I’ve been reading a lot of pitches lately, and many are obviously ill-fated. Here are some themes that would benefit most of them:
1) Cut the budget in half. Costs will be higher than expected, and returns will be lower than expected. Inflated numbers won’t fool anyone.
2) Plan the project in multiple phases. Then focus on phase 1 – it should make sense on its own.If it’s only value comes from the success of future phases, then that’s a problem.
3) If you can’t even explain it clearly, then what chance does it have of actually working? Simplify.
4) Money does not equal marketing does not equal success. There is often low correlation between each.
5) Time is not money. Spend the time, don’t spend the money. If your team doesn’t have the in-house capabilities, then it’s not the right team for the project.
6) Experience matters – but experience doesn’t matter. Past successes are great, but what’s even better is experience that will help with the current idea.
7) Think small – but be ready for success. How will the idea scale if it turns out to work?
8) How will it fail? How long will it take? How much will it cost? Will there be any salvageable value?