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Developing the perfect elevator pitch for a startup business is sometimes a lot more difficult than students or entrepreneurs realize. Below are some tips and ideas on how to develop a top elevator pitch.
What is the big problem? Creatively and quickly state the problem that your company seeks to address.
What is your unique solution? Explain your unique solution to the big problem. Briefly describe what it is you sell. Do not go into excruciating detail.
Who is your market? Briefly discuss who you are selling the product or service to. What industry is it? How large of a market do they represent?
What is your business model? More simply, how do you expect to make money?
What is your current status? Brag a little about the milestones the company has achieved – customers, partners, funding, etc.
Who is behind the company? “Bet on the jockey, not the horse” is a familiar saying among Investors. Tell them a little about you and your team’s background and achievements. If you have a strong advisory board, tell them who they are and what they have accomplished.
Who is your competition? Don’t have any? Think again. Briefly discuss who they are and what they have accomplished.
What is your competitive advantage? Simply being in an industry with successful competitors is not enough. You need to effectively communicate how your company is different and why you have an advantage over the competition. A better distribution channel? Key partners? Proprietary technology?
What are you looking for? End the pitch by telling the audience about how much money you are raising and how someone can learn more about your opportunity.
What your “Killer Pitch” must contain:
A “hook” Open your pitch by getting the Investor’s attention with a “hook.” A statement or question that piques their interest to want to hear more.
Passion Investors expect energy and dedication from entrepreneurs.
More tips for a good pitch (Stanford University’s Entrepreneurship Corner)