How to succeed in the Peter Farrell Cup from a former finalist
The Peter Farrell Cup 2021 finals night
As the old saying goes - not all ideas are created equal. And that’s especially true after you’ve completed the Peter Farrell Cup (PFC)! With the program's extensive support, guidance, and the chance to share in a generous $20,000 prize pool, participants can turn their ideas from inception to pitch perfect in just 10 weeks.
When I entered the UNSW's most prestigious startup idea pitch competition in 2021, all my team and I had was an idea - a radically adjustable sports bra designed especially for plus-size women. And during the program, we turned that idea into a top 10 finalist pitch complete with a fully functioning prototype. Now, just two years later, my business AmpleFolk is generating thousands of dollars in revenue per month and helping the 1 billion plus-size women on the planet every single day.
The PFC, now in its 22nd year, is an exceptional opportunity for students and HDR candidates to unleash their entrepreneurial potential. You’ll gain new skills, knowledge, ways of thinking, friends and opportunities, get matched with industry mentors and coaches, plus get access to a world-class Makerspace and startup community. Click here for more details about eligibility and key dates.
So what’s the secret to succeeding in the PFC? Well, there’s no perfect recipe, but I can give you some pointers so you have the best chance of getting the most out of the program. Here goes…
You’re only as good as your team
The PFC is a team sport and it’s essential you have a group of legends on your side to really succeed. Not only does the right team make your 10 weeks of programming and pitching fun, but it makes your life getting everything you need to be done in a short space of time a whole lot easier. The rules are that teams can be between two and five people with at least one key member a current UNSW student. We were super lucky in that our team of four, had three current students and were all as passionate as each other about tackling the problem we were trying to solve.
Holly (left) and her PFC teammates Rose, Amreen and Shwetha
Identify your passion
The PFC (and life, in general) will be a heck of a lot easier and more fulfilling if you select an idea that genuinely excites and motivates you. This passion will be crucial in sustaining your commitment throughout the competition which often requires you to get a lot done in a very short space of time.
Embrace constructive feedback
When you’re putting your ideas out into the world, especially when they’re ones close to your heart it’s a really difficult thing. We get so attached to our ideas that sometimes it’s hard to see through our own biases. That’s why it’s so important to remain open-minded and receptive to feedback from judges and mentors. You don’t always have to agree with their opinions but take all feedback with grace and work out how you can leverage it to enhance your idea and pitch.
Holly pitching on stage at NIDA during the PFC finals
Make the most of it
This probably seems pretty basic but what I mean is to take all opportunities with two hands. Attend every workshop, meeting, and event you can and throw your all into it. Attend events and connect with fellow participants, judges, mentors, and industry professionals, expanding your entrepreneurial network. Capitalise on the opportunity to receive guidance from experienced mentors who can provide valuable insights and help you refine your idea. Make the most of the support provided by the competition, including mentorship, workshops, networking opportunities, and feedback sessions.
Practice, practice, practice
After all is said and done, the PFC is a pitch competition. You could have the best idea in the world with the best team ever but if you can’t sell it to other people in a pithy pitch then it’s all for nothing. Hone your pitching skills by rehearsing your presentation, actively seeking feedback, and refining your delivery. Start practicing early and don’t bother with following a script to the letter. No one knows your idea better than you, trust that with practice you will hit all the points you need to.
The PFC 2021 finalists