A Thought Leader Guest Post from J.J. Richa of Pismo Ventures:
The Anatomy of an Elevator Pitch
The purpose of an investor elevator pitch (30, 60 or 90 seconds) is to provide enough information to the listeners to get them excited about what you have to offer – not to tell your life story – especially not to endlessly talk about the features of the product or service by trying to sell it.
If they are intrigued, they are more likely to approach you to learn more. Next is the potential for a meeting. Ultimately, the objective of a so-called elevator pitch is to get you a meeting with a potential investor. At your first meeting, the objective is to get another meeting until you build relationships and trust.
Here are the main points to address in an elevator pitch.
How long each point takes depends on how much time you are allowed (30, 60 or 90 seconds). The order does not matter. Content is key.
- State your name, title and company name – A title of founder may be a good choice especially when you don’t have any prior experience.
- Begin with stating the problem (pain/need) you are trying to solve – From the point of view of your potential customers.
- Describe how you are solving the stated problem – Are you doing it better, cheaper, faster, easier, etc… than how it is current being done?
- How big is the market? How many people/businesses have this problem and would be willing to buy your product or service? You may want to mention how much of the market you can or intend to capture (e.g., 5% in 3 years).
- Talk briefly about the competition – It is recommended not to say that you don’t have competitors. There is always competition even if no direct competitors. Mention the important...
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Thanks for this Guest Post and its graphics to Pismo Ventures.
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