Bond University will again host a leg of the international competition for entrepreneurs, Pitch@Palace, on 19 July 2019.
Pitch@Palace provides participants with the opportunity to pitch their ideas in front of government officials, industry leaders and investors. It's free to take part and entries are now open to all Queenslanders who have a big idea and the ambition to take it to the next level.
The finalists from the Pitch@Palace On Tour event will then advance to Pitch@Palace Australia 3.0 in Perth on October 3 for a chance to compete in the global final in London later this year.
If you’re still honing your big idea, Bond alumna Jane Barratt (Class of 1990) has some suggestions to get you to the next level. Ms Barratt is the founder and former CEO of online investing platform GoldBean and a member of the university’s Transformer Advisory Circle. These are her top five tips:
1. Be passionate about the problem you're solving.
When you are working all day, every day, you need to draw on immense internal strength. People can argue with you all day about strategies, numbers and markets, but your passion is something that should never be questioned. Develop a 'north star' which is the vision for how you are solving the problem you're taking on and the impact you want to have in the world.
2. Know your numbers and be ruthless about spending.
Things cost more and take longer than you forecast, and with women raising considerably less outside capital than men, make sure you (1) protect your own finances and (2) be realistic with company money.
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3. Build your network long before you need it, and always ask for help along the way.
Mentors and advisors can be found in amazing places, like LinkedIn, or parties, or conferences. Be clear with what sort of advice you need, and build a personal advisory board to round out your skills.
4. Use these advisors, plus contractors and freelancers to augment your team in the early days (and beyond).
The temptation to hire early is enormous -- people gauge your momentum by the size of your team. But if your single biggest expense is payroll, build it carefully. Also, sometimes your biggest time suck is managing your team -- instead of being focused on building your business.
5. Be prepared to be flexible.
You'll receive a LOT of advice - everyone has an opinion about your business, but you can be sure that no-one has thought about it longer and harder than you. But be wise enough to know that sometimes you can get too close, and an outside, clear perspective is needed.
Applications for Pitch@Palace 3.0 On Tour Gold Coast are open until 21 June.