As an entrepreneur I would like nothing more to see Dragonfly Energy become a powerhouse in the battery world. In order to make this dream a reality, we will need an investor. This means we have to be able to deliver the winning presentation.
A few weeks back we went to Las Vegas for the D.W. Reynolds Tri-state Competition. This contest brings the top two graduate and under graduate teams from Nevada, Oklahoma and Arkansas together to compete for over $100,000 in prizes. Going into this competition as the runner up team from Nevada, we had our work cut out for us. We basically had to beat three 1st place teams and the other two second place teams – we were the underdog.
Dragonfly Energy swept the competition with a 1st place win in the business plan competition for $30,000 and also 1st place in the elevator pitch for $2,000. The question is how did we come from behind and beat the competition. What was our winning combination?
First, put your business plan to the test in front of as many people as possible, all of the feedback you will get is free and it can help you win cash. In the last 2 months Dragonfly Energy has won over $50,000. The feedback was essential and we got as much as possible.
Second, keep the business plan simple – so simple that anyone can understand what you are doing. This sounds tough, but it’s easy to do. Simplify the pitch, so that no matter who the judge is, they can understand what your business is planning to do.
Third, practice, practice, practice. Don’t be afraid to mix up the responsibilities during these practice sessions, you might find a better usage of team member strengths. Remember you only get one shot to win the cash.
So what is next for Dragonfly Energy? At this time we are semifinalist in the Clean Tech Open. We will begin this journey to compete against start ups on a global level at the end of this month, grand prize $250,000. The Dream continues, I will keep you posted.