Dallas, Texas, United States, 09/02/2015 /SubmitPressRelease123/
With the fall quickly approaching and many markets seeing announcements of Pitch Days to round out 2015, it’s a good time for investment companies to take a good look at the insight and innovation afforded by the leading startup accelerators in the nation. David Matthews, of REVTECH Accelerator, shares his tips on how to get in the correct mindset and narrow down the field of players and the need to keep a realistic focus on industry-specific opportunities.
1) Embrace the transformation of your industry. This isn’t the same world it was five years ago, much less 20 years ago. Retail has moved from bricks and mortar to bytes and monitors. Change is good, but innovation is better. Matthews says, “Through research and an open mind, you will be better able to see that the reason each one of these startups exist is because someone is trying to solve something that is a proven or perceived problem within the industry. Restaurant and retail is notoriously fickle. If you aren’t moving your business lockstep with the new, it often is out with the old.”
2) Remember, it’s all about the customer. What does this startup offer that will actually improve the experience for my customer? New and shiny is only as good as it is convenient. “If the new credit card machine captures every shred of possible information, yet makes it harder for the customer to checkout, than it’s an obvious non-starter,” Matthews explains. “However, not all of those inconveniences are as obvious. As a business-owner, you must get back in the shoes of your customer and not get swept up.”
3) Get up close and personal. Pay attention to the founding team – what is their background? If your business is your baby, then theirs must be as well. “The founders likely eat, sleep and breathe with their brand in mind. But, what about the people behind the brand? Getting to know those who are behind the curtain is certainly as important as their perfectly rehearsed pitch and subsequent interactions with any stakeholders.”
4) How do they manage expectations? There is no benefit in sandbagging or lowering the bar. There is, however, real value in the ability to use benchmarks to determine real-world progress. “In my experience, the better pitch and startup is not always the one that wows with superlatives, but the one that clearly states real time information and sets my expectations accordingly. Additionally, with the confidence of the first three tips, this usually helps cement the decision to go forward or not.”
“Nearly every industry experiences changes in order to have positive impact. Restaurant and Retail is no different, we all just try to keep ahead of the trends to be the very best in class, consistently and with future growth as part of every decision. Many of these new opportunities are identified in startup phase. It is always interesting to predict trajectories of these startups and the companies they eventually serve. ” Matthews says.
REVTECH Accelerator is gearing up for its 4th Annual Pitch Day. Pitch Day marks the highlight of the 2015 REVTECH Accelerator for the five technology companies who have completed the 14-week REVTECH program. At Pitch Day, founders from this year’s class will share their innovative visions – presenting investment and product pitches – with the industry’s top investors, retailers and industry champions, media representatives, and the greater Dallas entrepreneurial community.
This year’s event will be held at Gilley’s Dallas.
1135 South Lamar St, Dallas, Texas 75215
Wednesday, Sept. 16, 2015
2:00 – 5:00 p.m. Doors open at 1:30 p.m.
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