The Art of the Elevator Pitch
Making a pitch is tough and nerve racking, however if executed properly, it could be a rewarding experience. Here are some useful tips to perfect your pitch and convince those panel of judges to invest in your product.
Have a catchy start or a striking fact
Almost all pitches have this, but what could make you stand out is making it relatable to the viewer. Do your homework on whoever you are pitching. Try understanding some of the preferences that might make you stand out more because it shows you have done your research. Also, consider following up on your catchy start with a fact from a reliable source. This makes the pitch more convincing and reliable.
Introduce your product/service right after the hook!
You have to do this as quickly as possible to ensure that your product/service is remembered. Also, make sure you introduce yourself in a compelling manner.
Describe your product/service and talk about the revenue stream as well
Several pitches talk about their product, but completely forget about talking about how exactly the product/service earns money. Investors need to know this. The idea may be the best in the world, but if there is no revenue stream then investors may not see it as an “investable” opportunity. Use this time to talk about the most important features of your product/service. Also, make your wording flow – be as natural as possible.
Now talk about how you differentiate yourself from your competitors
This is extremely important and will practically define your pitch. There are millions of products and services – if you have a very similar product, investors will most likely be uninterested to invest.
Consider asking for some money and how you plan on using that money
Make sure your valuation is not crazy and it actually reflects your product or service, even if it is a start-up. Surprisingly people tend to forget to mention what they plan on using that money for. Make sure you state specifically how you plan on using their investment, as shows that you are prepared and know exactly what your business needs to be successful.
Tie your conclusion back to the beginning & have a catchy phrase
Every successful pitch needs to end of strongly. You could consider ending of in a way that solves the issue presented at the beginning of the pitch. Overall, make sure you are confident. Try to have a catchy phrase, which would make you stand out from the other pitches – making your pitch more rememberable for the investors. Consider repeating the company name at the end to look better.
Remember to be confident and stay true to your product. Do not wonder off with your topic, as you only have a few minutes. Understand your business model, the industry, and be prepared to be asked questions on the business model, since that is typically one of the most common questions asked by investors.
Writer: Syed Azam Afzal
Disclaimer: All investing can potentially be risky. Investing or borrowing can lead into financial losses. All content on Bay Street Blog are solely for educational purposes. All other information are obtained from credible and authoritative references. Bay Street Blog is not responsible for any financial losses from the information provided. When investing or borrowing, always consult with an industry professional.