So you want to be an entrepreneur?

One of the first things company founders with a great idea or product must do is raise growth capital. The so-called "elevator pitch" is a 3-minute summary aimed at convincing potential investors to open their wallets.

It's all about delivering the right information with panache. Science|Business organised a master class for the finalists of its annual Academic Enterprise Awards (ACES) and European Institute of Innovation and Technology (EIT) Awards to help new entrepreneurs learn what to do, and maybe more importantly; what not to do.

A group of twenty-one company founders from across Europe joined the master class in elevator pitching, to prepare for the joint Academic Enterprise Awards (ACES) and EIT Awards which took place in Brussels, last month.

The entrepreneurs received advice from Antti Aarnio, business development manager at Aalto University; Bill Magill, associate director of science entrepreneurship at INSEAD; and Duane Schulthess, commercial director at Science|Business.

Here are ten tips for convincing the world that your company deserves funding:

• Open your pitch with a clear hook:  what is your promise?
• Your pitch should be an easy-to-repeat story:  tell a great tale and leverage the power of word-of-mouth
• Use props. They are powerful tools to communicate quickly
• Keep powerpoint presentations short and snappy.  Slides should aid your story, not  duplicate it
• Have one lively individual make the pitch. Don’t use a team of presenters
• Be credible. Unrealistic claimes such as “There’s no chance this can fail,” will hurt your credibility.
• Focus on the product and the market. Don’t dwell on your team bios.
• Demonstrate that you know your customer and the market
• Never pitch without a strong closing
• Film yourself: watch the video and learn from your mistakes

All finalists pitched their companies to a panel made up of the Science|Business Innovation Board and the European Institute of Innovation & Technology (EIT) Governing Board at the Science|Business Entrepreneurship Summit in Brussels.