An elevator pitch is a quick statement made to entice an investor to consider investing in your idea or company. They are called “elevator pitches” because they are designed to be to delivered in the time it takes to ride the elevator. When done well, the elevator pitch is powerful. Yet, they are rarely done well. Instead, most pitches are longwinded sessions of corporate or tech lingo that means nothing.
A great example of the use of elevator pitches can be seen on the show Shark Tank, you get the idea of what is expected in a pitch.
Developing an Elevator Pitch
The basic pitch is made up of the following items. If you get only these points across, you have succeeded.
- The pain – What problem are you trying to solve?
- The value proposition – How does your idea solve that problem?
- Be quick – Most investors have a bit attention deficit. Get to the point.
- Be simple to understand – Avoid the techie jargon. If your grandmother does not get it, dumb it down.
- Show a profit – It has to be clear how you can make money.
Elevator Pitches for Bootstraps
- The Pain – Define the pain so that the customer relates. If they do not have the pain, you are not talking to a potential customer.
- The value proposition – Define the value to them. How do you relieve their pain? How much is it worth to make the pain go away?
- Simple to understand
Question: What is your pitch for your idea? You can leave a comment by clicking here.