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Getting support for your great idea See Guy Kawasaki on YouTube!
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The Elevator Pitch
Selling an opportunity in 30 – 120 Seconds
2
What is an Elevator Pitch?Context of Entrepreneurship
• A business-oriented, purposeful verbal message as fast as a ride in an elevator (30 -120 seconds) in understandable language – even for high-technology ventures
• A concise, carefully planned, and well-practiced “answer” about yourself, your business, your firm, your project etc.
• A situation with an opportunity to sell your company’s identity and set yourself apart from other entrepreneurs
3
What is an Elevator Pitch?Business Plan in Context
Elevator Pitch:The problem (need)
you are going to solve (told in 30 seconds),
20 Minute Business Plan Presentation
Leading to an early opportunity to present:
•Your solution, and
•value proposition to future stakeholders
Elevator Pitch: the preliminary to your back-of-the-envelope business plan
Adapted from W. Runge 04/2008
4
Elevator Pitch Situations• All conceivable opportunities to initiate
linking stakeholders (investor, backers; “sponsors”, gaketkeepers, decision makers) and entrepreneurs.
• (A startup) searching for financial backing or cooperation partners
• Meeting someone (accidentally or even better, intentionally) at …– Network Partnering-Events – In firms: before /after meetings, in the canteen…– Meeting a “player” in the club, sitting next to you
on the plane, in the lobby of a hotel, …
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You only have one chance to make a first impression!
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Approach
• Give people a “hook” by talking about something that really interests them
• Be succinct, clear and to the point• Focus on one simple message• Make it easy for people to contact you
after the pitch – and provide them with an incentive to seek you out
• For investors: align pitch with their values(e.g, induce expectations of big profits)
Adapted from W. Runge 04/20087
Presenting: The Rule of Three• The “Hook"
Get their Attention andInterest
• The OpportunityExplain and supportyour point with passion (investors expect energyand dedication from entrepreneurs)
• Should create Desire (“greed or good”)• Must demonstrate your team’s unique
competences to exploit this opportunity. • The Close
Call to Action AIDA!
8
An Elevator Pitch Template• WHAT you do• WHOM you serve (target)• HOW you deliver (proposed solution)• BENEFIT(S) for target user
EXAMPLE (“What are you doing for who, how and why?”):
①"I [WHAT: helping verb]
②[WHO: target market/ideal customer/society] [____1___] [___2___] [___3___] [___4___] • [HOW: deliver what your target wants]• [BENEFIT: key benefit or desired result]"
9
Business Plan Template in brief
USP (Unique Selling Proposition) –Sentence #1
For (target customer)who (statement of the need or opportunity),the (product/service name) is a (category) that (statement of benefit).
Sentence #2Unlike (leading competitive alternative),our product (primary source of differentiation)
Sentences #3 and 4And our business model (main features), and will generate (revenues and profits over time)
Ref. Dorf & Byers, p. 250
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Call to Action
• Based on the assigned case, create and present an elevator pitch, derived from the suggested template (see Slide 8)
• 30 (max 45) seconds version, no PPT. One teams will then move to the next step:
• One (max 10 minutes) team to present your business plan to investors: remember you (not your Powerpoint) are the show. (you can start with this, then edit the content down to create the shorter one)
Rules for Thursday:
• The entire pitch is by one person alone.
• Entrants will have 90 seconds to present their idea.
• Props are prohibited: including (but not limited to) Notecards, notes, or models, etc
• No PowerPoint slides or posters, etc.
• At the end of the pitch, each presenter may offer a business card (of normal size).
W. Runge 04/2008 11
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Questions?