s Walk of Fame.

She has been a guest speaker at the Rotman School of Management, Ryerson University, Schulich School of Business and George Brown College. Christine has a Bachelor of Business Administration (BBA) and Bachelor of Science in Computer Electronics (BSc) from Wilfrid Laurier University.

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Come check out YSEC’s pitch contest on Nov 25th as part of our Toast to Social Entrepeneurship celebration where we will be awarding two $1000 loans on the night. Click here for more info and RSVP.

YSEC is launching a video competition for the chance to win a free ticket to YSEC’s Re:Vision 2010 conference, the Social Entrepreneurship event of the year!

Click here now to enter, and be sure to let your friends know!