Nonprofit fundraising is taking an entrepreneurial spin with the rise of Fast Pitch competitions. Fast Pitch competitions allow start-ups (both businesses and nonprofits alike) to raise money by pitching their ideas in an interactive forum.
A Fast Pitch for social enterprises is a friendly ‘Shark Tank’ type of event.
How do Fast Pitch Competitions Work?
Startups apply to participate in the competition. Selected applicants are invited to present their ideas. Industry leaders and professional investors attend the competition and evaluate the pitches.
Fast! Presentations are very brief. Typically, presenters will have 1 – 5 minutes to make their pitch followed by 2 – 10 minutes of answering questions from the judges.
Preparation! Despite the short length of the presentations, presenters must be prepared. The pitch needs to demonstrate a well thought-out plan for the proposed business/nonprofit. Having an innovative idea is important. However, applicants must show the specific need their startup will address along with a marketing strategy. Startups that are thorough in their research and plan will be better prepared when the responding to questions from the judges.
Quick Results! Fast Pitch competitions can be an effective fundraising opportunity to raise money in a relatively quick manner. Winners are selected after presentations are complete.
Prize money varies based on the competition. A recent FastPitch – Philanthropitch – doled out more than $100,000 to top winners.
Please share with us some upcoming fast pitch competitions in your area. We’ll keep the list updated!