The Rapid Resurgence of Pitch Days as an Effective Tool for Innovation
Words by Carlos Pichardo
One of the of the largest hurdles to innovation that we see is getting key decision makers on board at the right time to take advantage of the opportunities presented. A simple matter of scheduling conflicts can derail a deal and result in lost partnership opportunities.
Now that pandemic related travel restrictions have eased, yet2 has seen an increase in the demand for Pitch Days with companies eager to see innovations and learn about new technologies in person. Pitch Days provide an opportunity to not only understand the products or technologies, but also learn about the creative team behind the goods while harnessing the momentum of the day to effect change.
Why are Pitch Days effective?
Gathering key decision makers together in a room is key for the successful Pitch Day; when the right people are present at the right time, decisions are typically made at least 10x faster (eg on the day rather than 2-4 weeks later), and we see Company or Brand leaders taking responsibility for partners of high interest.
Feedback is captured in real time on Pitch Day and discussed immediately following each pitch, as well as a larger debrief session at the end of the Pitch Day. These are crucial moments for Leadership to provide key highlights or areas of concern and align on partners of interest. For example, we recently conducted a pitch day with 8 senior R&D executives for one of our Fortune 500 clients. At the end of the first day, the leadership team convened and immediately agreed on concrete next steps to explore over a dozen promising technology opportunities.
In yet2’s experience, when a leadership group is given the opportunity to hear firsthand from technology or product founders, ideas are generated, and needs can be fulfilled creating the momentum for change.
How are Pitch Days conducted?
Pitch Day preparation can span anywhere from 4 weeks to 5 months depending upon the goal and needs of the audience. In yet2’s experience, the most successful Pitch Days require 4 to 5 months of preparation as we:
- Understand the client need
- Scout for, identify & prioritize the companies that best suit the client requirements
- Prep the Pitch Day candidates and finalize logistics
To maintain the momentum from Pitch Day, yet2 recommends follow up meetings with key decision makers during the days immediately following the Pitch Day and then regularly as partnership discussions continue.
Pitch Day results
yet2 is pleased to offer the premier Pitch Day service and we have facilitated 3 Pitch Days in the last 3 months for Fortune 500 clients. While deals from 2023 Pitch Days are not yet public, we’re happy to discuss the public deals from previous Pitch Days.
If you have interest in our Pitch Day service or would simply like additional information, please don’t hesitate to reach out to Lisa at lwelch@yet2.com to learn more.
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