Hi,
We have to pitch our startup concept at an exhibition/showcase among other startups and based on this (in combination with our concept proposal) we may be looking at a business idea prize (competition similar to the MIT $100k but on a smaller scale).
So far in preparation for the exhibition we are looking into perfecting our basic elevator pitch. Time constraints prevent us having a prototype to demo.
Howver, I'd love to hear people's advice on this kind of situation - i.e. what would you take/show, what would you make sure you know, what questions would you make sure you are ready to answer? etc.
Pitch it to your clients; i.e. start selling to buyers, cut the funding phase out.
My family and friend have contributed money to my project, but nothing gave me the boost in confidence and the rush of excitement as that $95 I got from my first user (I charged my second client $950, btw.) I had to look at it several times, iterating between my spartan 'admin panel' showing one registered user, and my paypal account. I was so alpha I didn't even have a thank you message template, I wrote it with all my family sitting behind me.
If you start your business while consciously looking for funding, you will optimize for fund raising instead of turning profit.
At the risk of sounding snobby/trollish, I am a bit dismissive of funded startups. I treat them like trust-fund kids. If it is worth doing, it's worth keeping it all to yourself.