I judged the VC contest
I listened to the Polsky New Venture Challenge Finalists all day today. Contestants are vying for $1 million in venture capital prize money. I judgmentally judged them, even though I’m not quite qualified to do so. They were all excellent presentations, but regardless, I must identify what’s wrong with their pitch to pick my winner.
Elimination 1. I dropped 2 contestants seeking medical approval. They just need to take this pitch to VC firms specializing in healthcare. Not here.
Elimination 2. Any business that kinda makes me immediately screams “RUNAWAY”. Timeshares, Vitamin Supplements, Annuities, Crypto. I liked their presentations, but not going to invest my monopoly money there.
Elimination 3. A little more thought required here. Why not talk face to face to your grandma, instead of giving her an app to record into? Why not just buy clothes and return them if they don’t fit? You will do that anyway if you don’t like them.
Potential Elimination consideration #4. Things I wouldn’t use myself. But I cannot include makeup though just because I’m a guy.
Who is left for me then? They’re named deetz, Ping and Resette.
Final critiques and concerns of my 3 finalists
Deetz is not terribly sexy.
Ping – I’m concerned that they only want to market to the retirement homes and not to the families of the residents. As a panel judge also mentioned, I’m not keen on their disinterest in interacting with other providers. It shows some lack of understanding of and commitment to how far you have to go into a client’s business in order to keep it.
Resette- I didn’t see if their makeup looks good. You need to show more faces such as before and after. Even I know that’s how the makeup industry works!
Ways I applaud my finalists
Deetz- it makes sense in small cities especially. It’s working model. I recall no B.S. sensors tingling.
Ping, it would be an original idea to have an independent tracking provider to the family. They didn’t market it that way, but the notion is good.
Resette- I’m all for reducing peoples time spent on needless tasks, as well as trying to reduce societal concerns about appearances. Timing is good coming out of Covid when we all look crappy.
My winner.
Since this is partly a pitch judgement, I must eliminate Ping for not being prepared to change their marketing strategy. Resette missed the mark by not blowing us away with pics showing that it makes everyone look good.
One last general criticisms of many presentations. Don’t Say “app” or “saas”! I’m just so glad no one said “big data”. But they did say proprietary data.
That leaves my winner, Deetz. Best of these 12 in my opinion. Good name by the way. Don’t ask me for money. I don’t have any.
Who actually won? I’m posting this before they announced. You can always go to the Polsky link above and find out.