How to execute an Elevator Pitch 101
An entrepreneur has to be ready to pitch anytime everytime during their entrepreneurial journey. The audience of the pitch may vary from family, a potential Co-Founder, first employee, customer, partner, investor. The 'Elevator Pitch' remains constant across all. It is pitch numero uno, that creates the curiosity and interest to know more. Hence, all the more reason to be able to 'Pitch Right'.
What is an elevator pitch? An “elevator pitch” is a concise, well-practiced description of your startup and your plan. It should be delivered with conviction and enthusiasm in the time it would take to ride up an elevator. The elevator pitch should be the first few paragraphs of your business plan, your executive summary, your investor presentation, and the first page of your web site. A different message everywhere is no message.
In an endeavour to build out initiatives aimed at developing the startup ecosystem, Zone Startups India launched PitchRight in late 2017. It is in the format of a reality web series to help entrepreneurs master the art of pitching.
Zone Startups is the global brand of technology accelerators and early stage venture funds, operated by Toronto-based Ryerson University Network. Launched in 2014, Zone Startups' programs are built on the pillars of validation, mentorship, industry connect and investor access.
The series features 13 entrepreneurs, shortlisted from across India, pitching their startup to a prolific angel investor. It is given in an elevator going up 18 floors at the iconic Bombay Stock Exchange building, followed by a detailed pitch review and feedback. The objective is to help entrepreneurs perfect their elevator pitch through a practical experience of an actual elevator pitch.
Who is this prolific angel? None other than Sanjay Mehta. He is an entrepreneur-turned-angel investor. With an investment thesis of "Develop a painkiller; not a vitamin", he has invested in 100+ portfolio startups across various segments. He is a technology evangelist, an investor in cryptocurrencies and an active member of multiple angel networks. Sanjay is passionate about helping both fellow entrepreneurs and investors.
So how does the show work? Each participating entrepreneur gets to be 1-on-1 with Sanjay for a 45 seconds pitch in the elevator. As it ascends from the lobby of the BSE building to the 18th floor that houses the office of Zone Startups India, the entrepreneur pitches. The entrepreneur just gets one take to pitch it right - there are no rehearsals or second chances. This is then followed by a detailed pitch feedback and validation (instead of the usual product feedback) by Sanjay.
The series is informative and entertaining video content for all audiences to understand the nuances of pitching, and discover new-age startups. Do not miss.