It can serve as an introduction to fellow entrepreneurs, businesspeople and investors. A practiced, well-crafted elevator pitch will be memorable, confidence-building and engaging.
This may sound easy, but every investor I know is frustrated by wasted time listening to rambling, emotional pitches that are not to the point.
The better you understand what makes an effective elevator pitch, the more likely you will attract investors and customers. Here are the most common elevator pitch missteps I see often as an angel investor and advisor to startups, with some quick advice on how to address each: Insist on leading with the story of the company.
Until an investor hears about a real customer problem, and understands your solution, the background is irrelevant. There will be plenty of time for the details of your arduous journey later, but for now my advice is to postpone the story to a later meeting. Rely on marketing content and emotion vs.
Skip the fuzzy terms, such as nice to have and easier to use in favor of specifics, such as costs 50 percent less or increases productivity by percent. Skip the sales pitch and avoid preaching. Build up for the punch line at the end.
Good hooks define a real problem, followed by a specific solution not technology. Investors worry about competitors more than customer features. Your second sentence should acknowledge competition, but highlight your added value. Smart investors invest in people, even more than a great product.
Thus your third sentence should highlight why you and your team are the right ones to support. Limit your elevator pitch message to about to words in 30 to 60 seconds.
Trying to cram words into that first interaction will only antagonize the receiver, and potentially lose the key impact of a highly-focused message. Always exude energy, conviction and commitment.
Neglect to ask for any specific next step. Ask for an hour, but always plan on speaking for only 10 minutes to leave plenty of time for addressing questions and concerns.
Come unprepared with no written documents. For investors, you always need to offer an executive summary of your business plan to show this is not a dream, and provide reinforcement of the message you have just delivered.
If you have no business plan or investor pitch to back it up, and the investor asks to see it, you will lose your credibility. In reality, a good pitch is not just for elevator meetings. It should be in the introduction section of your business plan, on the first slide of your investor pitch and the beginning of your executive summary.
You will find it the best way to start every networking opportunity, and a key communication vehicle that everyone on your team should know and use. Catch the elevator up to make it a business.An elevator pitch is like the short, summary version of a business plan, and it can be a powerful tool.
Read these articles to learn more about using your pitch to develop a successful business strategy.
Bplans offer business plan templates that are easy to use, and it also offers how-to articles to help you get started with crafting your business plan.
American FactFinder Before starting your business plan—or even before you craft an elevator pitch—it’s a good idea to do a bit of market research. The Description and the Elevator Pitch.
The business plan is a valuable document for ensuring that you, the entrepreneur, think critically about the details of your business idea. Here's exactly what to say with your 30 second business plan pitch to investors. Video Podcasts Start A Business Subscribe Shop. It's called an "elevator pitch," by the way, because it shouldn.
What is an elevator pitch? An elevator pitch is a succinct second speech geared to convince someone about a product or company. Having a good elevator pitch ready can help entrepreneurs make the best of brief encounters with potential investors at parties, business events, or elevators.
Business Plan Elevator Pitch Template. After years of refinement, we’ve developed a business plan elevator pitch template that will help you define your business in terms investors want to hear.