Startup Opportunities, 2nd Edition

CHAPTER 10Pitch

The pitch refers to both the written and oral presentation of your business. Many investors see a causal link between the ability to pitch and the potential success of the company. Some investors even believe that founders who can’t pitch are doomed, because without the ability to convince others of the merit of your business, you will struggle to attract investors, employees, partners, and customers.

The shortest version of the pitch is known as the elevator pitch. This is a minute-long summary of the business that can be delivered during a typical elevator ride of 20 floors. The elevator pitch covers two topics: What do you do and why should I care? A great entrepreneur can deliver it without it feeling memorized or stiff. The goal of the elevator pitch is for the audience to be intrigued enough to want to learn more about your business.

Regardless of the task at hand, you need a good elevator pitch. Want to raise capital? You need to pitch your business. Want to attract top-notch employees? You need to pitch your vision. Want to attract strategic partners? You need to pitch the benefits of working together. Want to increase sales? You need to pitch your solution. The elevator pitch describes the pain your company is feeling and the way your product addresses this pain. The pain statement clearly outlines the need for the product and includes some sense of market size.

A good elevator pitch has four characteristics. It is:

1. Concise : More than one minute is ...