Pitchbot: A New Way to Practice Your Investor Pitch
A.I. dynamo Gigster released an immersive pitching tool called Pitchbot last week. Pitchbot acts as the college roommate that helps you practice for your job interviews—only Pitchbot aims to help aspiring entrepreneurs with their pitches. We recommend that entrepreneurs take advantage of this revolutionary tool.
Gigster CEO Roger Dickey commissioned Pitchbot with the goal of helping the startup community he thrives in—Gigster grew out of Y Combinator’s accelerator program and Dickey has “pitched and been pitched hundreds of times.” By basing questions and feedback off the blogs of 20 top investors (such as Y Combinator and Sequoia), Pitchbot’s lifelike artificial intelligence makes for a powerfully engaging and enlightening pitching tool.
Raising funds is a nerve-wracking, time-consuming, and difficult task (just ask anyone who’s gone through our accelerator program). Pitchbot can provide some guidance in a relaxed environment, helping you hone your pitch in the comfort of your home rather than in the offices of skeptical investors. With 4 separate bots (for angel investors, incubator programs, seed funds, and Venture Capitalist firms) that have 4 separate personalities, Pitchbot can help entrepreneurs narrow their search for investors based on the feedback from each bot.
Even more helpful, Pitchbot pinpoints both appealing and disconcerting aspects of the venture—whether it be a determined team, a lack of organic growth, or a well-timed entry into a shifting market. To top it all off, the service is free and only takes about 5 minutes to generate a ~10-page feedback form.
So Pitchbot is awesome, and we highly suggest using it to provide entrepreneurs with some guidance on pitching. But to help you make the most out of the tool, we suggest you use these guidelines:
- Practice your pitch ahead of time to have numbers ready for metrics like growth rate, market size, and % of returning customers
- Try running through Pitchbot with a time constraint. You will want to be able to answer questions without hesitation in investor meetings, so you better be able to do it in a stress-free environment with a bot
- Pay attention to the way the bot asks questions as well as the way the software forms your answers into sentences. The software does a fantastic job of embellishing your figures juuuust the right amount.
- Read through the feedback form. It provides numerous valuable insights from conversations with top investors.
- Hold onto the questions that the bot asks you. You should be able to answer any and all of these conversations when you go into investor meetings.
- Have a friend ask you Pitchbot’s questions face-to-face. This would be great practice for turning the figures into intriguing full sentences.
- Remember that it’s just a bot. Yes, it’s a smart bot, but don’t assume that a $15 Million valuation or a lack of an offer means that real investor meetings will play out the same way.
Want to learn more about Pitchbot? Check out their website.