The importance of the elevator pitch at the start of a new company

Tue, 28.12.2021, 12:00

An elevator pitch is a common term known in the entrepreneurial world, where by the American Word “Elevator” meaning a lift referring to the idea that you briefly meet people, sometimes important, when using a lift with a short time to conversate.

1. What is an elevator pitch?

An elevator pitch is a short statement or presentation about your business, typically anywhere from 60 seconds up to a few minutes again mirroring the use of a lift. It should convey one simple key message for the listener of the pitch to understand or remember from your business, whether it be an investor or a friend.

2. What is the purpose of an elevator pitch ?

The overall aim of an elevator pitch can differ depending on the situation, project, industry and needs. One aim is to inform the listener of the pitch (e.g. investor, customer or future stakeholder) what makes you – or your organization, product or idea – unique.. You can use the elevator pitch to promote the business or make a request to stakeholders in terms of funding or marketing.

3. What should an elevator pitch contain ?

The main message of the elevator pitch should be structured in a strategic way to promote the listener to want to hear more. A hook can be used as a question or general statement in order to trigger curiosity, followed by a simple description, clearly communicating the passion for the business you might have. Customers and investors will appreciate seeing enthusiasm during a pitch about your business, which could in turn facilitate the opportunity for a request, be it a business card, second meeting, sale or funding.

4. How should an elevator pitch be structured?

Creativity and structure can be combined in multiple ways for an elevator pitches to trigger curiosity and interest, depending on the needs of the one pitching. There is no specific structure that should be used during a pitch, although there is a few different examples of how to structure your elevator pitch:

• Our product /service is for (target customers)
• …who are dissatisfied with… (current industry alternatives)
• …or who want… (something new, different or novel)
• Our product/service is… (description)
• …that provides... (USP and key problem solving capability)
• Unlike… (competition or present alternatives),
• …we have developed… (MVP, key product features and USP)
• Finish off the elevator pitch with a request

Consider the above when preparing an elevator pitch to acquire funds, interest or development for your new business venture. Be sure to portray the passion you have for the product / service and use the short period of time that you have with the listeners to grasp their attention and for the message to be clearly communicated.

Sources:

• An introduction to Elevator Pitches – University of Brighton - beepurple 2007.