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 wellpracticed answer about yourself, your business, your firm, your project etc. A situation with an opportunity to sell your companys identity and set yourself apart from other entrepreneurs
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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
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20 Minute Business Plan Presentation

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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,
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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)
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Presenting: The Rule of Three

The Hook" Get attention and interest The Subject Explains and proves your point with passion (investors expect energy and dedication from entrepreneurs) Should induce desire (greed inducing) Use the Concept Summary as a framework The Close Call to action or demand for reaction AIDA!
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An Elevator Pitch Template

WHAT you do WHOM you serve HOW 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]"
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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 (primary competitive alternative), our product (statement of primary differentiation).
W. Runge 04/2008 Slide 9.23; Ref. Dorf & Byers, p. 250 8

USP/Elevator Pitch: Other Uses

If the startup/NTBF is launched and has a Web site, a USP should appear on the firms Web site under the headings
Home, Company or About

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Call to Action
Based on provided material create and present an elevator pitch Based on the template (Slide 7) One lasting 30 (-45) seconds One lasting 120 (-150) seconds (start with this one and boil it down) Based on the USP-approach (Slide 8) one lasting 100-150 seconds
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