Here are 5 simple steps to remember when crafting a pitch for any sort of project you are working on:
1 - Name the Enemy: What is the problem you are solving? What are you replacing? Place a simple yet appropriate emphasis on why it's a problem worth combating. Don't inflate the meaning behind it. If it's a small problem, flaunt it. Niche businesses can often be more attractive than massive market opportunities.
2 - Why now?: Try your hardest to explain the timeline of how you came to work on this project. Did the market change recently? Is there a new-ish void that needs to be filled? Is there an unprecedented demand for what you are offering? Timing is a tricky aspect of opportunity. Ensure that you highlight why this wouldn't be as successful any other time but now.
3 - The Destination: What does success look like? Ignore numbers and financial projections here. Instead, mention the impact you will make on the world. How many people will use the product and feel connected with what you are doing? Impressions, interest, and impact are much more valuable attributes than imagined wealth.
4 - The Obstacles: Not only should you focus on who else might be working on solving a similar problem, but you should also address customer-based hurdles getting in the way of success. In some cases, for example, laws might need to be adjusted to accommodate a bold new idea. Don't be afraid to look that obstacle in the face by addressing it briefly. Self-realization is refreshing and usually rewarded, even if the potential hurdle is massive to overcome.
5 - Evidence: Finally, wrap your story up with proof that you'll succeed. Try not to duplicate anything you mentioned about market timing or within the destination section of the pitch. Focus more on truthful and undeniable market stats that makes this opportunity look like it's one-of-a-kind. This would also be the time to justify you and the team working on the project (if you have a track record that would be positive to share). As long as you have an impressive fact to close with, you'll leave the audience wanting to learn more.