Fiestah pitched at Silicon Alley Battlefield!
So it all started when we tried to contact a few meetup groups to see if we can help plan their next event for free. We needed users to test out the alpha site as we were building out more functionalities.
Andrew from New York Entrepreneurs Business Network responded and was intrigued with our startup. After having a conversation to explain more about what we did, he asked if we would like to be one of the 6 companies that would pitch to 5 VCS in their pitch competition. We were like yeaaah awesome but actually were very worried about getting eaten alive by VCs. If any of you have been to a pitch competition you would know what i mean. You have VCs/Angels sitting up front listening to you talk about your company for 2 -5 minutes and it is followed by some hard questions. Its a really great way for you to show how much you understand your company, target market, competitors and help you strengthen your presentation skills.
Fiestah’s first official pitch competition was at Startup Weekend. Since then, we have attended many pitch events such as NY Tech meetup (largest), ERA (free=awesome), Ultralight Startup and StartupFix so we knew how to prepare. We knew the sort of questions they would ask and we were right! It was mainly – what is your customer acquisition plan, how are you going to solve the chicken and egg problem, Scaleability, what are you going to do when the merchant or event planner tries to play the system etc etc. Most of the VCs looked really unhappy to be there and i can totally understand if their job is to hear pitches non stop.
We thought Stefanos pitched really well. He spoke confidently, slowly and really answered the questions well. Their main concern is that we are too early and do not have enough traction for them to get excited about. The rest of our fellow competitors have been working for over 2 years on their company.
All in all we had a great time and glad we did it. Once our Beta is up in the summer, we will be presenting at more pitch events and getting ready to answer all these hard questions.
Sign up at www.fiestah.com to get first access to our beta site.