Henry de Zoete and Will Hodson, co-founders of Look After My Bills, secured the best ever deal on the BBC show Dragons Den (equivalent to the US TV show Shark Tank). They received offers from all five investors on the show. They ended up selling just 3% of their business for £120,000 ($160,000 US).
The pair met at Bristol University. Look after my Bills, the firm they founded, will find the best gas and electricity deals and switches people automatically when their deal runs out.
Here are their ten tips when pitching for investment – as told to the i newspaper.
- Know your pitch off by heart.
- Speak slowly – ensure your points sink in.
- Own your numbers – don’t just memorise them. Know the story behind them.
- Project the big picture. Investors fall in love with your vision, not your gross margin.
- Be honest – no one expects your business to be perfect.
- Know the value that each investor can bring – they are all about adding value.
- Have a strategy because your opening offer will be rebuffed.
- Express gratitude for what you are offered, then ask for more.
- Don’t panic if one of the investors tells you you’re making the biggest mistake of your life.
- Always be prepared to walk away.
