Preparedness, a thorough grasp of the product, and storytelling are all necessary keys to funding
San Francisco, CA -- (SBWIRE) -- 10/02/2012 -- The television shows “Shark Tank” and “Dragon’s Den” have proved useful for researchers studying the keys that are present for a proper entrepreneurial pitch.
“Preparedness and Cognitive and Legitimacy as Antecedent of New Venture Funding in Televised Business Pitches” was a study that examined the best common attributes and characteristics of successful pitches on the respect shows.
Entrepreneurs who were capable of exuding preparedness and a true handle on their material’s concept were shown to have the strongest credibility amongst possible investors, regardless of the project.
Assistant Professor of Management at the University of Richmond Jeffery Pollack, Associate Professor of Management in the Virginia Commonwealth University School of Business, and Assistant Professor of Management in the Foster College Business Administration at Bradley University Brian Nagy, authored the study. It will be published in September. The study is the first to possess objective data showing recorded presentations and their successfulness.
It is no secret that funding is a critical step in a business’ newest venture. Entrepreneurs need more than a strong idea. They must possess a convincing and educated report on their product and its functionality in the ever-changing business world.
The study demonstrated the importance of cognitive legitimacy through an inventor’s presentation. These company or individuals must remove anything that may be perceived as cause concern for an investor. In other words, the inventors and entrepreneurs must be versed in their products capabilities, and remove doubt about possible downsides.
There are different strategies to establish cognitive legitimacy; yet, storytelling, command of all pertinent details, believability, and authenticity in preparedness were considered consistently key components to success.
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