"We are raising money in difficult times, therefore your investors need to bring something more to the table than just money",  Shaa Wasmund, CEO of Smarta,  told the audience at the - sold out - TheNextWomen pitching and funding event.

Shaa opened a series of four talks yesterday evening including Anna Sofat, Angel Investor for Addidi, who explained the ins and outs of angel funding, Judy Gibbons of Accel, who talked about obtaining VC capital and Andrea Cockerton, pitch and martial arts expert who advised the companies that had joined on how to get your pitch right.

All of the speakers pointed to the changing times but also the number of opportunities that it created. Anna Sofat advised companies to stay focused, to be bold, and to look after existing customers, while seizing those opportunities that the credit crunch is throwing their way, such as highly skilled people coming down the ladder seeking new employment.

While companies may find it difficult to raise a second round of investment, Judy said,  a survival plan will get you a long way.  She pointed out: "People who survive this downturn will emerge to dominate their sector". Good news for entrepreneurs with big ambitions. Both investors urged start-ups to give thought to their unique selling point, which becomes ever more important in times that there is less money to go around.

Even in buyont times, to compete effectively, "you need to punch above your weight" was Shaa's advice. But, Andrea, the pitch expert noted, just punching without any training, just relying on brute strength, will get you nowhere.

Two companies got their pitches just right:  Degreeart.com, an online gallery for art graduates, was chosen by the panel to enter into the Astia 'Doing it Right' programme to develop their ambitious plan and eventually to get ready to pitch to investors, while the audience voted for and nominated Balineum, an online shopping portal for designer bath accesories, to pitch immediately at a cmypitch live event to 30 investors.