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The condensed version of your executive summary of your business plan/presentation
What is the Elevator Pitch
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1 to 2 minutes to tell your story…as you ride up an elevator
You have to be agile to jab at questions that are thrown. The goal is to get to the next meeting.
1. What's the concept? Who is the customer?
2. What's the big problem (or opportunity) and how do you solve it? What does the product help the customer do?
3. What’s progress to date? Is there traction and proof it works?
4. Who’s the team and what are their past successes?
5. Ask for a meeting.
What is IN the Elevator Pitch
4Derived from Babak Nivi and Mark Suster blogs
How to approach a person who has a line waiting to talk to her:
1. What are you trying to do? What's the concept?
2. Ask for a follow up meeting and then actually follow up.
Pitch Scenario 2: One in a Crowd
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Subject: Introducing Ning to Blue Shirt Capital [A useful subject line!]Hi [Middleman],Thanks for offering to introduce us to Blue Shirt Capital. [Reiterating the social proof of the
introducer.] I've attached a short presentation about our company, Ning. [He attached a deck.]
Briefly, Ning lets you create your own social network for anything. For free. In 2 minutes. [What's the high concept pitch? What does the product help the customer do? Who is the customer?] It's as easy as starting a blog. [What's the metaphor?] Try it at: http://ning.com [Link to the product, or screenshots.]
We built Ning to unlock the great ideas from people all over the world who want to use this amazing medium in their lives. [What's the big problem or opportunity?]
We have over 115,000 user-created networks, and our page views are growing 10% per week. [Traction.] We previously raised $44M from Legg Mason and others, including myself. [More traction and social proof.]
Before Ning, I started Netscape (acquired by AOL for $4.2B) and Opsware (acquired by HP for $1.6B). [Team's past successes.]
Blue Shirt's investments in companies like Extensive Enterprises tell me that they could be a great partner for Ning. [Why are you interested in this investor?] We're starting meetings with investors next week, and I would love to show Blue Shirt what we're building at Ning. [Call to action and subtle scarcity.]
Pitch Scenario 3: Email from Babak Nivi regarding Ning.com
6http://blogs.hbr.org/nivi/2009/04/how-to-write-an-elevator-pitch.html
1. Analogies Help
2.The First thing an Investor Hears is the Last thing he Remembers. Tell them what you do in the first sentence
3. Simplify the “Technology” (Pitch to Mom). Investors can be Techies or Finance People
4. KISS (keep it simple, stupid) Minimize Buzz Words
5. Show your Enthusiasm and Excitement. You’re selling the company/idea/team.
Keep This in Mind…
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6. Know the Audience and Match Pitch to them
7. Address the Pain Points or Predictable Surprises (burn rate, need for CEO or key employees)
8. Talk about Risk Mitigation: Development risk, Marketing risk, etc.
9. Your Product Must be Substantially Better than Incumbent to Mitigate Customer Risk of Buying from You
10. Ask for the Money You Need and What You will do with It
11. In the End, Just Tell a Good Story
…and Remember This:
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1. What's the concept? Who is the customer?
2. What's the big problem (or opportunity) and how do you solve it? What does the product help the customer do?
3. What’s progress to date? Is there traction and proof it works?
4. Who’s the team and what are their past successes?
5. Ask for a meeting.
The Elevator Pitch
9Derived from Babak Nivi and Mark Suster blogs
