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One minute.
That’s it.
One minute — or even shorter — is about all the time you have to convince venture capitalists like myself that your startup and idea are worth hearing more about. No pressure.
Unfortunately, in the non-stop, always-on-the-move investment world, that’s about as much time as you get to pique my interest or turn 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 should even crack it open for you. It sounds brutal, I know — I’ve been there. But with hundreds of businesses chasing after limited financial resources, it’s the best way for us to separate the wheat from the chaff.
Are you looking to hone your communication skills and nail down an elevator pitch that will capture the interest of venture capitalists (VC)? Are you trying to set your startup apart from the competition? Here are some helpful tips to catch our attention and build enough intrigue to make us want to hear the entire pitch.
Related: I Won $100,000 for My Business Pitch — and 3 Simple Strategies Helped Me Do It
Know your real audience
Investors and VCs aren’t your audience.
Yes, we’re listening to you, but you’re not trying to sell us your product or service; you’re trying to sell us why your audience wants to pay for it. You have precious seconds to tell me just how well you know your audience and why they want or need what you have. That’s what we care most about.
Still, you will want to understand who you’re talking to and what industry their portfolio companies focus on. If I’m primarily involved with healthcare tech companies, and you’re pitching me a new AI product for my home, you’re barking up the wrong tree.
Align your pitch with potential investors’ specific needs and preferences and address their concerns directly and effectively. This targeted strategy will demonstrate your preparedness and professionalism and help your idea stand out even more.
Understanding what matters most to your target audience and investors allows you to craft an elevator pitch that lands, captures their interest and secures their support.
Craft a focused, memorable pitch
Make it short and sweet while still packing a punch.
Your elevator pitch should be brief, avoiding unnecessary details while highlighting key selling points. Storytelling is a powerful tool, making your short pitch informative and memorable.
Too often, I hear founders ticking off technical specifications or numbers when I want to hear a story about how their product can best solve a significant problem. Show me how you’re transforming people’s lives, solving their challenges and improving their well-being.
A great elevator pitch is informational and emotional, leaving a lasting impression on potential investors.
Related: 5 Tips for Pitching a Winning Business Idea
Demonstrate passion and vision
Over the years, I’ve developed the ability to glean everything I need to know from a founder in 60 seconds.
Typically, it’s because founders and entrepreneurs genuinely believe in and know their business inside and out, and they know exactly what to say in this short period. Showing authentic enthusiasm for your business’s mission and long-term goals can be decisive. Investors are drawn to visionaries who can articulate their venture’s clear, compelling future.
One of our current businesses was developing an innovative educational app. During their elevator pitch, instead of focusing solely on technical features, they passionately shared their vision of transforming education and making learning more accessible and engaging for children worldwide.
This genuine enthusiasm and clear articulation of their mission captured my imagination and demonstrated the potential impact of their venture. Both of these were powerful motivators for me to jump on board.
Know it by heart
As an entrepreneur, I felt downright silly talking to my mirror, repeatedly trying to convince the person on the other side that my business was worth their time.
But as embarrassing as it may feel, constantly practicing your pitch in the mirror or with other people is one of the best ways to ensure you’re ready to strike fast when the big moment arrives.
Write out your points, refine and edit your document until it’s perfect, and start memorizing it and practicing it in front of a mirror, camera, friends, mentors or strangers on the street. Okay, I’m not serious about that last one, but the point is, you need to have it down pat so you’re not caught off guard when your big moment arrives.
If you’ve got a minute to wow me, don’t waste it with “ums” and “ahs.” Be confident in your elevator pitch and continually practice it, even if it feels like you could recite it in your sleep.
Related: The Secret to Pitching Your Business Plan in Just 10 Minutes
Make the most of your opportunity
There’s no worse feeling than knowing you had 60 seconds to make your mark on potential investors only to waste it.
While the elevator pitch seems quick and easy, it’s probably one of the most challenging things to prepare. How can you shove the gravity of your life’s work into that time frame? It’s a daunting task.
But as Albert Einstein said, “If you can’t explain it simply, you don’t understand it well enough.”
An effective elevator pitch is more than just presenting an idea. It’s about conveying a vision, demonstrating value and capturing the essence of your business in a short, memorable and compelling way.
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