The Triangle is fortunate to have monthly events like 1 Million Cups, TechBreakfast and VergeNC that let entrepreneurs pitch their businesses and get feedback from judges or an audience. American Underground also hosts a monthly PitchFest for its members. The Startup Factory, Groundwork Labs, Launch Chapel Hill and 1789 Venture Lab all teach the art of the pitch.

But there may not be an event as constructive as IDEA Pitch. 

I’m a bit ashamed to say that my first IDEA Pitch event a couple weeks ago at The Frontier. Early stage capital fund IDEA Fund Partners hosts this no-frills 90-minute session bimonthly, and typically has an open application to pitch. 
IDEA Fund did something different for this particular session, partnering with Bunker Labs to give feedback to three members of its inaugural class of military vet entrepreneurs.

Entrepreneurs get just two minutes to pitch their businesses and without using slides, and then there’s about 15 minutes of feedback from a panel that included on this dayLister Delgado and John Cambier of IDEA Fund Partners and Thom Ruhe, the new president and CEO of the NC IDEA Foundation. Audience members are also free to ask questions and offer feedback. (Note: The third guest rotates and often is an out-of-town investor) 

The opportunity is an important one. Delgado and Cambier have made 27 investments through two funds and are investing out of a $15.1 million Fund II. IDEA Fund is one of the most active local investors with a portfolio that includes WedPics, Windsor Circle, Reveal Mobile, Pendo, FilterEasy and Sift. Its most notable exits include Automated Insights, which sold to STATS LLC last year, and iContact, which sold for $169 million to Vocus in 2012.

IDEA Fund invests up to $1.5 million over the life of a company, with a $100,000 minimum investment.

Ruhe, meanwhile, represents the foundation that twice annually makes $50,000 grants to startups throughout the state. He just joined NC IDEA in March, but spent seven years at the Ewing Marion Kauffman Foundation as the director of entrepreneurship overseeing various programs, investments and grants and the last two years as CEO of a startup based in Cleveland.

The men represent important funding sources in the area. They are also brutally honest, but in an unintimidating, helpful way.

For the lessons, read the full post at:

http://exitevent.com/article/idea-pitch-lessons-in-pitching-your-startup-160503