What are the most common mistakes when pitching early-stage products?

1 Mistake 1: Not validating the problem

One of the biggest mistakes you can make when pitching an early-stage product is to assume that you know what the problem is and how to solve it. Without validating the problem with real users, you risk building something that nobody wants or needs. To avoid this mistake, you should conduct customer interviews, surveys, or experiments to understand the pain points, needs, and motivations of your target market. You should also define a clear problem statement that articulates who your customers are, what their problem is, and why it matters.

2 Mistake 2: Not showing traction

Another common mistake when pitching an early-stage product is to focus too much on the features, the technology, or the vision, and not enough on the traction. Traction is the evidence that your product is solving a real problem and creating value for your customers. It can be measured by metrics such as revenue, users, engagement, retention, or referrals. To avoid this mistake, you should show how your product has achieved or is on track to achieve traction, and how you plan to scale it. You should also highlight the feedback, testimonials, or case studies from your early adopters.

3 Mistake 3: Not differentiating from competitors

A third common mistake when pitching an early-stage product is to ignore or downplay the competition. Investors, customers, and partners want to know how your product is different from and better than the existing solutions in the market. If you don't have a clear competitive advantage, you risk being perceived as a copycat or a commodity. To avoid this mistake, you should conduct a thorough market research and identify the gaps, opportunities, and trends in your industry. You should also define a unique value proposition that showcases how your product delivers superior benefits, features, or experiences to your customers.

4 Mistake 4: Not knowing your numbers

A fourth common mistake when pitching an early-stage product is to be vague or unrealistic about your numbers. Numbers are the language of business, and they show how well you understand your market, your customers, and your finances. Investors, customers, and partners want to see how you quantify the size of the problem, the value of the solution, and the potential of the opportunity. They also want to see how you estimate your costs, revenues, margins, and growth. To avoid this mistake, you should do your homework and prepare a realistic and data-driven financial model that covers your assumptions, projections, and scenarios.

6 Mistake 6: Not asking for feedback

A sixth common mistake when pitching an early-stage product is to treat the pitch as a one-way communication, rather than a dialogue. A pitch is an opportunity to learn from your audience, whether they are investors, customers, or partners. By asking for feedback, you can gain valuable insights, suggestions, and objections that can help you improve your product, your pitch, or your strategy. To avoid this mistake, you should end your pitch with a clear and specific ask, such as a meeting, a demo, or a referral. You should also follow up with your audience and thank them for their time and input.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?