Oct. 24, 2024

This paid piece is sponsored by Startup Sioux Falls.

Alisha Vincent thought her startup was heading one direction – but changed her thinking in one night: Startup Pitch Night through Startup Sioux Falls.

Vincent co-founded Desty, a travel tech company that pairs artificial intelligence with human connection to make travel planning and management quicker and easier.

“We did a pitch event after finishing the first software CO.STARTERS group,” she said.

“It was a pivotal experience for our company. Prior to that, we were building Desty as a business-to-consumer, or B2C, company, but the expert feedback we received helped us rethink our product-market fit and revenue model, and since then we’ve undergone a major pivot and redesign in order to focus in as a business-to-business (B2B) solution for professional travel planners.”

This year’s Startup Pitch Night will be from 5:30 to 8 p.m. Dec. 12 in the third-floor event space at Cherapa Place between the development’s two office buildings.

The event will be especially dynamic this year, designed for four startup tech companies and four traditional business companies to showcase their innovative ideas and compete for a $5,000 cash prize in each category. Second through fourth place will receive $250 to $750.

Up to 100 attendees will witness these companies pitch their businesses, all with the goal of preparing for the Governor’s Giant Vision Competition in February, where they will compete for up to $20,000. 

“We’re excited to expand Startup Pitch Night and open it up to the greater Startup community. Using an intentional selection process, we will provide additional support to the selected competitors leading up to the event,” said Jeff Hayward, director of programming for Startup Sioux Falls.

“During the application process, we will provide services to get interested startups plugged into resources, and then the selected applicants will be given direct coaching on mastering their pitches from entrepreneur coaches using the pitch framework for Governor’s Giant Vision.”

Interested in applying? Applications are due Oct. 31 with this three-step process:

• Express interest: Submit your basic information.
• Second-round application: Businesses selected to advance to the second stage of the process submit a pitch deck and more information on their business. 
• Selected businesses: The eight businesses selected to compete will be provided coaching and mentorship leading up to Startup Pitch Night.

For Desty, the pitch event did more than set up the company for a new business model, Vincent said.

She felt prepared going to the Governor’s Giant Vision Competition, which provided similar helpful feedback. 

“Both Startup Sioux Falls and Giant Vision do a good job recruiting judges who have experience launching and growing businesses, and it has been helpful to get their perspective and have opportunity for follow-up conversations with them as well,” she said.

“It was inspiring to hear stories from past awardees during the Giant Vision event and see what they’re doing now.”

She and co-founder Rajesh Kavasseri are moving toward launching their product, and she encourages other startups to consider going through the pitch process as they hone their own concepts.

“Doing a pitch event helps bring clarity to your vision by forcing you to think through your business model and brand,” she said.

“I would highly recommend doing a pitch event, whether or not you have interest in seeking investment capital. Getting more practice at creating clear and compelling messaging about you and your business will only make your company stronger.”

Tom Eitreim, executive director of the South Dakota Enterprise Institute, agreed.

“Events like this are valuable to entrepreneurs as they create a platform for them to pitch their business concisely to the startup community. The feedback and coaching received can help maintain momentum for their business and may even lead to adjustments in their business model or product offering,” he said. “The connections made can lead to future collaborations with partners and potential clients.”

He helped Startup Sioux Falls work through the enhanced application process, pitch format and other event logistics.

“These events help founders become more comfortable pitching their business to a larger audience,” he said. “A clear, concise and captivating presentation is essential for founders, whether they seek investors, bank financing or plan to bootstrap their business.”

Don Feige plans to be in the audience supporting those pitching in December. He has helped facilitate multiple software business accelerator cohorts at Startup Sioux Falls.

“Pitch Night is one of my favorite ‘collision’ events at Startup Sioux Falls because there are always investors and ecosystem supporters in the audience,” he said. “I’ve made and seen many new connections with pitching founders that continue to help them long after Pitch Night.” 

Going from an idea to paying customers and supporting yourself with your business is a long, often lonely journey, he added. This can be a key step.

“Presenting your pitch is a forcing function that helps founders refine and focus in on the most important factors needed to succeed,” Feige said. “By putting out their ideas and asking for help, the pitching founders learn so much about themselves and their ideas.”

 Oh, and one more thing: Don’t expect it to feel too much like a reality show.

“Everybody likes to draw comparisons to ‘Shark Tank.’ There’s a definite similarity from the perspective you have to articulate and defend your idea — and that journey is very valuable to the founders,” Feige said. 

“But for our Pitch Nights, the judges tend to probe where they spot potential issues and provide constructive feedback to the founders.”

Reserve tickets today

With only 100 tickets available, guests are encouraged to reserve a spot today. You might want to consider attending if you are:

• An investor: Discover high-potential startups and traditional businesses that could be your next investment opportunity.
• An entrepreneur or business leader: Learn from the best by watching polished pitches, networking with like-minded professionals and gaining insights on how to refine your own business strategies.
• A community supporter: Help foster a culture of innovation and entrepreneurship in our community by showing up and cheering on these hardworking businesses.

To learn more about Startup Pitch Night, click here.