The EIR Corner

What is an elevator pitch? Imagine you have just walked onto an elevator and pressed the button for your floor. You notice a person running to catch the elevator and you hold the doors open. It’s the venture capitalist you have been trying to get in front of for weeks. He thanks you, pushes the button for his floor and says, “I recognize your face, but can you tell me what it is you do again?” What you say on the ride up is your elevator pitch.

A 30 second speech can be one of the most powerful tools for promoting your business in any networking situation (and not just in elevators). It is a concise, well crafted and focused message about your business that generates excitement and a desire to learn more. It describes the problem you are trying to solve, why it is a problem and how your customers benefit from your unique solution. It explores what sets you apart from your competition and incorporates stories to illustrate successful outcomes. It has been rehearsed with friends and colleagues until it is smooth, natural and compelling.

Because an elevator pitch is an entire business plan boiled down to its most essential elements, investors often rely on them to quickly determine if an idea is worth further discussion, or should be politely dismissed. The more you are able to enthusiastically, confidently and briefly explain your value proposition, the more likely you will be permitted to explore your business idea in more detail at a later time.

Since you never get a second chance to make a first impression, make yours memorable.