In a maximum of two minutes, an effective elevator pitch can promote your business. But to do an effective elevator pitch, remember this: Standard is boring! Focusing on the essential elements, a convincing and easy-to-understand Pitch Deck, and to arouse the interest of venture capital donors are the challenges to do an effective Elevator Pitch.
But even if you don’t need venture capital, it’s worth practicing an elevator pitch. Because you also have to convince your future customers – and you often have less than two minutes to do so.
What is an Elevator Pitch?
Imagine the following situation in 1985 in Manhattan, New York: You, an engineer by profession, work in the Research & Development Department at the largest telephone manufacturer in the United States. One morning, you’re in the elevator on your way to your 42nd-floor workplace, you have a groundbreaking vision: You think the cordless phone will replace the veteran phone very soon. You are convinced that your idea will completely revolutionize the telecommunications market. After a week of intensive research, you present your idea to your employer. Unfortunately, he doesn’t share your euphoria at all and thinks you’re a dreamer. He has, in accordance with your request for research funding of USD 1 million.
How to make the perfect elevator pitch deck
Two weeks later, you enter an elevator and the CFO also steps in. This is your chance! You have exactly one minute and 50 seconds until the elevator doors on the 42nd floor reopen. Time enough to approach the CFO and sell him your idea. Fortunately, your Elevator Pitch is so compelling that the CFO offers to meet with you for lunch to learn more about your idea. They did everything right and made the most of the Elevator Pitch.
The Elevator Pitch, which originated in the USA in the 1980s, is a technique with which you can present and sell an idea convincingly in a very short time. Nowadays, the Elevator Pitch is mainly used at venture capital events.
At these events, capital-seeking companies have the opportunity to present their business ideas to the venture capital audience within a very short time. Convinced by the Elevator Pitch, a more detailed conversation with the potential investor follows.
Who do you make the Elevator Pitch for?
Venture Capital Companies like the Elevator Pitch because you can get an overview of the respective business idea within a short time – an elevator pitch usually takes between 30 seconds and two minutes.
Accordingly, many venture capital companies use the opportunity to listen to a number of elevator pitches at VC events. After the Elevator Pitch, it is then decided which presentation has convinced and with which founders you would like to meet for a personal conversation.
But even for those companies that don’t need VC money, it’s worth preparing an elevator pitch. Finally, you not only have to sell your business idea to VC companies, but also convince other investors such as your bank or business partner of your idea. A well-prepared elevator pitch is also useful for your public relations, because you have little time in the media to introduce your company. Creating an Elevator Pitch also makes sense for yourself, as you are once again clearly aware of what is actually the core of your business idea.
There are a number of scientists who believe that a “good” business idea can be explained in a maximum of 30 seconds. If not, your business idea may be too complex and difficult to implement. We at Für-Gründer.de do not entirely share this opinion, as there are business ideas that require a more detailed explanation. However, we also believe that the core of a business idea can definitely be explained in 30 seconds. If you succeed, you can convince every new customer of your business idea. The Elevator Pitch is therefore also very suitable for sales calls.Tip
Prepare your Elevator Pitch and show investors why they should bet on your business idea.
Be striking and convincing with the Elevator Pitch
Venture capital events usually present ten to 20 different founders. To stand out in this quantity, you should convince with an interesting presentation. Be innovative, funny, entertaining or simply different – be it all on the Elevator Pitch, just don’t be boring!
You can stand out, for example, with the use of the respective medium. Try something different instead of the classic and rather boring PowerPoint presentation. For example, you can stand out from the Elevator Pitch Mass with different technical aids: An interactive elevator pitch, in which you use a veteran but rarely used flip chart for a sketch or key points, can be much more interesting as a standard PPT presentation. Even a short, well-made film is usually suitable to arouse the interest of the audience.
Also important is the way you present the Elevator Pitch – an interview or a dialogue is not standard and therefore more exciting than a simple monologue.
Whichever type of presentation you choose, it is important that there is a clear connection to your business idea and that the presentation looks authentic. In addition to the idea, you sell yourself – so you have to feel absolutely comfortable in your skin and pay attention to a convincing self-expression.
You can find out which points you should also consider in the Elevator Pitch here in our Elevator Pitch Guidelines.
Good Elevator Pitch Examples
In addition to the content, it is mainly the packaging that matters. The following Elvator Pitch examples compiled by us show how to convince investors. Each of these examples is clearly different from the classic Elevator Pitch presentation. Have fun looking in!
The Elevator Pitch Rap
The Undrip founding team really got something in mind: This elevator pitch takes two minutes and 30 seconds in the form of the rap song “Undrip – We need an Angel”. This innovative Elevator Pitch is aimed at business angels and VC donors – be sure to look in or listen in!
VC Response to Elevator Pitch Rap
Less than a month after the release of the Undrip Elevator Pitch Rap, Ludow Ventures, an American venture capital firm, responded:
Elevator Pitch = Self-expression
This Elevator Pitch also shows what a successful self-expression looks like. We also find it convincing that the “product” is physically presented to the audience in this Elevator Pitch.
And finally: The Anti Elevator Pitch
Would-be Gansta rapper Ali G. would have fallen through once again according to all the rule of art in this elevator pitch. Completely unsuitable as a model, but still funny and as an example of how not to do it, ideal:
After the Elevator Pitch: the Pitch Deck
Elevator Pitch is about making investors curious. If this has been achieved, investors naturally want more details. Here it is recommended to create a pitch deck, which has a well-defined structure that is expected by many investors.
