Cast of Shark Tank (Courtesy: ABC Studios)
TL;DR
• Shark Tank has popularized version of the pitch that prioritizes making an ask before establishing a meaningful connection, which ultimately puts the founder on the back foot
• The “Hearts > Minds > Wallets” framework uses storytelling to appeal to the audience’s emotions (Hearts), explain the logic of their solution (Minds), before laying the foundation for The Ask (Wallets)
• Using this framework enables founders to focus on establishing trust in order to unlock a necessary connection with their audience.
Pitching your startup is no easy task. Whether you’re looking for investment, partnerships, or media coverage, the ability to deliver a compelling pitch is crucial. Unfortunately, many founders struggle to effectively communicate their vision. Common pitfalls include over-complicating the message, succumbing to buzzwords, or lacking the storytelling finesse needed to captivate an audience. So, how can you ensure your pitch resonates? Enter the "Hearts > Minds > Wallets" framework—a straightforward yet powerful approach to structuring your pitch.
Why Founders miss the Mark when Pitching
Before we get to the framework, it’s helpful to explore why landing a pitch is so tough. While there are a number of common traps when it comes to pitching (including over-complicating things with jargon, distracting the audience with buzzwords, and weak stage presence, among others), I believe the biggest issue is that Founders don’t actually understand what their goal should be when pitching. While it might seem obvious that in most cases the goal is to attract investment, that’s actually a byproduct of achieving the primary goal: achieving meaningful connection.
You see, if a founder can’t connect with their audience, there won’t be any investment (or likely even a follow-up conversation). Which begs the question: how do you achieve meaningful connection with your audience?
The Key to Unlocking Meaningful Connection
In order to unlock meaningful connection we have to establish trust. Seems obvious, right? But a founder might only have the proverbial 30 seconds in an elevator to land their pitch, which makes establishing trust all the more critical. This is why I’m such a strong proponent of the “Hearts > Minds > Wallets” framework, as it offers a way to connect with the audience emotionally and engage their intellect before making their ask.
The Hearts > Minds > Wallets Framework
This framework simplifies your pitch into three sequential elements:
- HEARTS: Connect Emotionally.
- MINDS: Engage Intellectually.
- WALLETS: Make the Ask.
Now let’s look at the individual components to understand what each of them contributes and how they come together to frame a solid pitch.
HEARTS: Connect Emotionally
Start by capturing your audience’s emotions. Tell a story that highlights the problem you’re solving and why it matters. Make it relatable and relevant. If you can’t connect on an emotional level, your audience will quickly lose interest. Context is key—know your audience and tailor your story to resonate with them. This emotional connection is the hook that keeps them engaged.
In terms of narrative structure, you’ll want to start with a compelling story about the problem paired with your vision for how it can be solved. often find it helps to personalize the problem by explaining how it affects a specific individual, whether a customer or even yourself as the presenter. Doing so allows you to draw the audience in, as it’s far easier to ignore a slide full of numbers than an image of an individual affected by a clearly explained problem.
For example, instead of rattling off statistics about food waste, describe the frustration of a busy parent throwing away spoiled groceries week after week. Make your audience feel the problem, and they'll be more invested in your solution.
Minds: Engage Intellectually
Once you've appealed to their hearts, it's time to engage their minds. This is where you showcase your deep understanding of the market, your innovative solution, and your strategic approach. This part of the pitch establishes your credibility and convinces the audience that you’re the right team to solve this problem.
Explain your product or service clearly, without getting bogged down in technical jargon. Highlight what makes your approach unique. Discuss your business model, market size, and competitive landscape. Use data and logical arguments to build a compelling case for why your startup is poised for success.
Wallets: Make the Ask
With hearts and minds engaged, you’re ready for the final step: The ASK. At this point the audience is with you on the journey, allowing you to clearly state what you need, whether it’s funding, partnerships, or other support. Be specific and justified in your request. If you’re in a boardroom setting, provide a clear range and the reasoning behind it. This is where you turn interest and belief into tangible support.
In terms of the presentation, this is about “landing the plane” so to speak. You can do so by highlighting the market size and opportunity and using this to make the case for your financial projections before describing how much you’re raising (The Ask) and how you plan to use that money (Use of Funds). Finally: end by reiterating your vision for solving the problem you articulated at the start, inviting your audience to join you on the journey together.
Bringing It All Together
The beauty of the Hearts > Minds > Wallets framework is its flexibility. It's not a rigid template, but a guide to ensure you're hitting all the key elements of a compelling pitch. You might start with a personal story (Hearts), transition to your market analysis (Minds), then circle back to the emotional impact of your solution before making your ask (Wallets).
Remember, the goal isn't to rigidly adhere to a format, but to tell a cohesive, compelling story about your startup. Practice your pitch, get feedback, and refine it until it feels natural and authentic to you.
By appealing to emotions, intellect, and financial interests, you create a well-rounded pitch that addresses the key concerns of potential investors. It's a powerful approach that can help you stand out in a sea of startups vying for attention and funding.
So, the next time you're preparing to pitch, think Hearts > Minds > Wallets. It might just be the key to unlocking the capital you need to take your startup to the next level. Now go out there and pitch with confidence!