Dragon's Den Auditions: There's an art to the pitch

When Kevin O'Leary asks'how will this make me any money' he wants the answer pronto and entrepreneurs who cannot entice the Canadian financemogul to invest in their businesses get the famous 'I'm out.' A really bad pitch will likely get a similar response from the other four dragons.

If you really know your stuff, then your words arent rehearsed.- David Carter, executive director,Innovation Factory

A persuasive pitch comes with a thorough and genuineunderstanding of your business plan and the ability to present it with confidence, says David Carter, executive director, of Innovation Factory, a non-profit government funded organization that helps entrepreneurs in Hamilton bring new ideas to life and market their businesses.

If you really know your stuff, then your words arent rehearsed. You can back itup with fact so if you get interrupted, like if KevinO'Learyjumps in and asks a question,you can pick upwhere you left of. There is fluidity which shows confidence," Carter said.

If youre trying to memorize your pitch you are in trouble.Its so easy for someone to throw a wrench in that."

Carter will be sharingtips on giving a successful pitch today, Feb. 11, at 6 p.m. at the Innovation Factory located in theAtrium atMcMasterInnovation Park. The event is free and you can find more detailshere.

The worst thing an entrepreneur can do during a pitch is toinflate their business valuation, Carter says.

Except, of course, if they had the data or sales to back it up. But when the business is at the idea stage, entrepreneurs should err on the side of caution.

Another common mistake is not knowing before walking into a pitch meeting what the requested funds will be used for. Carter says entrepreneurs should have specifics on how the investor's money will help their business.

The pitch training session will also have Hamilton native, and former Dragon's Den contestant, Sean Snyder as a guest speaker. Snyder's company, Trend Trunk,is a social marketplace where consumers can buy, sell and donate new and gently used fashion items online. Snyder willoffer a behind the scenes look fromhis experience on the show in November 2013.

The Dragon's Den auditions will take place in Hamilton on Feb. 22 at CBC Hamilton.