Pitch Your Business

Summary

Nicole Glaros from Techstars emphasizes the importance of a clear and engaging elevator pitch for startups. An effective pitch should be concise, ideally lasting 20-30 seconds, and follow a framework that identifies the customer, their problem, and the solution. Glaros provides examples to illustrate this structure and encourages entrepreneurs to practice their pitches with real audiences. Key strategies include using an 'unlike' statement to differentiate from competitors and explaining revenue generation. Ultimately, the goal is to communicate value and spark interest, ensuring that all team members can deliver the pitch consistently.

Takeaways

• 😀 An elevator pitch is a concise description of your business, lasting 20-30 seconds.
• 😀 The main goal of an elevator pitch is to communicate your startup's value and engage the audience.
• 😀 A strong elevator pitch follows the framework: for customers with problem X, we provide solution Y.
• 😀 It's essential to identify your target customer, their problem, and how your solution addresses it.
• 😀 Use relatable language instead of jargon to make your pitch understandable to everyday people.
• 😀 Practice different versions of your pitch with real audiences to refine and improve it.
• 😀 Ensure your entire team can deliver the elevator pitch consistently to maintain a unified message.
• 😀 Pay attention to the questions asked after your pitch; they indicate interest and understanding.
• 😀 Incorporate an 'unlike' element to differentiate your solution from competitors in your pitch.
• 😀 Consider including how your startup makes money to add depth to your elevator pitch.

Q & A

What is an elevator pitch?

An elevator pitch is a brief, persuasive speech that explains your business in one to two sentences, typically delivered in 20 to 30 seconds.

Why do many entrepreneurs struggle with their elevator pitches?

Many entrepreneurs struggle because they often use technical jargon or overly complex language that doesn't resonate with everyday people.

What is the key framework for crafting an elevator pitch?

The key framework is: 'For customers that have problem X, we provide solution.' This structure helps clarify the target audience, their problem, and the offered solution.

Can you provide an example of an effective elevator pitch?

Sure! For hiring managers that don't want to spend time booking travel, Pana is a chat-based travel concierge that allows candidates to book travel without hassle.

What is the importance of including the 'how' in an elevator pitch?

Including the 'how' helps the audience understand your approach and makes the pitch more relatable and engaging, rather than just stating what the company does.

How should entrepreneurs practice their elevator pitches?

Entrepreneurs should write down several versions of their pitch and practice them with real audiences to gather feedback, iterating until the pitch is solid.

Why is it important for the entire team to be able to deliver the elevator pitch consistently?

Consistency ensures that everyone communicates the same message, which strengthens the brand and improves clarity when engaging with potential investors or customers.

What does the term 'unlike' refer to in the context of an elevator pitch?

The term 'unlike' is used to compare your solution with competitors, highlighting what makes your approach unique or better.

How can adding financial details enhance an elevator pitch?

Adding financial details, such as how the business makes money, provides more depth and credibility to the pitch, helping potential investors understand the business model.

What should entrepreneurs do with the questions they receive after delivering their pitch?

Entrepreneurs should analyze the questions to gauge interest and clarity, then practice their answers to build confidence and engage better with their audience.