Elevator Pitch
From Entrepedia: The Entrepreneurship Wiki
A good elevator pitch should take under 1 minute (the time it takes to ride up an elevator - hence the name). You'll know that you got it right if they ask you to tell more about your business! Once you have their attention and have snagged a meeting, you're looking at putting together a full length pitch that is just as stellar; Bill Joos offers entrepreneurs some great advice on perfecting your pitch!
An Elevator Pitch Template
The Harvard Business School have created an online elevator pitch builder to help you craft the perfect one-minute pitch, but you can also use this manual template:
Fill in the quotation marks with your answer to the questions to create a rough elevator pitch. Begin by using this "template" as a starter-for-ten, then iterate until you have two PLAIN ENGLISH sentences. Have a bit of fun with it - ask your friends and family to listen to you (and your team), then ask them to fill in the above template based on what they have understood from you - you will be shocked by what they play back to you! Remember, if you don't transmit your message in a way that is received, understood and accepted - you are in trouble!
For "what is your target Market/segment/group?"
Who "what is the common pain prospects have told you they will pay to have removed?"
Our "what is your product/service?"
- is a "plain English statement of your product/service category"
- that "what unique value does it deliver?"
- is a "plain English statement of your product/service category"
Unlike "who is(are) your dominant competitor(s)?"
- our "Product?"
- delivers "what is your differentiation? Can you prove and quote Return-on-Investment? Payback time?"
- our "Product?"
When you nail it, get everyone in your venture to commit to memory so you can all pitch to anyone, anywhere at anytime. The listener will understand the value you are offering to your chosen Market. It's a real challenge but a great team building technique as you will find when you give it a try!
Further Reading
- Heidi Roizen (Mobius Venture Capital): "Assume Short Buildings: Tips For a Good Pitch" in Stanford Entrepreneurial Thought Leaders Lecture
