Complete a 90 second elevator pitch.
"Elevator Pitch" captures an idea: you, the entrepreneur, have your business idea down so tight, that you can step into an elevator, meet a potential investor, and convey the essence of your business by the time the elevator gets to the 20th floor. "Ding".
Elevator pitches are limited to as little 90 seconds. In our class, you must capture the essence of your business in 90 seconds.
THE SUBSTANCE OR CONTENT: What Should Your Elevator Pitch Cover?
1) The Pain / Problem: Open with a customer pain / problem you're solving, or a need you're fulfilling. A real life scenario (on a problem) helps an investor see a pain in personal terms and moves him to agree that it is an interesting problem needing a remedy.
2) The Solution: Briefly describe what it is that you sell and how it solves the problem. Avoid excruciating detail, but do explain why it works.
3) The Market: Briefly describe to whom you're selling the product or service. Address a target market and give testimonials or feedback you have.
4) The Competition: There is always competition. No competition? There probably isn't a market. Competitors help investors or customers understand a problem, its existing solutions, and the market's potential. Acknowledge any existing ways to partially solve your problem, companies' partial solutions, and then show how yours is better.
5) Competitive Advantage: Effectively communicate how your company is different and your advantage(s) over competitors. Do you have (THIS IS PART OF SOLUTION ABOVE)
• A unique product or service ability?
• A unique customer experience?
• Better distribution channels?
• Key partners that enhance your ability to deliver value to customers?
• A proprietary technology?
6) The Revenue Model: Explain how you will make money. What margins will you make?
7) Operations: Touch on how you will produce a product or deliver a service. What systems or process will you use? What will be outsourced?
8) The Team: Sell you and your team's background / achievements. Flash your experience in starting companies or in this market; your advisors, financial backers, and contacts.
9) The Finances: Discuss the amount of financing you have or need, the total required to execute the business plan, and the long-term vision of the business.
10) The Close: Reiterate: you're solving a problem in a specific market, with a model that works and a team that can execute.