Elevator Pitch for Start-Ups

An elevator pitch for start-ups is a condensed, easy-to-understand version of a business idea delivered in the time it takes to ride an elevator. Entrepreneurs must be prepared to give a pitch at any time, including an elevator ride. The elevator pitch is used to interest an investor or executive into investing or joining the company. Its goal is to simply convey the overall business idea or concept in an exciting way.

The pitch should be a concise and clear description of the start-up, and intriguing enough that an investor would want to learn more. It should include a few basic topics, such as the entrepreneur’s background, business idea, how it’s unique, the benefit to potential clients, and a short request for feedback on the idea. If successful, the potential investor may ask for more information or even a meeting.

Here’s more on what to include in your pitch:

1. Entrepreneur’s background

Explain why you are qualified to run the business without going into a detailed breakdown of your resume. For example, if you plan to open a restaurant, you should include your years of experience as a chef or restaurant manager.

2. Description of the business

Rather than simply stating that the plan is to open a restaurant, you should cover in detail the type of cuisine and how it fits into the local restaurant scene.

3. How the business is different

Explain the attributes of the business that set it apart from its competitors. For example, is this the only restaurant of its type operating in the area? Is the business hiring a renowned chef? You should state the unique value proposition of your business.

4. Benefit to potential customers

You should highlight how the business (via a unique process or product, for instance) would benefit its customers and the problems it would solve for them.

5. Feedback and follow-up

Have your business cards ready and end your pitch by asking for a phone call or even a short request for feedback on your idea. You should also get the business card of the person you are pitching to. If the person is interested, you should follow-up with them within 24 hours.

Besides these tips, pitches should also avoid being overly wordy, using jargon, being too general, focusing too much on the entrepreneur, or seeming “desperate”.

An elevator pitch can often make or break a business in the eyes of potential investors and key customers. Hence, the entrepreneur should ensure that their business idea well-researched and irrefutable.

References

Brandenburger, Alaina. (2021, April 29). “How to Write an Elevator Pitch to Raise Money for Your Startup”. https://www.business2community.com/startups/how-to-write-an-elevator-pitch-to-raise-money-for-your-startup-02401733

British Library Business & IP Centre. “Know your elevator pitch”. Accessed June 22, 2021. https://www.bl.uk/business-and-ip-centre/articles/know-your-elevator-pitch

Morah, Chizoba. “What is an Entrepreneur’s Elevator Pitch?”. Last updated November 26, 2019. https://www.investopedia.com/ask/answers/08/entrepreneur-elevator-pitch.asp

Wise, Sean. (2018, February 13). “I’ve Heard 20,000 Elevator Pitches. Here’s What They’ve Taught Me About Getting Funded.” https://www.inc.com/sean-wise/what-10000-hours-of-investor-pitches-can-tell-you-about-landing-perfect-pitch-in-21st-century.html