Prepare Elevator pitch
Elevator pitch is a simple and quick way to present an idea in a very brief form, highlighting the important parts. You can use elevator pitch to present what is the value proposition, what is this company about, what is your business idea or just something else.
The name elevator pitch comes from the idea that one should be able to present an idea in the elevator till it reaches the desired floor. The term itself comes from a scenario of an accidental meeting with someone important in the elevator. The elevator take between 30 seconds and two minutes to go to the floor and for that short time the speaker should be able to grab the attention of the listener. Ideally the presenter should be invited to discuss it further.
An example is pitching an idea to a venture capitalist or angel investor to receive funding. Venture capitalists often judge the quality of an idea by the quality of its elevator pitch and will ask entrepreneurs for their elevator pitches in order to quickly weed out bad ideas and weak teams. Elevator pitches are also used in many other situations. Personal uses include job interviewing, dating, and summarizing professional services.
Elevator pitch should include the value proposition in one sentence explaining the idea. You should talk about the market size as well as the desired customers and finally the elevator pitch should be talking about exit strategy.
The Startup Weekend format suggest the following parts of an Elevator pitch:
Who are you and what is your background? (5-10 Seconds)
Whatis the problem that your product is solving? Or, begin with a story (10-20 Seconds)
Explain the product and how it solves the problem (10-20 seconds)
- Who do you need on your team (a developer, marketing, designer?) (5-10 seconds)