A good and great elevator pitch for startup funding can spark or kill a deal.
Google got an investment thanks to a great Elevator Pitch. That means you can do it, too. This article will help you develop a great elevator pitch and attract investments, and even if you do not repeat the success of Google, then at least you will be able to create some real value that will benefit people.
Have you ever wondered how to write an elevator pitch for startup funding?
You’re in luck! This article will walk you through writing a great elevator pitch. We’ll cover everything from what it is to why it matters and even give some examples so you can start immediately.
If you want to learn more about how to write your successful elevator pitch, read on! Whether this is your first time or you have experience pitching investors we think new things can always be learned. So let’s dive into startup fundraising with our guide on How To Write An Elevator Pitch For Startup Funding!
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So, What Is the Elevator Pitch?
Imagine that you have a great business idea, and the funds for financing significantly exceed the level available. And one sunny day, you go up in the elevator, the door opens, and …. the billionaire enters the elevator.
Alone, without a crowd of guards. He will reach the desired floor, come out, and you will never see him again. Your only chance to implement the project is to attract his attention while he is standing next to you.
If you have something to tell you about, an elevator pitch is what you should write, memorize, and periodically rehearse so that you won’t get confused at the right time.
You, Will, Have Only One Chance and No More Than 30 Seconds
The most important elevator pitch rule is brevity and maximum meaning. You will have only one attempt to attract the attention of investors, and your time will be limited to only 30 seconds.
Compose a short story about the concept of your product, project, or service for 100-150 words or 30 seconds of voiceover.
Describe the following:
- What exactly do you want to present: yourself, your activity, or your specific product?
- What tasks and problems of your clients do you solve regarding their benefits?
- Why does an investor need to work with you, not your competitors?
- A call to action, for example: “Call us” or “Find out more on the site!”
Why do you need such a blank? We often get to know people, give a business card, and are shy to say a few words about ourselves.
This is traditionally in our culture. But at the moment when you give the business card, you have these 30 seconds, these 150 words to interest, so that the business card is not thrown into the nearest trash, and it led to a contract with you.
And you can do this if you write now and then rehearse your “speech in the elevator”, for example, in front of a video camera.
View the recording, rehearse again, and review again until the speech becomes such that each of your words has a strong reinforcement. Next, we will figure out how to do it.
9 Principles for Preparing Elevator Pitch
- Brevity. Effective speech for the elevator consists of the minimum possible number of words, but no less than required (and no more than 250 words).
- Clarity. Make it clear to your grandparents, spouse, and children instead of filling the elevator pitch with abbreviations and professional slang.
- Motivation. Effective elevator speech shows what problem your idea solves.
- Trust. Effective elevator speech explains why you are competent enough to understand the problem and develop a solution.
- Conceptual. Effective speech for the elevator remains at a strategic level and does not contain unnecessary details.
- The specifics. As much as possible, effective speech for the elevator is concrete and realistic.
- Sequence. All elevator pitch versions contain the same basic message for the audience.
- Customization. Effective speech for the elevator considers particular listeners’ specific interests and problems.
- Dialogue. An effective elevator speech is designed to start conversations with those you are talking to.
Find out the Interests of People Who Will Listen to Your Elevator Pitch
Before you start writing, you need to understand who you are writing for. For example, you can check out Online Writers Rating to make sure that your web copy will be written by professionals who understand your brand values and can properly communicate your brand identity.
This is partially similar to marketing because you need to think through your business idea, convince the investor that it is worthy of attention and will be profitable. Therefore, at this stage, your goal is not even your customers.
Your goal is your investor. Here and now he is your client. Therefore, the value of your business proposal should resonate with its intrinsic values that you need to find in advance, even before preparing your elevator pitch.
To do this, you need to analyze other projects that are funded by your potential investor and understand what attracts him the most.
Perhaps this will be an opportunity for rapid growth, a strong environmental mission, or a specific problem close to this person.
Go to the web and read elevator pitch examples in your industry and stage.
Follow the Pattern
So, we already understood a lot about an elevator pitch’s application, principles, and potential. Now, it’s time to put it all in verbal form.
Follow the algorithm below to find the most suitable words and make your speech as logical as possible.
- Who? Your team (name of your company).
- Why? To solve a specific problem of the user.
- How? This is the main component of your speech. Here it would be best to say what your application does for users. For example, Airbnb brings together property owners and travelers.
- How big? Here, you need to talk about the potential of your idea.
- Why now? If we return to Airbnb again, the answer will be that travel has become more accessible than ever, and this is a chance to compete with the huge hotel industry.
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Final Check
You certainly know that a startup has a chance to get an investment only if many other factors agree with the true uniqueness of the idea.
After your pitch is over, you need to do a final check and make sure that it works.
Here are some ways to check how unique is what you think is unique.
- Can your competitors say the same about themselves?
Do you know your competitors? Imagine that your competitors are saying your “speech in the elevator.” If there is no contradiction, then there is no “uniqueness” in your proposal – your competitors offer the same.
- Is what you really think is the client’s problem?
If not, your speech will fail.
- Do clients easily understand this uniqueness do they see value in it?
Let’s say you have developed an application for electric car-sharing. If your potential investor is indifferent to the wise use of resources, then this argument will not convince him.
- Will your audience be able to understand you?
Let’s imagine a situation you will have to speak in front of a large audience, among which there will be representatives of different language groups.
Do you think all of the potential investors will be able to understand you? Most likely, if you speak English, they will be able to cope with this task. However, it is much more pleasant to hear and perceive native speech.
Therefore, if you know that you will have to speak with multilingual investors, take care of translating your speech or at least make subtitles available.
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Conclusion
Most likely, you will have to create a few versions of an elevator pitch to choose the best one in the final result.
Do not be afraid to reduce the number of words without losing meaning and polish your speech until each word fits its place.
Your task is to get the most complete picture, plus present it to the investor, so give yourself time to rehearse in front of the audience as well.
The internet has changed the relationship between investors, startups, and entrepreneurs. For most of the 20th century, venture capital and angel investing were a black box, the internal dealings of which remained highly guarded secrets.
WOW have that changed. Funding is everywhere and VC’s have moved to verticals that make complete sense. F&F, go-fund-me, crowdfunding from Kickstarter and Indiegogo.
We’re listening.
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General FAQ’s
What is an elevator pitch?
An elevator pitch is a brief, persuasive speech that you use to spark interest in what your organization does. You can also use them to create interest in a project, idea, or product – or yourself. A good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds, hence the name.
Why is an elevator pitch important?
An elevator pitch is important because it communicates the most important aspects of your business and services within that short amount of time. First, you have to decide what exactly you want to talk about yourself or your business.
What is a 30-second elevator pitch?
An elevator speech is a clear, brief message or “commercial” about you. It communicates who you are, what you’re looking for, and how you can benefit a company or organization. It’s typically about 30 seconds, the time it takes people to ride from the top to the bottom of a building in an elevator.
How do you write an elevator pitch for a startup?
Start the elevator pitch with a brief, easy-to-absorb sentence that includes your name, your company name, and the service you provide. For instance, “I’m Sara Smith; my company is “The Best Co,” and we offer the best service that solves XYZ.”
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