The Elevator Pitch Pitching in 30 – 120 Seconds Sometimes also called an elevator speech. Pitching in 30 – 120 Seconds

What is an Elevator Pitch? Context of Entrepreneurship A business-oriented, purposeful verbal message as fast as a ride in an elevator (30 -120 seconds) in understandable language – also for technology areas A concise, carefully planned, and well-practiced “answer” about yourself, your business, your firm, your project etc. A situation with an opportunity to sell your company’s identity and set yourself apart from other entrepreneurs Pitch – Geschäftsgespräch, Geschäftsplanvorstellung so schnell wie ein Aufzug, ein „Aufzugspräsentation“ Aussagekräftige (Betonung auf “kräftige”) Formulierungen den Vorrang vor Projekteinzelheiten geben. „Was machen Sie eigentlich beruflich?“ Eine einfache Frage, häufig gestellt auf Tagungen und Kongressen. Und eine gute Chance zur Anbahnung von Geschäftskontakten. Mit der Antwort gilt es, den Gesprächspartner neugierig zu machen. Kurz, knackig, mit wenigen Worten. Wie das geht, verraten die Regeln des so genannten Elevator Pitches, der Kurzvorstellung in 30 Sekunden. There are several definitions emphasizing particular aspects, for instance, The time for a business-oriented message, The content-oriented anticipated answer about ... The situation and related opportunity to opportunity The elevator pitch changes with time as your company and your businesses change. Update your speech as your situation changes W. Runge 04/2008

What is an Elevator Pitch? Business Plan Context Elevator Pitch: a back-of-the-envelope business plan Elevator Pitch: The problem (need) you are going to solve (satisfy) Your solution, your answer Your value proposition A well delivered pitch is remembered long after it is given. It should explain what problem you solve and grab your audience attention to make them want to know more. Having an elevator pitch means having the basis for getting attention for any subsequent presentation of the business plan. Key characteristics: Succinct - bündig Easy understable It must be greed inducing - Gier Must be irrefutable = unwiderlegbar Continually perfecting the elevator pitch ensures that you are always able to put your best foot forward as your business grows and changes and your client base expands. BUT: Every business grows and changes, and your pitch needs to grow and change with it. Business model: die Logik wieWerte erzeugt werden – für mich/meine Firma und die Kunden – und meine Geldgeber 20 Minute Business Plan Presentation W. Runge 04/2008

Elevator Pitch Situations All conceivable constellations to initiate linking investors (backers; “sponsors”, decision makers) and entrepreneurs (intrapreneurs) (A startup) searching for financial backing or cooperation partners Meeting someone (accidentally or intentionally) at … Competence Network Partnering-Events In firms: Meeting a “big boy” in the canteen, plane, in the lobby of an airport, … Meeting someone in the lobby, hall or in the queue for coffee of a technical conference or exhibition, special conference event “investors to meet entrepreneurs”, during lunch time In firms: Meeting a “big boy” in the plane, in the lobby of airport, meeting the company’s president in the canteen in the queue, … When developing an Elevator Speech for a specific employer you've targeted, do research the organization and incorporate that knowledge into your speech. W. Runge 04/2008

You only have one chance to make a first impression! W. Runge 04/2008

Approach Give people a “hook” by talking about something that really interests them It must be succinct, to the point Focus on one simple message Make it simple and easy for people to contact you after the pitch – give them an incentive to seek you out For investors: It must be greed inducing (inducing expectations of big profits) Remember as you deliver your Elevator Speech that the listener may be mentally asking, "What's in it for me (or my company)?" In US you can say “greed inducing” In Germany rather: inducing expectations of big profits “Große Gewinnerwartungen weckend” W. Runge 04/2008

Presenting: The Rule of Three The “Hook"  Get attention and interest The Subject Explains and proves your point with passion (investors expect energy and dedication from entrepreneurs) Should induce desire (“greed inducing”) Use the Concept Summary as a framework    The Close Call to action or demand for reaction The Rule of Three: For the key content elements of a good elevator pitch: The Hook A statement or question that piques their interest to want to hear more. most unusual, exciting, dramatic, or humorous aspect of what we offer.  Usually one sentence long and often a question that has a high probability of being answered in the affirmative. "hook" an intriguing aspect that will engage the listener, prompt him or her to ask questions, and keep the conversation going. The Close — demand for action –or- demand for reaction.  Usually this is a request for a subsequent meeting with a couple options for times/dates offered; provide your bsuiness card Do you want their business card, to schedule a full presentation, AIDA! W. Runge 04/2008

An Elevator Pitch Template WHAT you do WHOM you serve HOW you deliver BENEFIT(S) for clients EXAMPLE (“What are you doing?”): "I [WHAT: helping verb] [WHO: target market/ideal customer] [_______] [_______] [_______] [_______] [HOW: deliver what the customer wants] [BENEFIT: key benefit or wanted result]" W. Runge 04/2008

USP Template: Wording USP (Unique Selling Proposition) – Template: Sentence #1 For (target customer) who (statement of the need or opportunity), the (product/service name) is a (product/service category) that (statement of benefit). Sentence #2 Unlike (primary competitive alternative), our product (statement of primary differentiation). W. Runge 04/2008 Slide 9.23; Ref. Dorf & Byers, p. 250

USP/Elevator Pitch: Other Uses If the startup/NTBF is launched and has a Web site, a USP should appear on the firm’s Web site under the headings Home, Company or About W. Runge 04/2008

Call to Action Based on provided material create and present an elevator pitch Based on the template (Slide 8) One lasting 30 (- 45) seconds One lasting 120 (-150) seconds (start with this one and boil it down) Based on the USP-approach (Slide 9) one lasting 100-150 seconds Write and rewrite your speech, sharpening its focus and eliminating unnecessary words and awkward constructions W. Runge 04/2008