What would happen if you stepped onto an elevator and there stood Kevin O’Leary, aka “Mr. Wonderful,” from the hit entrepreneurial show Shark Tank? Your palms are sweaty, your heart is racing, and you have just 60 seconds to convince this notoriously tough investor that your idea is worth his time and money. Do you lead with your passion for changing the world, or do you dive straight into the dollars and cents? According to new research, the answer might surprise you – and it could make all the difference between hearing “I’m out” or “You’ve got a deal.”
The study, published in the journal Innovation: Organization & Management, reveals that when it comes to pitching truly innovative ideas, even to seasoned investors like those on Shark Tank, concrete details trump lofty visions. But for more incremental improvements? That’s when it’s time to paint the big picture. This insight could revolutionize how entrepreneurs approach their make-or-break moments in the tank – and beyond.
Led by researchers from The George Washington University, New York University, and City, University of London, the study challenges conventional wisdom about how to pitch innovative concepts. While many entrepreneurs might instinctively focus on the grand vision behind their ideas, this approach could backfire for truly disruptive innovations.
“We wanted to identify the best way for entrepreneurs to pitch their ideas to get audiences’ attention and investment,” says Professor Simone Ferriani of Bayes Business School in London. “Could the way they pitch affect their success? What if they had great ideas but were pitching them in the wrong way?”
Sharks at the “Shark Tank” Season 8 Premiere in 2016 (Photo by Kathy Hutchins on Shutterstock)
In other words, when you’re pitching something truly new and potentially mind-bending, you need to help your audience envision how it would actually work in practice. This concrete framing helps bridge the gap between the unfamiliar concept and people’s existing mental models of the world.