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ABo4o1 elevator pitch


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Getting support for your great idea
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ABo4o1 elevator pitch

  1. 1. The Elevator Pitch Selling an opportunity in 30 – 120 Seconds
  2. 2. 2 What is an Elevator Pitch? Context of Entrepreneurship • A business-oriented, purposeful verbal message as fast as a ride in an elevator (30 -120 seconds) in understandable language – even for high-technology ventures • A concise, carefully planned, and well- practiced “answer” about yourself, your business, your firm, your project etc. • A situation with an opportunity to sell your company’s identity and set yourself apart from other entrepreneurs
  3. 3. 3 What is an Elevator Pitch? Business Plan in Context Elevator Pitch: The problem (need) you are going to solve (told in 30 seconds), 20 Minute Business Plan Presentation Leading to an early opportunity to present: •Your solution, and •value proposition to future stakeholders Elevator Pitch: the preliminary to your back-of-the-envelope business plan Adapted from W. Runge 04/2008
  4. 4. 4 Elevator Pitch Situations • All conceivable opportunities to initiate linking stakeholders (investor, backers; “sponsors”, gaketkeepers, decision makers) and entrepreneurs. • (A startup) searching for financial backing or cooperation partners • Meeting someone (accidentally or even better, intentionally) at … – Network Partnering-Events – In firms: before /after meetings, in the canteen… – Meeting a “player” in the club, sitting next to you on the plane, in the lobby of a hotel, …
  5. 5. 5 You only have one chance to make a first impression!
  6. 6. 6 Approach • Give people a “hook” by talking about something that really interests them • Be succinct, clear and to the point • Focus on one simple message • Make it easy for people to contact you after the pitch – and provide them with an incentive to seek you out • For investors: align pitch with their values (e.g, induce expectations of big profits)
  7. 7. Adapted from W. Runge 04/2008 7 Presenting: The Rule of Three • The “Hook" Get their Attention and Interest • The Opportunity Explain and support your point with passion (investors expect energy and dedication from entrepreneurs) • Should create Desire (“greed or good”) • Must demonstrate your team’s unique competences to exploit this opportunity. • The Close Call to Action AIDA!
  8. 8. 8 An Elevator Pitch Template • WHAT you do • WHOM you serve (target) • HOW you deliver (proposed solution) • BENEFIT(S) for target user EXAMPLE (“What are you doing for who, how and why?”): a."I [WHAT: helping verb] b.[WHO: target market/ideal customer/society] [____1___] [___2___] [___3___] [___4___] • [HOW: deliver what your target wants] • [BENEFIT: key benefit or desired result]"
  9. 9. 9 Business Plan Template in brief USP (Unique Selling Proposition) – Sentence #1 For (target customer) who (statement of the need or opportunity), the (product/service name) is a (category) that (statement of benefit). Sentence #2 Unlike (leading competitive alternative), our product (primary source of differentiation) Sentences #3 and 4 And our business model (main features), and will generate (revenues and profits over time) Ref. Dorf & Byers, p. 250
  10. 10. 10 Call to Action • Based on the assigned case, create and present an elevator pitch, derived from the suggested template (see Slide 8) • 30 (max 45) seconds version, no PPT. One teams will then move to the next step: • One (max 10 minutes) team to present your business plan to investors: remember you (not your Powerpoint) are the show. (you can start with this, then edit the content down to create the shorter one)
  11. 11. Rules for Thursday: • The entire pitch is by one person alone. • Entrants will have 90 seconds to present their idea. • Props are prohibited: including (but not limited to) Notecards, notes, or models, etc • No PowerPoint slides or posters, etc. • At the end of the pitch, each presenter may offer a business card (of normal size). W. Runge 04/2008 11
  12. 12. 12 Questions?