What to do when the bank says no

At the Chicago StartUp Summit I had the amazing opportunity to share and connect with future entrepreneurs in a workshop entitled ‘What Happens when the Bank says No?’ During the workshop I walked eagerly through the merits of grassroots movements of connectivity and funding, rather than the merits of venture capital or angel investors.

I run Detroit SOUP, a micro-granting dinner that celebrates and supports creative projects in Detroit. For a $5 donation, attendees receive soup, salad, bread and a vote – they then hear four presentations on topics ranging from art, urban agriculture, social justice, social entrepreneurs, education, technology and more.

Each presenter has four minutes to share an idea and answer four questions from the audience. At the events, attendees eat, talk, share resources, enjoy art and vote on the project they think benefits the city the most. At the end of the night, the ballots are counted and the winner goes home with all of the money raised to then carry out their project. Winners come back to SOUP dinners at a later date to report their project’s progress. In the last five years we have organised over 100 dinners and raised over $100,000.
During the Chicago StartUp Summit workshop I shared the power of the Detroit SOUP dinners, but also asked entrepreneurs to grab onto and share their own passions – highlighting that entrepreneurs must be able to communicate their story in a very short pitch if they’re to successfully convince others of its worth.
Personally, I have widdled down my own story to about a 20-30 second pitch. I can share both our story and our needs in less than a minute. This is important because you never know where (it could just be in an elevator) or when the opportunity arises to share your business pitch and ask for help.
I think many young entrepreneurs are uncomfortable pitching and making the ask. We were raised to believe that we don’t need help, but often that's exactly what's needed. The assistance needed for an entrepreneur isn't the kind of help where you are stranded on a desert island writing out SOS on rocks, but help in opening up doors, connecting with people, and deepening your network of support. There are a lot of moving pieces to create the perfect pitch, but we have come up with a method to walk through a story  – we need to understand what a story can and cannot do.
What a good story can do

• Connect with your audience
• Make your idea memorable
• Evoke empathy
• Motivate action

What a story can’t do

• Make a bad idea seem good
• Create your idea for you

We are all just humans living out our purpose and I don't believe that we can do this alone – we need others. It’s not just a personal life thing, but also a business thing. Every time you pitch your idea or business, your goal is to leave people inspired so that they go home and share your story with others.

To learn more about a good story and how to share your own story, download my PowerPoint from the Chicago StartUp Summit workshop. If you have further questions, reach out to me on my email: amy@detroitsoup.com.

Written by Amy Kaherl