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One minute.
That’s all.
One minute—or even less—is all the time you have to persuade enterprise capitalists like me that your startup and idea are value hearing more about. No pressure.
Unfortunately, in the fast-paced, always-on world of investing, that is about as (*60*) time as you have to pique my interest or put me off. That’s the crux of the elevator pitch.
To get your foot in the door, you have 30-60 seconds to show investors why they need to open it for you. It sounds brutal, I know—I’ve been there. But with tons of of firms chasing limited financial resources, it’s the best way to separate the wheat from the chaff.
Are you looking to improve your communication skills and create an elevator pitch that may grab the attention of enterprise capitalists (VCs)? Are you trying to differentiate your startup from the competition? Here are some helpful suggestions that may grab our attention and generate enough interest to want to listen to the entire presentation.
Get to know your true audience
Investors and enterprise capital firms are not your audience.
Yes, we’re listening, but you are not trying to sell us your product or service; you are trying to sell us why your audience wants to pay for it. You have precious seconds to tell me how well you know your audience and why they need or need what you have. That’s what we care about most.
But you’ll still want to understand who you’re talking to and what verticals their portfolio firms are focused on. If I’m primarily involved in healthcare technology firms and you’re pitching me a latest AI product for my home, you’re barking up the fallacious tree.
Tailor your pitch to the specific needs and preferences of potential investors and address their concerns directly and effectively. This focused strategy will show your preparation and professionalism and help your idea stand out much more.
Understanding what matters most to your audience and investors will allow you to craft a concise pitch that may grab your audience’s attention and secure their support.
Create a focused, memorable presentation
Write briefly and concisely, but with a message.
Your elevator pitch must be short, avoiding unnecessary details while still highlighting key selling points. Storytelling is a powerful tool to make your short pitch informative and memorable.
Too often I hear founders ticking off technical specifications or numbers when I need to hear a story about how their product can best solve a big problem. Show me how you alter people’s lives, solve their challenges, and make them feel higher.
elevator pitch is informative and emotional, making a lasting impression on potential investors.
Show passion and vision
Over the years, I have developed the ability to extract all the crucial information from the founding father of a company inside 60 seconds.
This is often because the founders and entrepreneurs truly imagine in their business and know it inside and out, and they know exactly what to say in that short period. Demonstrating real enthusiasm for the mission and long-term goals of the company may be crucial. Investors are drawn to visionaries who can present a clear, compelling future for their enterprise.
One of our current businesses was developing an revolutionary educational app. During their elevator pitch, as a substitute of focusing solely on technical features, they passionately shared their vision for transforming education and making learning more accessible and engaging for children around the world.
This real enthusiasm and clear articulation of their mission captured my imagination and the potential impact of their enterprise. Both were strong motivators for me to jump on board.
Know it by heart
As an entrepreneur, I just felt silly talking to my mirror and trying to persuade the person on the other side that my business was value their time.
But as embarrassing because it could seem, always practicing your presentation in front of a mirror or with other people is one of the best ways to make sure you are ready to strike quickly when the big moment arrives.
Write out your points, refine and edit your document until it’s perfect, and start memorizing and practicing it in front of a mirror, a camera, friends, mentors, or strangers on the street. Okay, I’m not serious about that last one, but the point is that you just need to have it perfected so you’re not caught off guard when your big moment arrives.
If you have a moment to impress me, don’t waste it on “uh-huhs” and “ah-huhs.” Be confident in your elevator speech and practice it over and over, even if you think you would recite it in your sleep.
Make the most of your probability
There is no worse feeling than knowing you wasted 60 seconds trying to interest potential investors.
While an elevator pitch could seem quick and easy, it’s probably one of the hardest things to prepare for. How do you squeeze the weight of your life’s work into that time-frame? It’s a daunting task.
But as Albert Einstein said, “If you can’t explain something simply, you don’t understand it well enough.”
An effective elevator pitch is about greater than just presenting an idea. It’s about communicating your vision, demonstrating your values, and capturing the essence of your enterprise in a short, memorable, and compelling way.