Elevator Pitches Entrepreneurship II © Babs Carryer, David Mitchell

What are they? Imagine you are in an elevator with someone who is important to your business. You have from the time you both get on until the time he/she gets out to convince that person that yours is a great business opportunity and warrants that person’s involvement. Typically, elevator pitches are < 30 seconds in length.

Who is this person? Investor Customer Business partner Key politician Someone who can help you network Any other person who may be useful to help you realize your business opportunity.

The Goal: Your goal in the pitch is not to sell. No one will write a check after hearing an elevator pitch. Your goal is to intrigue. If you have succeeded, you will get an invitation to talk/meet later and/or send a business plan.

What to say: Make the most powerful argument you can in that time. Use aspects of your mission statement and core business concept. Reference any recognized assets you may have. (Patents, technologies, customer validation, core competencies, etc.) In general, give the most attractive statement you can in < 30 seconds.

What is attractive? If your targeted market is large, say so and give an impressive figure. If your competition is failing, say so but also be sure to say why you are better. Mention your key strengths and opportunities. Make sure you appear to be an expert in your field. Make sure you look and sound like you did your homework.

What not to say: Anything that would make that person think you have something to hide. Anything that detracts from the opportunity you are presenting. Anything that requires prior knowledge or requisite background to make sense. (Unless you know that this person has this background).

Today’s exercise Pick a company: Choose from a list provided or Pick the company in your VOSG or Pick any other company (existing or fictional). Come up with an elevator pitch Present to the class and receive feedback. Revise and try again.

Company List For all the following companies, assume they are in start-up phase. MicrosoftSunIntelFord Xerox General ElectricBoeing LaunchCyte Philip Morris McDonaldsWendy’s IkeaEthan AllenAT&T TargetPfizerK-mart800Flowers CiscoCoca ColaSubway NVidiaAmerica OnlineHome Depot