The Pitch: Entrepreneurism is alive and well
I recently had the privilege of joining Carl Hopkins and Jonathan Hick (who you might have seen on Channel Four’s Secret Millionaire) as judges for the North region heat of The Pitch 2010.
The Pitch 2010: North England heat
What is the Pitch?
The Pitch 2010, for which Sage is one of the sponsors, is in its third year and is Britain’s largest pitching competition. It is similar in style to Dragon’s Den and instead of pitching for an investment they are pitching for a chance to win a prize of business services worth £50,000.
It’s a tough competition with five finalists selected from regional heats and one people’s champion selected from an online public vote. The winner will be announced in November at The Business Factory event.
As a judge my goal was to understand and evaluate the business concepts, identify the opportunities and the threats as well as the business and presentation skills of the people pitching, searching for the best of the best.
The North Region Finalists
- Gaist – Utilises Microsoft Bing Maps and overlays this with information about transport infrastructure such as road works etc to enable organisations such as local councils and the fire service to collaborate real time.
- MyMall – A virtual shopping mall which enables you to experience all elements of online shopping in one place.
- Meltwater – A chocolate fondue which uses hot water allowing you to enjoy chocolate in a healthy way with the minimum of fuss.
- Acadreamia – An innovative service that enables university students to rent textbooks easily and affordably.
- Philip Porter Guitars – Hand built electric guitars to Phillip’s specifications which he believes will eliminate amplification feedback.
The entrepreneurial spirit is alive and well in the North
Throughout the event I was really impressed with the entrepreneurial spirit of the North Region; the presenters were passionate about their business and where they saw it would fit in the market. They talked us through their idea, where their business was now and where they saw the future.
The ultimate winner of the North Region was Gaist who impressed us all with their business acumen, an impressive track record and some existing and potential contracts which have been borne out of their past success.
With all of the businesses they had real areas of strength as well as areas where we could help with advice on other options to consider.
Advice to start-up businesses
1) Don’t restrict your market
If possible open your business to as many options as possible. For example with MeltWater initially their business concept was a healthier way to enjoy chocolate which may limit its appeal to people who want to be healthy. The product itself is also completely transportable so could also be marketed as a way to enjoy fondue on the move as part of a romantic picnic or whilst camping. By opening up the concept you widen the markets you can operate in.
2) Don’t underestimate the logistics of your venture
Whilst starting out and having a small client base it might be feasible to manage the operation yourself but once the business grows will that infrastructure still be appropriate? When you only have a few customers you may be able to purchase package and ship yourself, however when you have 100’s of customers you may need premises and staff all of which need to be built into your business plans.
3) Understand your customers
Who is your customer and what are they looking? Don’t only consider what product or service they need, but what sort of customer experience are they looking for? Customers will have a preference in how they interact and how they purchase. For example many will research on the internet but for certain products they will choose to buy in the store as they want the experience that brings. By understanding this and making it easy for customers to move seamlessly through channels you will widen your appeal.
4) You don’t need to be overwhelmed
Starting your own business and then running it successfully can feel like you are having to become an expert in a variety of fields from marketing to service, sales to finance and it can feel like you are on your own.
It doesn’t have to be like that. Take advantage of free advice and software on starting up and running your business. We have a range of free business white papers covering topics from starting your business to understanding your market. There’s also plenty of free software out there to help you get off the ground, such as:
- Sage Planning for business – free software that will help you plan and launch your new business
- Sage Invoicing – free invoicing software
Good luck!
I wish all you budding entrepreneurs out there the best of luck and would recommend you take up all the advice available. And of course, best of luck to all of the The Pitch’s finalists.
Kim Eyre, Sage’s Small Business Division
