While in the throes of a startup, snagging that crucial investment can make or break your venture. Sam Citro, the brains behind Bitewell—a digital food pharmacy making waves—reveals that her secret to a stellar pitch involves more than just business know-how. It’s a concoction of drama school finesse, a keen market understanding, and an unshakable belief in her company’s mission.
Bitewell, the self-proclaimed pioneer in the digital food pharmacy realm, educates users on the medicinal wonders of food through its FoodHealth Score. Sam Citro’s recent win on Entrepreneur Elevator Pitch, where she secured $200,000 from investor Kim Perell, prompts us to unravel the behind-the-scenes magic that led to her success.
The Drama School Advantage
Armed with a Bachelor of Fine Arts in Drama from NYU’s Tisch School of the Arts, Citro approached her pitch differently. Picture this: a blend of investor presentation and a scripted TV performance. Sam took the time to memorize her 60-second pitch, embedding it so deeply in her mind that she practically dreamt about it. This unique approach showcased the power of being well-prepared and exuding confidence.
Expectations vs. Reality
Despite her prior TV experience, Citro wasn’t fully prepared for the whirlwind of a 12-hour day during the Entrepreneur Elevator Pitch shoot. The unexpected intensity became a valuable lesson, highlighting the need to adapt swiftly in high-stakes situations.
Opening Doors with Market Opportunity and Traction
When questioned about the doors swinging open for Bitewell, Citro credited the vast market opportunity and the company’s proven success. Bitewell’s mission to kick diet-related diseases to the curb presented a multi-trillion-dollar market opportunity, and their track record of turning vision into reality became a compelling draw for investors.
Negotiation Insights
Reflecting on the negotiations, Citro shared a valuable lesson about valuation. Looking back, she wished she had pushed back more on the terms, considering the significant growth the business experienced since its last financing round. It underlined the importance of truly understanding the company’s value and negotiating with conviction.
Putting the Investment to Work
As for the $200,000 investment, Citro laid out a straightforward plan—every penny is earmarked for growth-related activities. From beefing up marketing efforts to expanding the sales team, Bitewell aims to leverage the newfound resources to propel the company forward.
Personal Triumph and Representation
Walking out of the boardroom with a win meant more than just securing an investment for Citro. As a female CEO, it underscored the significance of achieving equal representation for women in leadership and investment decisions. Citro expressed pride and gratitude for the chance to collaborate with Kim Perell, contributing to the push for gender diversity in the business world.
Photo: Unsplash
