Eye on Entrepreneur > Elevator Pitch

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I always preach that successful communication is predicated on being prepared, passionate, and brief. Well, that’s exactly what an “elevator pitch” is. It’s a concise, carefully planned, and well-practiced overview that you should be able to deliver in the time span of an elevator ride (which is usually less than a minute). The elevator pitch is the brief “tease” typically used by entrepreneurs when pitching an idea to a venture capitalist for potential funding. Or by TV show producers trying to get their show idea picked up by network executives. Or by a publisher to buy your writing. Or by salespeople hoping to tickle customer interest.

The trick to a successful pitch – especially an elevator pitch - is to maintain a high level of enthusiasm while you simultaneously demonstrate passion and knowledge about your idea or product without losing your recipient’s interest for a split second. This is a difficult maneuver, especially when pitching over a short period of time, so it’s vitally important that you’re properly prepared.

What is your elevator pitch?

Do you have it memorized? If not, why not?

Be prepared. You never know when opportunity will knock.

I was in Key West having lunch with my wife at our Rum Barrel restaurant/bar when a businesswoman named Sue Cooper, who runs a successful kayaking tour company on the island, passionately pitched me on her unique concept of providing walking island tours using a hand-held GPS video/audio gadget. There was no competition. The cruise ship lines with whom she had good relationships in her kayaking business would be potential customers. And the initial projections for breakeven were favorable.

Sue had sparked my interest. She answered by three internal parameters: innovative idea, execution, and economics. Subsequent scheduled meetings and intensive due diligence lead to the formation of our company Go GPS Tours.

The point of this experience is that at a moment’s notice you should be able to succinctly answer the following questions in your passionate elevator pitch: Who are you? What are you selling? What does it do? How is it a better mousetrap? What research supports your claims? How large is the market for your idea? What is the competition? Why offer it to me? What are you asking for? What are you willing to give up?

The elevator pitch is not designed to be a substitute for a solid business plan, but instead, to capture the attention of your potential investor or dream maker. Once that goal is achieved, you have a better chance of scheduling an appointment to further present your business idea and business plan in more detail. At that point you can delve into financial projections and revenue model, the total funding required to execute your vision, the team responsible for running the business, and the terms of the investment opportunity.

I thought you’d be interested to know that elevator pitches flow freely and with great effort in the halls of justice. It’s been said that many important decisions enacted on the floor of Congress are actually made in the spate of an elevator ride as a staff aide whispers into a Senator or Congressman’s ear while heading down to the floor to cast a vote. So if it’s good enough for the leaders of our great nation, then it’s good enough for you. -- PC