Your business model is ready, your plan is posted on FundingUniverse.com, and you are anxiously expecting a phone call or an e-mail from potential investors. You’re done, right? Not quite. You need to practice, practice and practice to refine and tweak your elevator pitch.
An elevator pitch is a succinct synopsis of your business plan. The purpose of the pitch is to prepare a short presentation about your company that can quickly be given over the phone, in an email or explained at moments notice.
It is crucial to develop and perfect your elevator pitch. The pitch should include two or three sentences on the following items:
- Company’s name
- Identify what problem you solve for customers
- Product/service
- Current success
- Market opportunity
- Any other genius your company has to offer (i.e. a primo management team/advisory board, a great network, a great location, etc.)
If you don’t have an elevator pitch ready begin writing one ASAP. You will need to have this pitch ready every time you introduce yourself to investors or other interested parties.
In Guy Kawasaki’s book, Art of the Start, he advises entrepreneurs to pitch to an audience. The audience could be your spouse, friends, family or co-workers. After your pitch is over, ask the audience to write one sentence describing what your company does. Use the responses from the audience to further fine tune your pitch. Guy also suggests part of practicing a pitch should include videotaping yourself. If you can watch your pitch without cringing then you are ready.
For more tips on pitching read Art of the Start or contact
FundingUniverse.com at 877.638.3616.
Thank you for the advice. I’ve had quite a bit of pitching on this, but found so far only those who want to buy me out for literally nothing instead of working together to gain more-the project itself is just one of several concepts I have cooking-and the capitol from that project will go to fund the rest.
Comment by Glenn Hopkins — September 6, 2006 @ 7:01 pm
I find this infomation very interesting and reminds me of my Marketing Class in college.
I would the the change to pitch a potential investor.
Comment by Lawrence Huggins — September 6, 2006 @ 7:45 pm
I found this post helpful too, thanks for the reminder of Guy’s book. My video pitch is nearly done, so excited to post on this site!
Comment by Kelly King Anderson — September 6, 2006 @ 9:37 pm
I’ve been in business for three years and have exponentially double each year. 8 to 16 to 32 fountains sold. I am the only business like this in the United States. My business can be divided into two areas. (1) Custom built fountains and (2) mass produced fountains. I contacted Lowe’s and made a pitch for a small geographical area to see if they would sell? They were not interested!
Where can I go for advice? Thank you
Comment by David K. Isham — September 7, 2006 @ 7:21 am
Wow! From what I read, I’m on the right track. This is how I’ve been applying myself. But, it’s nice to still hear the advice to know a person is on the right track. Thank you for caring.
Comment by liesa reese — September 7, 2006 @ 8:17 pm
Hi there
I very much enjoyed this discussion on elevator pitching and wanted to contribute.
I’m working on a new venture capital reality show (www.CBC.ca/dragonsden) , and for such we’ve created this short video on elevator pitching: http://www.youtube.com/watch?v=Tq0tan49rmc
In case anyone wants to repost it, feel free to, the code is:
Let me know, if you plan to use it.
Sean
Comment by Sean Wise — September 25, 2006 @ 8:12 am