businesskinda.com Elevator Pitch is the show where contestants get into an elevator and have only 60 seconds to pitch their business in front of a video camera. Our board of investors is watching, and if they like what they hear, they open the doors and the businesskinda.com steps into the boardroom to try and close the deal. If they don’t like what they hear, the businesskinda.com will be sent back.
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In this ongoing series of articles, we celebrate the entrepreneurs who walked into the boardroom and came out with a win and share their tips for pitching success.
Who are you and what is your company?
I’m Kamaal Jarrett, founder of Hillside Harvest, a Caribbean-inspired sauce and condiment company. We are hyper-focused on providing the North American consumer with deliciously flavorful products that highlight culturally diverse flavors and ingredients. Since launching in 2019, we have experienced significant regional growth. We believe our positioning provides us with the right level of differentiation to stand out from the crowded sauce and condiments market.
How did you prepare for the show?
I was more nervous about the 60-second time limit than I was about the prospect of pitching to the investors. We entrepreneurs are constantly pitching to buyers, shoppers – pretty much anyone who will listen. That said, any time you put a stopwatch on a presentation, it adds a significant level of anxiety to the mix. To prepare for the show, I timed myself to give my pitch whenever I had a free moment. If I was in the car listening to the radio, I’d try to fit in at least two practice runs during the commercial breaks. Walking the dog, mowing the lawn, and fulfilling online orders, I was just about exercising whenever I could. As I got closer to the date of the shoot, it made sense for me to practice while standing still, as I normally like to pace and move. I wanted things to be as close as possible to what I thought my atmosphere would look like in an elevator. It also goes without saying that knowing your numbers and the current status of your operation is critical.
Related: Check out Hillside Harvest’s winning pitch
What did you think was going to happen? What was different from your expectations?
On the day of the pitch I wasn’t sure what to expect. I knew I wanted to make sure I had the product on hand to taste. Tasting is often believing. However, I also knew that my pitch had to be persuasive enough to get those doors open so that I had a chance to share our tastes with the investors.
When I got to the studio I assumed we would be prepared for the events of the day and then led into the elevator to begin the process. But we had about 5 hours of preparation time. Depending on the person, this can either let you breathe and focus on something other than your pitch, or it can give you extra time to stew over every little aspect of your presentation. For me, it provided an opportunity to relax and get to know other entrepreneurs, as well as observe the studio setup to prepare for the pitch. I was able to observe the size of the elevator, the area where the investors were sitting, the length of the corridor, etc. It helped to demystify aspects of the show, which in turn helped to calm some nerves prior to the actual pitch.
Why do you think they opened the doors?
While I believe I’ve managed to get a clear picture of our investment opportunity to the investors – and I’d like to say that the doors opened because I’m a great presenter of our brand, I assume the real reason is that the investors really just wanted to try our delicious sounding sauces.
Once the doors opened I knew I had to be on top of my game. We operate in a challenging environment and to get investors on board you really need to ensure that you can clearly articulate your vision and build confidence that you are the right leader to execute on that vision.
Related: What Do You Do If An Investor Suddenly Changes Terms Halfway Through The Deal?
How did the negotiations go? Would you do something different?
The negotiations went well. Entering the field, the goal was to get $300,000 for up to 10% of the company in a safe note. I decided that I would present the offer indefinitely because that would be the ideal scenario – offering a discount instead of a cap. I knew Marc would be “out” as he is usually against unlimited bills, but was hoping I could do some back and forth with Kim and Nicole. In the end, I asked Kim to set her own limit as a sign of good faith and she was fair – she gave the same rating that I initially agreed with. Perhaps I could have valued the note higher to anchor the negotiations, but putting it in Kim’s hands ultimately made the negotiations go more smoothly.
We also won a $10,000 cash grant from Amazon Business for presenting a solid pitch. It felt great to essentially get the deal we wanted plus a little extra bonus for presenting our case well.
What do you plan to do with your investment?
Kim’s $300,000 investment in Hillside Harvest is immediately put to work. The most important thing for our brand is to start building the framework for long-term sustainable growth. Part of the framework is building a solid team that can focus on specific areas of category growth and operational efficiency. An equally important part of the framework is investing in cash flow positive sales channels that can deliver incremental profitability while increasing brand credibility as a sauce supplier. This investment is truly a game-changer, but we also look forward to working with Kim on refining our overall strategy for scaling and marketing to our key customers and consumers. Kim brings a wealth of knowledge that will be critical to our success as we continue to build for growth.
What did it mean to you personally to come in and walk out with a win?
Like someone who bootstraps Hillside Harvest back in 2019 while working a full-time job, it’s crazy to think about what the company has been able to accomplish in such a short amount of time in an extremely competitive space. That said, I believe there are so many more opportunities to grow even further with the right support and the right team. Running a business can be very lonely. Sometimes it can seem like you are the only one who understands your vision or believes in the success potential of your product. Couple that with your own occasional bouts of self-doubt or extreme exhaustion and it can be hard to remember why you started down this path in the beginning. Opening the elevator doors and then walking out with a deal was more than just a win. It was validation.
Related: Check out the pitch that generated a $175,000 investment
What’s your advice to anyone thinking of signing up for a future episode?
My advice to anyone interested in applying is to jump in. Overall, it’s an incredibly fun experience to do something you probably do every day anyway. In the process you will meet great people and learn a lot about how you and/or your brand can be viewed by a group of potential investors. If nothing else, you will leave with some valuable lessons and, best case scenario, you will have a partner for your future growth.
Season 8 of businesskinda.com Elevator Pitch is brought to you by Amazon Business with support from State Farm and Canon. New episodes stream on Wednesday businesskinda.com. com. Follow up on businesskinda.com Elevator Pitch Facebook, YouTube and IGTV.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.