While having a great business idea and the know how to execute on the idea trumps a shiny pitch any day. If you aren’t able to clearly communicate why people should care about your business then your idea will get no where.
If you haven’t already check out This Week In Startups. I suggest you start with this interview with Chris Sacca. You should watch the entire episode, but I want to call out the section with the founder pitches.
Compare the pitches of requested app and leadIQ. Both products look great. But if you look at their competitive advantage this is where the companies diverge.
Also, the odds of any one angel funding your idea is extremely low. Angels see hundreds of pitches each year and they might pull the trigger on one or two. In that case, expect the majority of angels to turn down your product. Use the pitching experience as an opportunity to solicit feedback and improve your product.
Last thing: Beware of the predator mentors in this industry. You will find coaches and mentors who claim to be in your corner, trying to mentor you, but in the end they will eventually pitch you on consulting services for an hourly fee. NEVER agree to such a deal. In your early stage of growth, cash flow is key, information is easily accessible. BUT if you have a strong relationship with a mentor and feel this person adds true value to your company you can consider providing the mentor a small equity position. BUT…this is only after you have done your proper due diligence. You can find more info on that here.