Week 6: Elevator pitch

Definition: Extremely brief, persuasive speech of one individual presenting an business idea covering all of its critical aspects, not lasting longer than an elevator ride and thus delivered within a few seconds.

The idea is that the pitch should be so short that it could be delivered during an elevator ride.

The term itself comes from the idea of a coincidental meeting with someone important in the elevator. The conversation inside the elevator in those few seconds shall be interesting in order to continue conversation after the elevator ride or to exchange business cards.

An effective elevator pitch informs the investor about the company’s mission, market and strategic mindset, while also creating an emotional connection to the concept.

Video: What is an elevator pitch

How to Give the Perfect Elevator Pitch – Bplans Explains Everything

How to pitch your business in 60 seconds. From Business Film Booth, a video production company based in Hemel Hempstead Hertfordshire

Elizabeta’s special tipps & tricks based on her broad research:

Use the technique of an Elevator pitch to understand your project.

  • Ask yourself a few questions and the answers to these will be a good start:

What value does your project provide? What is unique about your project? Who is your target group?

  • Identify your goal: What is the objective of your pitch?
  • Add one sentence statement about what you DO
  • Communicate your unique selling proposition (USP)
  • Engage with a question.
  • Give a statement about the specific outcome from the perspective of your audience
  • Close with a Dynamic End or with a statement or question that piques the interest to want to hear more
  • An Elevator pitch should be no longer than 60 seconds, which is about 200 words
  • Your pitch should use simple language; you have no time to explain terms
  • You should practice your pitch as often as possible
  • Make sure it flows well. Say it to family and friends. Get their feedback.
  • Modify your pitch for better impact and understanding

Try to keep a business card or other take-away item (brochures) with you, which helps the other person remember you and your message. And cut out any information that doesn’t absolutely need to be there.

Examples for elevator pitches

The networker: Short to point by Virgin media Pioneers

Nancy T. Wheeler is the first-place winner of the 2012-13 University of Dayton Business Plan Competition Elevator Pitch

MIT Elevator Pitch Winner 2011

Input from a professional athlete

To motivate you, to bring your ideas to life, we have another video for you, from a professional athlete and entrepreneur from Bosnia and Herzegovina.

Further readings

Great picture from the The Pitch Canvas©  http://best3minutes.com/the-pitch-canvas/

Assignment

Assignment 6.1. Elevator pitch

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