Week 2: Strategies for a compelling business story & pitch
Mastering the art (and science) of storytelling as a founder
I remember the first time I pitched my business idea. It was to my mum and I remember her telling me, “This all sounds great, but what does it actually do?” That’s when I realised I had change my approach of talking about my business - drop the jargon, focus on the impact it drives, and most importantly, make sure anyone who hears it can understand what it actually does!
I’ve come a long way since then. From taking classes on storytelling, studying hundreds of pitches by all types of founders at Harvard, Wharton, UCL, and University of Washington, and repeating my pitch multiple times, I’ve learnt a tonne. Through all of this, I’ve discovered a pattern, a combination of science and art that can deliver the winning pitch, which I’d love to share with you today…
A great business story is a lot like your favourite movie - clear message, strong emotions, and memorable one-liners. The strategy behind it is simple: Firstly, understand your audience - their background, what makes them tick, and how can they connect with your identity. Then, answer pivotal questions about how your business serves them - what direct and indirect benefits does it deliver. And finally, build your story within what I call the 3M framework.
Let’s dissect the essence of the 3M concept - it summarises the 3 characteristics that I’ve seen most winning pitches fulfill.
Momentous: More than just information; creates a sense of excitement, a moment that captivates your audience.
Meaningful: Depth, purpose, and significance. Facts and figures are helpful but the humanising part of a story is extremely important for it to connect with your audience.
Memorable: Like a cherished melody, your business story should linger in the minds of your audience.
#tipoftheweek: Crafting your 3M business pitch
[Inspired by some of the best pitches I’ve seen and analysed]
Embrace Your Uniqueness: Every founder’s journey is distinctive, and you need to embrace it fully by sharing your experiences, challenges, and triumphs. Authenticity is not just appreciated; it is the heartbeat of a compelling story.
For example, I started Inspirele because I wanted to create a space for ALL women to have the courage of achieving their dreams as business owners. Growing up in a humble home, being discounted for my gender, race, and socioeconomic background is something that I’ve lived with. But now that I’ve achieved some of my dreams (completing my Harvard MBA, starting multiple businesses), Inspirele is my way of helping other women realise that they can fulfill their full potential, and do it their way!Start with the Why: Communicate the inspiration behind your business, and the impact it is looking to drive, allowing your purpose to form an emotional connection with your audience.
Define Problems and Solutions: Clearly articulate the problems your business addresses and emphasise your innovative solutions. Make it accessible, with simple language and imagery / characterisation as helpful. Sometimes, illustrating a ‘before and after’ situation helps as well, to show how your business solves problems.
Showcase Traction and Milestones: Highlight achievements, partnerships, and milestones your business has attained (if you have some already). These not only demonstrate progress but also validate your business model.
Practice, practice, practice Rehearse your pitch until it flows seamlessly. Practice in front of diverse audiences to receive varied feedback. The more comfortable and confident you become, the more convincing and compelling your pitch will be.
An Inspirational Business Story
One of my recent favourites is the pitch done by Rebel Girls who raised $8M in 2023 - they presented their business story in a presentation deck, and it ticks every aspect of the 3M framework. They tell a momentous, meaningful, and memorable story about solving the gender confidence gap.
Your prompt for the week
Feeling inspired? Take a moment to pen down your business story / pitch, starting with up to 10 bullet points on paper. Test it with people you trust, and get thei honest reactions.
Remember…your story is as important as your business idea. Embrace your narrative, nail your pitch, and let your passion illuminate every word. As a female founder, your journey is an inspiration – ensure your pitch reflects that brilliance.
Till we meet again next week,
-Nareen