I am trying to do a demo on a android device, but the screen is too small so is kinda hard to do a demo let say in a meeting room with 12 people. Although I can pass the device around the table or just simple borrow or get more devices for the demo purposes.
I understand there are devies where you can buy special USB converter to do TV-out like in iPhone, and some specific devices on Android (e.g. Motorola Incredible?) But I have to demo on a specific device where it runs standard Android build.
I understand I can do it on Android emulator but the screen refresh rate is too slow, as it will send the wrong message to the audience that the app is slow. (Or there is a way to increase the screen refresh rate for emulator?) Furthermore the emulator doesn't support multitouch. (Or am I wrong?)
Not sure if anyone
You do not have many options.
You can use Droid@Screen, but the refresh rate on it is maybe 6fps. I am not aware of any other software projector that is faster.
You failed to mention the "specific device" that you are using, so I cannot comment on whether it has TV-out capability. The HTC DROID Incredible and the Samsung Galaxy S series support composite output -- I use the DROID Incredible for this purpose a fair bit. Most of the devices that have HDMI output only support it for certain built-in apps, such as the video player.
You can rent or purchase a device projector, like an ELMO. These are fairly expensive pieces of equipment purchased new, though I see a handful of used ones on eBay at interesting prices (though watch out -- many seem to lack the AC adapter).
If you can delay the demo several months, you may be able to use a Google TV.
And that's about it, AFAIK.
Or there is a way to increase the screen refresh rate for emulator?
Get a faster computer.
Furthermore the emulator doesn't support multitouch. (Or am I wrong?)
I am not aware of a way to simulate multitouch with an emulator, though I have not gone looking for a solution there.