How can you prove stories add real commercial value to a pitch?
Shark Tank leaves clues for us. The Sharks like to ask, ‘show me the numbers.’
About 60% of entrepreneurs pitching to Shark Tank secure an investment. And 70% of the winners told a story as part of their pitch.
This was the case for Kane Bodiam who told the story of learning about coffee working the bar at his mothers’ restaurant. He secured the biggest deal in Australian Shark Tank history with $2.5m for a 22.5% stake in Icapsulate. You can see Kane telling his story in the video below.
Successful entrepreneurs pitch well – it’s key to their success. And when there’s no time for a full story they use mini stories with metaphors by comparing something we don’t know (like their search algorithm) to something we do know (like the moon). You can see my favourite examples in the video.
So, stories add real commercial value, tell more stories when you pitch – big ones and little ones.