Don’t get stumped by the phrase “elevator pitch”; although the two words don’t seem to be made for each other, in the startup business an elevator pitch is what makes or breaks an investor. An elevator pitch is mainly the ice breaker between the investor and the startup team.
The elevator pitch can be considered a manner of selling a startup, because in the elevator pitch one is required to give a brief synopsis of what the company actually does. An elevator pitch is quite important as it bridges the investor and business.
Now the reason why it is called an elevator pitch is because it is like a casual conversation which one may have when riding the elevator and the ride itself lasts for a minimum 20 to almost 30 second and during that span of time, you are required to make a memorable and lasting conversation with regards to the business. It has been seen that the time span during which an investor can be swayed is 20 to 30 seconds.
Hence an elevator pitch should be precise, interesting and retainable. You cannot use heavy jargon which will confuse the investor. The trick is to keep it simple. Understanding the USP or the unique selling proposition of the business is the key to crafting the elevator pitch. If you don’t know what the company does then how can you expect others to understand it in less than a minute?
While simplicity is important you must understand what sets you apart from the many other similar startups in the niche. Always do your homework about similar businesses – you never know what kind of question one may be asked. Being prepared at all times is what makes a good elevator pitch and practice only renders its perfection.
Image credit: www.spinyard.com.au
