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n 5. 1. 6. Instructions for pitching your idea/frugal innovation projectPreparing and delivering an effective entrepreneurial pitch is crucial forpresenting your business idea to a jury and potential investors and partners.Here are step-by-step general and specific instructions to help you craft acompelling pitch and prepare to pitch your frugal innovation project:%u25aa Familiarise yourself with the rules or instructions (if any) %u2013 duration of thepitch, objectives, general conditions, and technical support;%u25aa Understand your audience %u2013 research the jury and investors to understandtheir interests, preferences, and backgrounds, then tailor your pitch toresonate with their specific needs and expectations, if relevant;%u25aa Start with a hook %u2013 begin your pitch with a strong and attention-grabbingopening (e.g. use a compelling statement, surprising fact, or a thoughtprovoking question to captivate the audience from the start);%u25aa Explain the problem %u2013 clearly articulate the problem or pain point yourentrepreneurial idea aims to solve, and emphasise the significance of theproblem and its relevance to the target market;%u25aa Present your solution %u2013 describe your innovative solution to the problem,focus on the unique selling points and advantages of your idea, and explainhow it sets you apart from existing solutions on the market;%u25aa Demo or visuals %u2013 if possible, demonstrate or visualise your ideaeffectively, present your prototype or consider incorporating a live demo orvisual aids to enhance your pitch;%u25aa Traction and milestones %u2013 if existing, share any progress you%u2019ve made sofar, such as successful pilot tests, customer feedback or partnerships,evidence of traction, and early validation is very welcome;%u25aa Market opportunity %u2013 present the market opportunity and potential size ofyour target market, demonstrate a thorough understanding of the marketdynamics, trends, and potential for growth, highlight any competitiveadvantages that give you a strong position on the market;%u25aa Financial business model %u2013 explain how your idea will generate revenueand become financially sustainable, break-even analysis if possible;%u25aa Introduce yourself and your team %u2013 briefly introduce yourself and yourteam members, highlighting relevant experience and expertise that showcaseyour ability to execute the idea successfully.Here are some specifics for presenting your frugal innovation project: preparea 20-minute pitch on the above key topics, prepare to present to a jury ofentrepreneurship and innovation academics, business representatives andfrugal innovation specialists, possibly some investors (to be confirmed), don%u2019tforget to practise applying the 7/38/55 communication formula.1765 Entrepreneur Pitch