After 20 minutes of pitching, your slide deck was perfect, you hit all your key points and the audience looked engaged. Now it is time for the Q&A. The last thing you want to do is mess up the Q&A after coming so far. In my own experience, this is the part of your pitch that you need to prepare for. This is because it is the part of your pitch that you have the least control over. Here are some practical steps you can take to prepare for the Q&A.
Expect to be asked a question.
VCs are trying to assess the risk of investing with you. So if they are serious they are going to ask you questions. When they do you need to be sure to answer their questions fully, simply, honestly and quickly. If you aren’t fully transparent with them you run the risk of losing the chance for investment.
Anticipate the questions.
While the VCs could ask you almost any question it is possible to anticipate some of the questions they may ask. Ahead of your pitch take the time to list out all the possible questions you can think of that they may ask. Even jump on google and search for lists of questions that VCs may ask. There are plenty of resources available. Make sure you prepare across strategy, people, execution and cash areas.
Once you have a list of questions, go through and write out answers for each. When asked these questions during your Q&A you don’t want to have to make up answers on the spot. You aren’t expected to have memorized answers either. By going through this exercise however you will have thought about the answer and therefore have something to draw on.
Q&As are a necessary part of a pitch if you want to secure investment. However, don’t go into the Q&A blind, be prepared with considered answers to the most predictable questions. Responding to questions fully, openly, simply and promptly will increase your chances of securing your desired investment.