I’m going to give you the “holy grail” elevator pitch; a format that has worked so well, but is amazingly simple. Now for those who are unfamiliar with an elevator pitch, here’s a quick summary: While visiting New York, you step into an elevator, adrenaline flowing as usual about your new business idea. To your amazement, Donald Trump steps in after you, the elevator door closes, and he pushes the 30th floor button. At this point you’re sweating bullets. He turns to you and says “So tell me, what do you do?”
You probably see where I’m going with this. An elevator pitch gives you less than a minute to convince(fill in the blank) that your business idea is bigger than Google, and he should be interested. Notice I said interested and not invest. The goal of an elevator pitch is NOT to get the individual to invest—no one does that. The primary objective is to get the investor excited so he hands you his card and says “I want to know more.”
As an entrepreneur, I’ve heard dozens upon dozens of formats, suggested lengths, what to say, whatnot to say, etc. Still, time after time, I get pitched with an idea and have to ask, “So exactly what does your business do?” The absolute #1 rule for an elevator pitch is make it clear what you do! I really don’t want to hear that you found some secret untapped $3 trillion dollar market, or you have exclusive partnerships with Apple, Google, Microsoft andFacebook. I know it’s all bs anyways.
So you have your elevator pitch polished, and you think your words will flow right to the investor’s checkbook. You step into that elevator and start talking. You are halfway through describing the market need and realize that instead of words flowing, it’s more like elevator pitch diarrhea. Your potential investor interrupts you and asks a question…
“Woah, hold on Mr. Investor, Q&A doesn’t come until later. I have the perfect pitch here, and you must listen to all 45 seconds of it!”
I know that’s what you’re thinking because I’ve been there. Investors don’t always give you time for your “perfect” pitch. A few months ago I attended an angel investing workshop and one of the presenters fromBeanstalk CFO Groupexplained what I would consider the perfect elevator pitch. It’s so simple with 3 lines, yet so elegant and what we personally use for OrangeSlyce. You fill in the blanks:
My name is (your name) and I’m starting a business that does (product or service) .
If the person is still listening, continue to the second sentence. If not, well, they already know what you do.
Unlike (competitor) we do (competitive advantage) .
Now if the investor still hasn’t asked a question, you go for the kill. Lean in slightly, and start in a serious tone…
Now, this is big because (the most attractive aspect of your business) .
That’s it. The perfect elevator pitch. To borrow from The Girl Next Door, “always leave ‘em wanting more.”
