Since its founding more than a decade ago, Innovation Studio has offered free structure, spaces and education services to startups, small businesses, entrepreneurs and those just looking to learn more about starting their own venture in New England. Now with a chapter in Providence, Innovation Studio is hosting its first PITCH! Program and Competition for Rhode Islanders who want to launch their business to the masses.
The program, which is three weeks long and includes two educational deep-dive workshops — one on building a pitch deck and one on storytelling — is being offered free by the 501(c)(3) nonprofit. Participants will be paired with experienced pitchers for 1.2.1 mentoring over two weeks to practice their pitches. Following the workshop and mentoring pitchers present their pitches at the Innovation Studio Pitch Contest at the Westway Club in Providence on June 7.
Amy Erickson, director of RI Programs at Innovation Studio, said the contest has two tracks, one for tech/tech enabled businesses and another for non-tech businesses. Each track will have a first- and second-place winner, and judges will award one audience choice prize.
The judges for the Tech Track include Bob Chatham, Slater Technology Fund; Annette Tonti, RI Hub; and Kevin Wiant, LaunchPad. The Judges for the non-tech track are Karina Wood, Goldman Sachs 10KSB; Lanre Ajakayie, 25Bough; and Carmen Diaz, BankNewport.
This week, Erickson said she’s excited to hear from the myriad of companies that have applied. She also took some time out to give some advice for those folks who may be looking to pitch their own business.
RI Inno: What's the best advice you can give to first-timers as they approach a pitch competition like this?
Erickson: A lot of people think that because they aren't pursuing capital investment, that they don't need to learn how to pitch their business. This is not true! Everytime you talk about your business - whether it's with a friend, a potential client, or a bank for financing, you're pitching your business. Building a formal pitch for a pitch competition can help build confidence and provide clarity in your storytelling. It is important for everyone business person to learn to pitch
RI Inno: What are some interesting trends you’ve seen in the tech sector over the past year?
Erickson: I love to meet startups/founders that are tech or tech-enabled but led by non-technical subject matter experts. In Rhode Island, we have a fantastic startup that just finished our LAUNCH! Program led by a psychiatrist who noticed a need in her practice and decided that an app could best solve the problem. Now she's working through what the application should do and how it should work. Technical co-founders make great team members but when the product comes from someone outside the tech community, it can be a really amazing solution.
RI Inno: What are some common mistakes you tend to see in pitch competitions?
Erickson: Most of the time when people struggle to pitch in competition it comes down to a lack of preparation and not fully understanding the competition's objectives. It's why for our Pitch Program we don't just hold a pitch night. We provide comprehensive workshops and 1.2.1 mentoring/guidance for all pitchers over the course of several weeks. The participants are able to practice with experienced pitchers and really build a strong deck and story. Some competitors may never enter another pitch competition, others go on to pitch for potential investors or other organizations, but everyone leaves with a strong foundational pitch.
