When launching a new startup, you need capital to bring your ideas to life. Pitch competitions are a helpful funding source for many reasons. In addition to competing for cash prizes, you can help build awareness of your company and develop relationships with investors and other business owners.

Winning a pitch competition can position your company for growth, and I speak from first-hand experience. After inventing a motorized strap system that integrates into truck beds and flat-bed trailers to help prevent theft, liability and cargo damage, I represented East, Idaho in the 2021 Idaho Entrepreneur Challenge and Boise Entrepreneur Week’s main pitch competition. I won these competitions and was awarded $33,000.

When competing in pitch competitions, consider the “Six T’s” of pitching — criteria commonly used to evaluate startup pitches.

1. Team: Who's on your team and why are they important?

The team drives every aspect of the business and it’s important to show how you’re positioned for success. When pitching, I emphasized my diversity of talent, which included experienced engineers, marketers and successful business owners.

2. Traction: What have you done and what have you learned?

Judges want to see that your business is not only profitable, but also scalable. When I pitched my company, I emphasized how my new device received positive feedback from our audience and how we were positioned to capture market share.

3. Technology: What sets you apart and why is your product better?

Judges need to understand the problem you solve and how you’re better positioned than competitors. I emphasized how traditional products that secure cargo loads are susceptible to human error and damage, but in contrast, my product’s locking system is easy to implement and resistant to damage — potentially helping shippers save thousands of dollars in losses each year.

4. TenX: How big is this market and how can you expand your offerings?

“TenX” refers to the common investor goal of obtaining a tenfold return on investment. If you’ve watched shows like “Shark Tank,” you’ve heard entrepreneurs who project earning millions by capturing a small share of a massive industry. Because this is the goal for every startup, you need to also demonstrate how your company can expand into new applications. For example, I explained how my device could be modified for semi trucks and wrapped vehicles, which would expand my target markets.

5. Term: If you won the funding, what would you do with it and how soon could you move forward?

Judges want to understand how you will immediately scale your business if you receive capital. After reviewing my product road map, I let the judges know I picked out an online cart of product materials I would order if selected — making it clear I was ready for growth.

6. Tone: Does your delivery convey your value proposition?

Judges can listen to dozens of pitches in the same competition, so your delivery needs to stand out! Use effective body language, vary the speed and tone of your pitch, and leverage compelling stories.

I rehearsed my body language and presentation tempo by filming myself, studying the recordings and adjusting until it seemed natural. Share personal anecdotes if you have them. For example, I explained that I’m passionate about safety because I lost my grandfather in a trucking accident. This captured the attention of judges and was a natural transition to my unique value proposition.

Remember, if your pitch is well delivered, it will be memorable — making you more likely to be selected for funding.

If you want to use these principles in an upcoming pitch competition, this year’s Boise Entrepreneur Week — taking place from Oct. 2 to 6 — is hosting multiple pitch competitions with more than $120,000 in cash prizes. Applications are being accepted at boiseentrepreneurweek.org until Aug. 18.

Pitch competitions are an opportunity to create positive exposure for your brand, develop strategic connections and walk away with cash for your business. Careful preparation could set your business apart from competitors and propel your company forward to greater success.

Adam Stock is the CEO of Rexburg-founded Cargo Made and the winner of Boise Entrepreneur Week’s 2021 main pitch competition. He can be reached at cargomadeez@gmail.com.