Pretty much all self-respecting accelerator programs provide their entrepreneurs with pitch training to help them secure the vital investment they so desperately need in order to grow (or survive).  I suspect many will advise their entrepreneurs to present a happy and optimistic visage to the investors so as to present their startup in a positive light.  New research from Washington State University suggests that might not always be beneficial.

“Our findings show that there’s a role for different emotions in pitches,” the researchers explain. “For example, an angry facial expression can convey how much you care about something, instead of just smiling, which on the extreme end can come off as insincere or overoptimistic. It’s good to balance that out. There are different reasons for using different expressions.”

A range of emotions

Whereas previously it’s generally been thought that entrepreneurs need to be positive and happy in their investment pitches, the researchers wanted to explore how valuable expressing a range of emotions could be, including anger, sadness, and fear.

They analyzed around 500 pitch videos from Kickstarter, using facial analysis software to code the facial expressions of the entrepreneur for happiness, anger, fear, and sadness.  This allowed them to break down the pitch and quantify how much of it was taken up by the various emotions.  This ratio was then compared with the ultimate success of the pitches in terms of the fundraising success and the number of people who backed the venture.

The results show that entrepreneurs who were able to display a mixture of happiness, anger, and fear seemed to secure the greatest success with their fundraising.  The only emotion that was correlated with poorer performance was sadness.

A varied pitch

When the pitches were analyzed in more depth, it emerged that the most successful entrepreneurs were able to use a range of emotional expressions at particular points in their pitch.  For instance, a common approach would be to begin on a positive note, before switching to anger when describing the nature of the problem and their determination to solve it.  Fear would then often be used when talking about the various obstacles they face or the resources they need.

When entrepreneurs displayed too little emotion, they were therefore much less successful, even if the actual content of their pitches were strong and merited support.  As such, the researchers believe that it clearly pays to display a range of emotions rather than one, even if that one is generally positive.

Suffice to say, the study only looked at facial expressions, which are obviously only one aspect of a successful pitch, so more research is required to fully draw out any connection between the expressions entrepreneurs give off and how they actually feel during the pitch.

“Some people might be very expressive, where what they’re feeling on the inside shows quite readily to other people,” the researchers conclude. “Others might be engaging in impression management, in other words, faking it.”