Step 5: Create your Elevator Pitch
Key Components in an Elevator Pitch
- Hook: Get their attention!
- What is your product/service?
- Who is your target market/customer?
- What is your revenue model?
- What is the basis of your management team?
- Who are your main competitors?
- What is your competitive advantage?
- State your request.
…all in 60 seconds or less!
You can have the greatest idea in the world, but if you cannot effectively explain and sell your business to your customers, investors, potential employees and other key stakeholders, you will not get very far. An effective elevator pitch enables you to do just that!
What is an elevator pitch? It is description of your company that anyone (even your mother) would be able to understand, and brief enough to be able to do so in the time it would take to ride up an elevator.
You only have one chance to make (or break) a first impression.
ONLINE ELEVATOR PITCH RESOURCES
- startupnation: Offers written example and overview on the elevator pitch
- Dragon’s Den: the show where entrepreneurs pitch their business ideas to five wealthy ‘dragons’.
- Elevator Pitch Essentials: Based on the well-known book written by Chris O’Leary, gives many key pointers on putting together an elevator pitch
- TechCrunch Elevator Pitches: Startup businesses are pitches online and critiqued/voted on by the online audience. Good opportunity to see what a pitch looks like.
TIP: Developing an elevator pitch is harder than it looks! Practice your elevator speech with friends or families that are not familiar with your industry. Another helpful technique is to write out your elevator pitch.