July 23, 2012
Everybody has heard tales concerning the “Elevator Pitch”; that advantageous, brief chance where a business owner has a prospect’s full attention to explain their project.
Unlikely as it seems to be, the flourishing capitalist has to be ready portray a strong case for their idea; usually this chance expires in as little as one to two minutes. It does not matter if it is a chance encounter, at a trade show, or a scheduled meeting. If you do find yourself in an elevator with a possible investor, you will have to be completely ready for the encounter. Here, we will talk about three vital factors to help hit a homerun with the elevator pitch.
Most businesses produce a physical item or supply a needed service. Entrepreneurs must have the ability to concisely explain and present precisely what your company does to drive revenue; more prominently, how the products/services benefit the consumer. Center plainly on the workings of the product. This is particularly important if it is a complex technological item. State to your future investor what type of worth your product gives to your clients.
Relate your company to one already in existence. A good many entrepreneurs are scared to bring up companies like theirs for fear of recognizing that there is competition and this may make their own start-up appear in a bad light. This train of thought is faulty thinking on two levels. First, your company is not a clone of another company; rather it is a fresh standalone business with potential. Second, if your company is a clone of another existing, larger rival, you may do well reevaluate some things concerning your establishment.
While you are “in the elevator,” don’t be skittish to acknowledge other firms. But do not leave it there because if you do, you’re flotsam.. Now you are required to clarify how and why your company is different as well as how you intend to use that diversity to defeat them and THAT is the way you grab the interest of a venture capitalist, or any investor for that matter.
During your final moments, build the scenario that the niche requires you. State a couple of statistics that the specific marketplace has needs that are unfulfilled. Your company intends to satisfy the needs that other competitors are neglecting.
With these tools in hand, you are heavily armed, I do have one last item of advice – practice. Practice the elevator pitch so you know the material and can present it as concisely as possible. Remember, you have only two minutes – tops. Get it done!