Your elevator pitch is the first impression people will get of your company – it’s what generates interest and can lead to further conversation, or can bring the chat to a quick stop. It’s vital to perfect your elevator pitch, because you never know if you’re talking to your next customer, mentor, or investor (or someone who can introduce you).
I’ve been pitched so many startups based on a technology that it incorporates, such as “it’s a blockchain company”. That doesn’t tell me what the product is, or how it helps anyone. I’ve heard pitches that drone on for three minutes, and pitches that are confusing and unclear.
Your elevator pitch needs to be clear, concise, and engaging enough to continue the conversation. And, it should be anywhere from 30 to 60 seconds. Here are the three elements of an amazing elevator pitch:
State what problem you’re solving, and the target audience for whom you’re solving it. Who does this help, and how? Why is this problem in particular worth solving? This part is crucial, as it emphasizes why your product exists.
We solve [problem] for [target audience].
Unique Value Proposition
In this component, explain why existing solutions don’t successfully solve your customer’s pain point. Then, introduce your product and share why it solves the problem successfully or better. Use layman terms to elaborate on why your product is useful, and what it means for your customer.
[Existing solution] doesn’t successfully solve [problem] because [reasoning]. Our product [does _] and it solves [problem] for [target audience] because [novelty of solution].
The Wow Factor
The wow factor can be anything that shows the novelty of your startup. This can be a tech buzzword, such as artificial intelligence, virtual/augmented reality, or IoT. It can also be a statistic that adds credibility to your pitch. This can be an external statistic, used to emphasize the pain point that you’re solving for your customer (i.e. the size of your market), or an internal statistic or case study that can be used to show traction for your startup. The wow factor can also be raising a significant funding round (this varies based on your location) or the rapid growth of the team, among other things.
With these three essential elements, you’re on your way to a great elevator pitch! While this will carry you quite far, factors like your delivery are incredibly important. Your elevator pitch should be coupled with passion, positive body language, and an overall great delivery. Show them why you love what you do.
Now boss babes – go tell the world about your amazing companies!
PS: Need a little extra help? Check out this one-minute startup pitch template!