A good and great elevator pitch for startup funding can spark or kill a deal.
Google got an investment thanks to a great Elevator Pitch. That means you can do it too. This article will help you to come up with a great elevator pitch, attract investments, and even if you will not repeat the success of Google, then at least you will be able to create some real value that will benefit people.
So, What Is the Elevator Pitch?
Imagine that you have a great business idea, the funds for financing which significantly exceed the level available to you. And one sunny day, you go up in the elevator, the door opens and …. the billionaire enters the elevator.
Alone, without a crowd of guards. He will reach the desired floor, come out and you will never see him again. Your only chance to implement the project is to attract his attention while he is standing next to you.
If you have something to tell you about, elevator pitch is what you should write, memorize and periodically rehearse so that you won’t get confused at the right time.
You Will Have Only One Chance and No More Than 30 Seconds
The most important elevator pitch rule is brevity and maximum meaning. You will have only one attempt to attract the attention of investors, and your time will be limited to only 30 seconds.
Compose a short story about the concept of your product, project or service for 100-150 words or 30 seconds of voiceover.
Describe the following:
Why do you need such a blank? We often get to know people, give a business card and are shy to say a few words about ourselves.
This is traditionally in our culture. But at the moment when you give the business card, you have these 30 seconds, these 150 words to interest, so that the business card is not thrown into the nearest trash, and it led to a contract with you.
And you can do this if you write now, and then rehearse your “speech in the elevator”, for example, in front of a video camera.
View the recording, rehearse again, review again until the speech becomes such that each of your words has a strong reinforcement. Next, we will figure out how to do it.
9 Principles for Preparing Elevator Pitch
Find out the Interests of People Who Will Listen to Your Elevator Pitch
Before you start writing, you need to understand who you are writing for. For example, you can check out Online Writers Rating to make sure that your web copy will be written by professionals who understand your brand values and can properly communicate your brand identity.
This is partially similar to marketing because you need to think through your business idea, convince the investor that it is worthy of attention and will be profitable. Therefore, at this stage, your goal is not even your customers.
Your goal is your investor. Here and now he is your client. And therefore, the value of your business proposal should resonate with its intrinsic values that you need to find in advance, even before preparing your elevator pitch.
To do this, you need to analyze other projects that are funded by your potential investor and understand what attracts him the most.
Perhaps this will be an opportunity for rapid growth, a strong environmental mission or a specific problem that is close to this particular person.
Follow the Pattern
So, we already understood a lot about the application, principles, and potential of an elevator pitch. Now it’s time to put it all in verbal form.
Follow the algorithm below to find the most suitable words and make your speech as logical as possible.
You certainly know that a startup has a chance to get an investment only if many other factors agree with the true uniqueness of the idea.
After your pitch is over, you need to do a final check and make sure that it works.
Here are some ways to check how unique is what you think is unique.
- Can your competitors say the same about themselves?
Do you know your competitors? Imagine that your competitors are saying your “speech in the elevator.” If there is no contradiction, then there is no “uniqueness” in your proposal – your competitors offer the same.
- Is what you really think is the client’s problem?
If not, your speech will fail.
- Do clients easily understand this uniqueness, do they see value in it?
Let’s say you have developed an application for electric car-sharing. If your potential investor is indifferent to the wise use of resources, then this argument will not convince him.
- Will your audience be able to understand you?
Let’s imagine a situation that you will have to speak in front of a large audience, among which there will be representatives of different language groups.
Do you think all of the potential investors will be able to understand you? Most likely, if you speak English, they will be able to cope with this task. However, it is much more pleasant to hear and perceive native speech.
Therefore, if you know that you will have to speak with multilingual investors, take care of translating your speech, or at least make subtitles available.
Most likely, you will have to create a few versions of an elevator pitch to choose the best one in the final result.
Do not be afraid to reduce the number of words without losing meaning and polish your speech until each word fits its place.
Your task is to get the most complete picture, plus present it to the investor, so give yourself time to rehearse in front of the audience as well.
The internet has changed the relationship between investors, startups, and entrepreneurs. For most of the 20th century, venture capital and angel investing was a black box, the internal dealings of which remained highly guarded secrets.
WOW have that changed. Funding is everywhere and VC’s have moved to verticals which make complete sense. F&F, go-fund-me, crowdfunding from Kickstarter and Indiegogo.
Have something to say about your thoughts on elevator pitches?
Ana Mayer is a freelance writer who is a qualified specialist in the field of digital marketing. She writes for different news portals and thematic blogs that help her stay at the heart of the programming and technology news. Such work gives her the opportunity to write articles on the most relevant topics of today.
An elevator pitch is a brief, persuasive speech that you use to spark interest in what your organization does. You can also use them to create interest in a project, idea, or product – or yourself. A good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds, hence the name.
Why is an elevator pitch important?
An elevator pitch is important because it communicates the most important aspects of your business and services within that short amount of time. First, you have to decide what exactly you want to talk about yourself or your business.
What is a 30-second elevator pitch?
An elevator speech is a clear, brief message or “commercial” about you. It communicates who you are, what you’re looking for, and how you can benefit a company or organization. It’s typically about 30 seconds, the time it takes people to ride from the top to the bottom of a building in an elevator.
How do you write an elevator pitch for a startup?
Start the elevator pitch with a brief, easy-to-absorb sentence that includes your name, your company name, and the service you provide. For instance, “I’m Sara Smith; my company is “The Best Co,” and we offer the best service that solves XYZ.”
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