Transcript The Elevator Pitch
The Elevator Pitch
Pitching in 30 – 120 Seconds
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
– also for technology areas • 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 W. Runge 04/2008 2
What is an Elevator Pitch?
Business Plan Context
Elevator Pitch: a
back-of-the-envelope business plan Elevator Pitch:
• The
problem (need)
you are going to solve (satisfy) • Your
solution
, your
answer
• Your
value proposition
W. Runge 04/2008
20 Minute Business Plan Presentation
3
Elevator Pitch Situations
• All conceivable constellations to initiate
linking investors (backers; “sponsors”, decision makers) and entrepreneurs (intrapreneurs)
• (A startup) searching for
financial backing
or
cooperation
partners • Meeting someone (accidentally or intentionally) at … – Competence
Network Partnering-Events
– In firms:
Meeting a “big boy”
in the canteen, plane, in the lobby of an airport, … W. Runge 04/2008 4
You only have one chance to make a first impression!
W. Runge 04/2008 5
Approach
• Give people a “
hook
” by talking about something that
really interests them
• It must be
succinct
, to the point • Focus on one
simple
message • Make it simple and
easy for people to contact you after the pitch
– give them an incentive to seek you out • For investors: It must be greed inducing (inducing expectations of big profits) W. Runge 04/2008 6
Presenting: The Rule of Three
•
The “Hook"
Get
a
ttention and
i
nterest •
The Subject
Explains and proves your point with p
assion
(investors expect energy and dedication from entrepreneurs) Should induce
d
esire (“greed inducing”) • • • Use the Concept Summary as a framework
The Close
Call to
a
ction or demand for reaction W. Runge 04/2008
AIDA!
7
An Elevator Pitch Template
• • • •
WHAT
you do
WHOM HOW
you serve you deliver
BENEFIT(S
) for clients • EXAMPLE (“What are you doing?”): • "I [WHAT: helping verb] [WHO: target market/ideal customer] [_______] [_______] [_______] [_______] [HOW: deliver what the customer wants] [BENEFIT: key benefit or wanted result]" W. Runge 04/2008 8
USP Template: Wording
USP (Unique Selling Proposition) – Template
: • Sentence #1
For who the that
(target customer) (statement of the need or opportunity), (product/service name) is a (product/service category) (statement of benefit).
• Sentence #2
Unlike our product
W. Runge 04/2008 (primary competitive alternative), (statement of primary differentiation ).
9 Slide 9.23; Ref. Dorf & Byers, p. 250
USP/Elevator Pitch: Other Uses
• If the startup/NTBF is launched and has a Web site, a USP should appear on the firm’s Web site under the headings – Home, – Company or – About W. Runge 04/2008 10
Call to Action
• Based on provided material create and present an elevator pitch Based on the template (Slide 8) • One lasting 30 (- 45) seconds • One lasting 120 (-150) seconds (start with this one and boil it down) Based on the USP-approach (Slide 9) • one lasting 100-150 seconds W. Runge 04/2008 11