My Learnings from Pitch@Palace: Blockchain in 3 minutes?
We were honoured to get the opportunity to pitch our Siccar solution to Prince Andrew, Duke of York, as part of Pitch@Palace.
The event was held at Elevator UK in Aberdeen, so it was an early start to account for the commute from Edinburgh!
I was required to deliver a 3-minute pitch to include what is Blockchain, what is Siccar, and the Wallet.Services business proposition. This was then followed by one question, ours being: "where would you start?"
Although I didn't win on the day - so we aren't one of the two entrepreneurs to automatically go through to the Pitch@Palace Boot Camp - I received some valuable feedback to shape our presentations in the future. The idea of pitching the Blockchain concept, and the Siccar concept well, in only 3 minutes is a daunting one. I'm sure some attendees didn't quite manage to grasp Blockchain and our proposition in that time, and so on the long journey home I thought about how it could be made simpler..
1. Less is definitely more
Trying to cram all the features and benefits of Blockchain, and then address all that Siccar does, in 3 minutes resulted in me rushing through - and a rushed presentation isn't effective, In hindsight I would've rather skipped some points and gotten the others across better (hindsight is always twenty-twenty).
2. Use one strong example
During my pitch, I had mentioned at least 3 different processes where Siccar could be implemented. If I step in to the shoes of an audience member - someone who doesn't know much about application processes in government, and even less about blockchain - I realised that even if they even were starting to get their heads round where Siccar would help with renting a flat, introducing a second example such as applying for a gun license would confuse rather than consolidate the idea as it is a completely different scenario. To make matters more confusing, in my follow-up question I mentioned that Siccar would allow for minimal disclosure for young people when entering pubs and clubs (I mean, how cool would it be for us to prove we're over 18 at our local club with a QR code on our phone?)
For my next pitch, I am going to stick to explaining one process and explaining it well. This should be an example that will resonate with as many members of the audience as possible.
3. BlockChain is all about security
One piece of feedback I received that wasn't so obvious to me was that blockchain is all about increased security, so bring that out more. With the heightened caution surrounding the recent cyber-attacks, most senior business folks want to hear about how to make their organisations cyber resilient. We know blockchain is the answer, so we should shout about it.
If by now I haven't persuaded you otherwise (or you want to see for yourself), you can watch our pitch, along with the other entrepreneurs, on the Duke of York's Facebook page.