Pitching Ideas: Tailoring Style to NoveltyPitching Ideas: Tailoring Style to Novelty A recent study has revealed that the way entrepreneurs present their ideas can significantly impact their reception among audiences. The research found that for radical ideas, a concrete and explanatory “how” approach is more effective, while progressive ideas benefit from an abstract “why” pitch. Concrete Pitches for Radical Ideas When presenting groundbreaking innovations, entrepreneurs should focus on providing concrete details that explain how the idea works. This approach helps offset the confusion that new ideas often cause. By highlighting practical aspects, such as advanced technology or immersive experiences, entrepreneurs can make their radical ideas more relatable and appealing to potential investors. Abstract Pitches for Progressive Ideas For ideas that represent incremental improvements, an abstract pitch that outlines the overarching vision or goal is more effective. By connecting the idea to familiar concepts and emphasizing its broader impact, entrepreneurs can overcome the challenge of communicating minor innovations. Key Takeaways * Tailored Approach: The optimal pitch style should align with the novelty of the idea. * Concrete for Breakthrough Innovations: Describe practical aspects to make radical ideas more comprehensible. * Abstract for Incremental Improvements: Focus on the overarching vision to communicate incremental changes effectively. Conclusion By understanding the role of abstract and concrete framing in pitching, entrepreneurs can tailor their presentations to maximize their chances of success. Matching the pitch style to the idea’s originality ensures that the message resonates with audiences and attracts investment.
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A study of the styles of presenting ideas to audiences found that pitches promoting radical ideas are better received when presented in concrete and explanatory “how” terms. Progressive ideas, on the other hand, do better with an abstract “why” pitch.
Previous research has shown that professional audiences, such as investors, prefer concrete pitches with ‘how’ style explanations, while lay audiences, such as students and crowdfunders, respond better to ‘why’ style pitches for abstract ideas.
Professor Simone Ferriani, Professor of Entrepreneurship at Bayes Business School (formerly Cass), City, University of London, said: “We wanted to identify the best way for entrepreneurs to pitch their ideas to gain the attention and investment of the public. Could the way they pitched be affecting their success? What if they had great ideas but pitched them in the wrong way? We wanted to investigate which pitch styles work best with different types of ideas.”
To test this, academics conducted two experiments using an online survey of business students evaluating pitch decks, to see when new ideas were more likely to be positively received. The study used entrepreneurial pitches and varied the originality of the ideas and the style of abstract “why” the idea works versus concrete “how” the idea works. They looked at how these factors affected the reception of the idea and their willingness to support it.
The results indicate that the pitch strategy should match the novelty of the idea to make it more attractive and attract investment. The article, “Radically concrete or incrementally abstract? The contingent role of abstract and concrete framing in pitching novel ideas,” is published in Innovation: Organization & Management.
Professor Ferriani added: “Imagine a tech startup introducing a groundbreaking new virtual reality (VR) gaming platform that revolutionises the gaming experience. Our findings suggest that in their pitch to potential users, they should emphasise concrete usability details such as its advanced feedback technology, immersive 360-degree visuals and seamless integration with existing gaming consoles.
“When ideas have the potential to disrupt the status quo, this explanatory approach is key to offsetting the confusion that new ideas can cause. Conversely, when ideas are less of a leap and more of a step forward, as with incremental innovations, abstract language that outlines the ‘why’ can be more effective.”
Denise Falchetti, assistant professor of management at the George Washington University School of Business (GWSB), adds: “This strategy plays on the audience’s existing knowledge and expectations, tying the new idea to familiar concepts and emphasizing its place within a broader vision or goal.”
Gino Cattani, professor of management and organizations at New York University Stern School, concluded: “The research advises a tailored approach: for breakthrough innovations, describe the practical aspects; for incremental improvements, focus on the overarching vision. As the language of entrepreneurship continues to evolve, this study provides a compass for navigating the intricate dance of persuasion and influence, and offers a linguistic toolkit for turning novel concepts into embraced innovations.”
More information:
Denise Falchetti et al, Radically Concrete or Incrementally Abstract? The Contingent Role of Abstract and Concrete Framing in Pitching New Ideas, Innovation (2024). DOI: 10.1080/14479338.2024.2363254
Offered by City University London
Quote: Research shows entrepreneurs should tweak their pitches based on how innovative their idea is (2024, July 10) Retrieved July 10, 2024 from https://phys.org/news/2024-07-entrepreneurs-tweak-pitches-based-idea.html
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