Pitch battles are a great way for startups to gain exposure and attract a room full of potential investors, future employees, and new customers, all in a quick-fire three minutes on-stage.
But… what if you have a complicated product that solves a problem that’s unfamiliar to most of the audience? Or what if you need a PhD to actually understand the technology behind your solution?
Whether you have a finance platform that disrupts a common accounting woe or a product that pushes the boundaries of quantum mechanics, it can be extremely difficult, not only to explain your approach in a condensed time period but to actually make people (especially judges) care about it.
We spoke with the winner of TNW 2024’s Startup Pitch Battle, Barbara Bachus, COO and co-founder of Exomatter, to find out how she prepared for the big win and what advice she would give future competitors who feel their product may be too complex to win a pitch battle.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
Being the platform behind great inventions
Enterprises are continuously evolving how their products are made. Whether it’s finding ways to make refrigerators more energy-efficient or building faster, safer aeroplanes, R&D processes to find and develop new materials are still based on trial and error.
“So that means they’re going into the lab and doing thousands and thousands of experiments. It can take up to six years to develop just one material. This is a waste of chemicals and energy in the lab,” Bachus says, pointing out that 50% of a company’s carbon footprint comes from materials production and R&D.
The challenge to develop new materials became exacerbated during the pandemic when supply chain disruptions sent businesses scrambling to find new inputs for materials. The move away from less sustainable polymers and other inputs has also put pressure to find and develop new materials fast.
That’s why Bachus and her team created Exomatter, an AI-powered material development platform that helps companies in the manufacturing, enterprise, and chemical industries find better materials for their products faster.
“If you think about batteries, they rely on materials. If you’re thinking about how you can recycle some product, it relies on materials. All the building materials that capture CO2 from the atmosphere rely on finding better materials. So materials are the key and core driver of all innovation out there and all environmental impact.”
Although the materials challenge is an extremely important issue, Bachus admits that “it’s not the sexiest topic,” which is why she was so excited to have Exomatter in the spotlight as the winner of TNW 2024’s Pitch Battle competition.
She shared her tips for capturing audiences and impressing judges on stage.
4 tips for pitching a complex product (and winning)
1. Put it into context
Consider: What’s the impact of the challenge or problem you’re facing? Can you put it into context by comparing it to something everyone can relate to?
Bachus started her pitch with the number ten to the power of 60, this is the number of all the possible materials out there for scientists to choose from, a number that’s even greater than the number of stars in the sky.
By using this example, she was able to illustrate the size of the problem R&D researchers face, even to non-technical members of the audience.
2. Show Proof of Value towards your beachhead market
Marc Wesselink, Co-founder & General Partner at VC firm Venturerock, and one of the judges at the Pitch Battle shared that what really impressed him about Bachus’ pitch was the progress their startup has shown so far.
After her very quick introduction to the challenge, Bachus had an ‘Executive Summary’ slide sharing what the company had achieved so far and she verbally mentioned the three most important achievements (out of six) in her speech: acquiring 3 DAX and 1 MDAX companies as clients, growing from two to 12 team members, and closing 650k in revenue.
Bachus suggests narrowing your focus down to three important factors your audience will remember. And don’t go too deep into the technology, but do use keywords. For example, if your solution leverages AI, mention that because it’s a hot technology right now.
3. Choose the best speaker on your team
This may sound obvious but many startups still believe they have to send their CEO or a founder into battle. Even if someone knows your company inside and out and is a genius in the lab or behind a laptop, it doesn’t necessarily mean they’ll be skilled at wowing an audience. This is key because, as Bachus says:
“If you can’t hook people within the first 10 seconds, you’ve already lost the game.”
4. Pitch to kids
When you’re so close to a product or industry, it can be difficult to realise what information you take for granted or what industry jargon you’re using.
Whether it’s your family or friends, make sure to pitch to different audiences who may not be working in your field. Bachus suggests that kids also make for a great audience, “try to explain your technology to kids because, if they get it, then that’s the right way to present it on stage.”
Getting the most out of TNW’s Startup Pitch Battle
After winning the pitch battle, the Exomatter team had some great conversations with investors, both from the Netherlands and abroad, who reached out and stopped by their booth on the expo floor.
The team’s next step will be to focus on hiring great people and expanding their customer base into new markets. They’re particularly interested in hiring some great salespeople who can pitch their platform to new customers.
Overall, Bachus says what she enjoyed most about TNW 2024 was the spirit and atmosphere:
“It felt kind of like a huge family in those two days and that was amazing.”
One piece of advice she would share with future pitch battle competitors is to take advantage of the TNW app. “I didn’t try it because I was there on short notice, but I heard that other startups had a lot of meetings because they already scheduled them before the conference via the app.”
Think you’re ready to compete at TNW 2025’s Pitch Battle? Sign up here to secure your spot!
Get the TNW newsletter
Get the most important tech news in your inbox each week.