How to craft a memorable elevator pitch for your startup?

Most often, founders use a template attaching their pitch decks and mass mail it to every investor, they can connect to, with a hope that any of them would be kind enough to agree to meet them for funding.


Alas, the reality is starkly different! An average VC partner or an angel investor receives anywhere from 3,000 – 5,000 pitch deck requests, every year i.e roughly 250 pitch decks, every month. Hence, they go through each deck in under 4 minutes.


But here's the caveat, if your pitch deck doesn’t impress your potential investor in the first 30 seconds, it’ll be given a pass or archived and you would never hear from them. Now, investors aren't obliged to give you reasons for not funding, however a few noble ones would revert with clear reason/s, why they gave it a pass?


What is an Elevator Pitch?


An elevator pitch is a short, crisp, and persuasive overview of an idea for a product/service. As the name implies, the elevator pitch has to be delivered in 30-60 seconds (i.e time span of an elevator ride) and within 100-150 words.



How can an Elevator Pitch work for you?


It briefly answers the question, “tell me about your startup?” or “what’s your startup about?”, and is often used in the context of pitching by the entrepreneurs to Angel Investors/Group or Venture Capitalists, for funding. It works like a hook, which creates a strong interest amongst the potential investors and compels them to follow-up with or meet you.


Investors often use an elevator pitch to weed out bad ideas first and then concentrate on exploring the shortlisted ones. Mastering your elevator pitch is important. It helps with the investors for sure, but it also helps in getting clarity in what you are doing.


I've seen founders also use them (with minor adjustments), during their introduction to networking events, hiring key team/co-founders, or for selling their product/service, etc.

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How to create a memorable elevator pitch?


Before even you start approaching or connecting with the potential investors, you must create an inspiring “elevator pitch”.


First, mistakes to be avoided:

  • Too long/too short (remember the rule 30-60 seconds, 100-150 words)

  • Unclear i.e. full of jargon, using buzz words or acronyms.

  • Too much irrelevant information.

  • Lacks a story or exciting teaser (investors yawn mid-way).

  • Creating a common elevator pitch for the customers and investors (the thing that hooks your customers won't really excite the investors).


What should an elevator pitch include?

  • Introduce yourself i.e. name, title, and company.

  • Brief about your product/service and what pain/problem does it solves?

  • Your unique story or hook using below.,

  • Include things like what stage are you in (MVP, traction), size of target market, revenues, or milestones achieved (if any), partners, team, etc.

  • Highlight your strengths i.e. competitive value proposition and unfair advantage, etc.

  • Finally call-to-action i.e. your funding requirements and how that'll help you to achieve milestones in the next 3-5 years.


Need help in crafting a compelling pitch deck as well as elevator pitch for your startup? Connect with us, here!



Draft of an elevator pitch!


Check out this example of an elevator pitch, which you can customise and use it freely to pitch to your targeted investors.

Need the above "elevator pitch example" in your email, click here!


Also Note:

  • Include/exclude the above statement/s as may be applicable for your startup.

  • Your main goal is to create a hook/interest amongst the potential investors, such that they ask for follow-up questions and/or invites you for a prospective meeting.

Consequently, I also suggest to include the below infograph as attachment, highlighting the key metrics and context, as may be relevant to your startup!


Now, confidently approach the right/strategic potential investors armed with this succinct elevator pitch, and raise funding like a Pro!

 

Resources:

  • Are you raising funds? Register here to get your startup reviewed by 900+ investors!

  • Is your startup really investable/fundable? Register for a free review here.

  • List of 72+ podcasts on JasaRodio, covering (almost) everything on startups!


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