What makes a great elevator pitch?
You will likely never pitch your company in an actual elevator.
But you will likely bump into an investor at a cafe or event. And they’ll ask you, “So, what do you do?”
Can you confidently and effectively share what your startup does in 30 seconds?
If not, don’t fret. Eric Bahn and Janel Spilker reveal what makes a great elevator pitch in their episode of Uncapped Notes. You’ll also see Eric create a pitch on the spot for a fake company that Janel made up.
By the end of this, you’ll have an elevator pitch for your startup that you can use anywhere, anytime, maybe all at once.
Basic elements of an elevator pitch
Keep these 3 elements in mind:
- Keep it short. Aim for 30-60 seconds.
- Be straight to the point. Highlight 2-3 impressive things about your company, nothing more.
- End with a specific call to action. Ask “would you like to learn more?” to investors if you’re looking to fundraise. Or ask “do you have any feedback?” to founders if you’re looking to improve your pitch.
Now let’s see this in action.
Eric creates a pitch on the spot
Janel comes up with a fake company called The Well Crafted Adventure. Here’s a gist of what it is.
“Let's say you're traveling in the next 12 months and you have a few places picked out for business, family, and friends. You can tell the app more about the type of adventuring you like to do, your fitness level, where you plan to travel, etc. And this app will spit out recommended adventures in each location.
It will connect you with a local expert and it'll provide a list of places where you can rent gear or anything else that would make your adventure easy while you're on the road.”
Eric had never heard about this fake company before. He thought about it for 15 seconds and came up with an impromptu elevator pitch. Read it below or watch it.
“Hey, my name is Eric. I'm one of the co-founders of a company called The Well Crafted Adventure.
This is an app that allows us to take inputs on how you would like to travel. We use our AI to spit out recommendations of things you can do, where you can get gear, and more info on how to maximize your time for enjoying your travels.
Travel is back and it’s a $20 billion industry* in the United States alone. People want to maximize their efforts of enjoying the time that they have. And we created this amazing user experience that travelers can take advantage of.
We're currently closing up our round. If you'd like to learn more, let's continue the conversation.”
*Eric made up this number on the spot. But bringing up market size was intentional.
Breaking down this example elevator pitch
OK. Eric admits that wasn’t the best pitch he has ever done. But with under 15 seconds to prepare, he followed the principles of what makes a great elevator pitch.
Eric kept the pitch under 60 seconds, highlighted a few impressive items (using AI, market size, user experience), and ends with a call to action.
Janel is impressed. If you’re someone who’s interested in running with this business idea, let Janel know. She’s an adventure junkie.
Don’t try to close money off an elevator pitch
The goal of an elevator pitch is to leave the investor curious to learn more about your startup.
It’s inappropriate to ask, “Are you ready to put a hundred thousand dollars into this idea?” right after a pitch.
There’s not enough context or trust in the relationship yet. Remember: an elevator pitch is only the tip of the iceberg. Schedule a proper meeting with the investor and be prepared for the next steps.
Until next time,
Tam “hold the door” Pham
