Matthew Hart, Founder and CEO of CORE startup member Soter Analytics, has been hard at work pitching across Europe, as part of fundraising a $500,000 seed round. Matt recently pitched at two business school angels groups in London, the HEC Paris angel group and the Chicago Booth angel group. He has also just pitched at the Google campus in Warsaw as one of the top 25 startups in Eastern Europe (Soter's R&D office is in Estonia), to a group of 30 VCs.
Matt has provided his advice for other startups looking to pitch globally.
How did you find these pitching opportunities?
Gust.com is the place to get invited to pitch to angel groups.
Our invitation to Google came through Startup Wise Guys which is the leading B2B accelerator in Europe. We were in their Riga batch last year and they are running an upcoming program with applications closing July 9. Startup Wise Guys is a great way to rapidly scale your business idea, become very good at pitching, find and build a world-class technical team, and of course receive a 20K euro investment.
How do you pick which pitch events to attend?
Do due-diligence on the group before pitching. If they’re not making at least one investment after every session, then they’re a group of want-to-be angels. This is particularly important if travel is involved in the pitching or you risk it being just a time and money waster.
How do you prepare your pitch?
I learnt how to pitch during our time in Startup Wise Guys, where they brought in professional coaches to improve the messaging and our presentation skills. Less detail in pitches is more, and don’t spend too much time talking about the actual product. Instead, focus on how to get the product to market, describe the traction, and be genuinely excited about the team (which for me is VERY easy).
About Soter Analytics
Soter Analytics have developed the SoterSpine, a solution that helps industrial workers predict and prevent musculoskeletal injuries. It collects data from a wearable sensor attachable to existing workplace clothing, which is analysed to predict the probability of a musculoskeletal injury. Insights designed to prevent the injury from occurring are then communicated back to the worker and the organization. This has already been tested with two organisations and has been shown to reduce risk of injury by 70% when measured against international standards.
Soter have had some amazing successes in recent months. The wearable tech company was named by Techflier as the number 1 startup from Perth to watch out for in 2017. They hit the US$10,000 monthly recurring revenue milestone, and have just signed a contract to connect 1,000 industrial workers. In addition they received second prize in the recent global Shield-X competition and have been awarded $20,000 through the NERA Innovation Voucher program.