The ability to create an effective elevator pitch can m […]
The ability to create an effective elevator pitch can make all the difference as a startup entrepreneur. What’s the formula for crafting a quick pitch that can take you to the next level?
Having heard dozens, if not thousands of pitches by entrepreneurs over the past few years, I can tell you that there a lot of cringeworthy ones, and a few that really blow away investors to the point they attract instant engagement.
As I mention in my book,The Art of Startup Fundraising, to fully appreciate the value of a good elevator pitch, you’ve got to look beyond just how it can set up an investor meeting or open your live presentation when out there fundraising for your startup.
An elevator pitch can be instrumental in earning the opportunity to pitch in the best places, start relationships with key co-founders, vendors and team members. It can keep you invisible, or win the help of powerful influencers. So, how do you craft a perfect pitch for propelling your venture?
Recognize You Need More Than One Elevator Pitch
Before you get frustrated trying to condense everything you want to say about your business into just a few words, know that you’ll be best off with several versions of your elevator pitch.
Stanford graduate and mentor at 500 Startups,Elliot Lohposes the following simple formula for crafting an elevator pitch.
We solve [problem] by providing [advantage], to help [target] accomplish [target’s goal].
Of course, startup life means you’ll be meeting and talking to many people in a wide variety of scenarios. It may be running the office mascot in a local park, huddling around the Keurig in your coworking space, networking at a big tech event or tradeshow, pitching from the sidelines during a pitch night or literally in the elevator.
Everyone you meet may play a different role in the ecosystem. Each has a different need, or way they can help. It’s your job to convey how you can solve their problem and be of service to them and everyone in their circle.
Be prepared with different pitches for potential investors, influencers who can help you get your product noticed or make introductions, and for others who may just become power users themselves.