One might imagine that when it comes to pitching for investment, that the more excitement and enthusiasm we can muster for our product or service the better to help us convince investors to back us. Research from the USF Muma College of Business suggests that a high-octane pitch can actually have negative consequences too.

The researchers found that when we deliver over-the-top pitches via things like animated facial expressions and energetic body movements, it can prompt investors to think we’re trying to excessively manage impressions.

“For entrepreneurs pitching to raise funding, more enthusiasm is not necessarily better,” the researchers explain.

Dosing enthusiasm

The researchers tested how the enthusiasm of entrepreneurs as they pitched for crowdfunding investments affected the support they ultimately received from backers.

The study found that while showing enthusiasm can encourage investors to feel positively towards a product, and indeed to view entrepreneurs favorably, it has to be delivered in the right dose. If entrepreneurs are excessively enthusiastic, investors can question the motives of the entrepreneur and begin to feel like they’re being manipulated. This can be especially the case if the entrepreneur is viewed as less competent.

The findings emerged from analyzing 182 crowdfunding projects and 1,811 participants who were tasked with evaluating each of the pitches. An actor was recruited by the researchers to pitch the same product in either an extremely high enthusiasm way or a more modest way, with viewers then asked which product they were more likely to back.

“Our findings suggest that displaying enthusiasm may not always be effective for entrepreneurs to raise funding, especially for those who lack the needed expertise for the venture,” the authors conclude. “There are both positive and negative pathways for displaying your enthusiasm through energetic body gestures, varied vocal pitches, or animated facial expressions.”