In a world where startups are becoming more and more common, it’s hard to be noticed if you’ve started one yourself. VC’s are swamped with pitches on a daily basis and have plenty of options when it comes to investing their money.
Because of this, having a well-crafted elevator pitch is crucial if you want to spread the word about your startup. This will let you capitalize on opportunities where you only have a brief moment to grab a VC’s attention.
A great formula to follow when delivering an elevator pitch is:
“We solve [problem] by doing [solution] to help [target market] accomplish [target market goal].”
You can mix this formula around to make it flow better, but these are the core components you want to address. An example would be “We help real estate agents in crowded markets generate more leads through social media.”
As the founder of a startup you have to resist the urge to pour everything into the elevator pitch. Simplicity is key here. More often than not a succinct elevator pitch will lead to follow up questions, which you should be prepared to answer (it is your startup after all).
Some great topics to touch on in the follow-up conversation are:
- How much traction you have
- Why the market is worth targeting
- What makes you different from competitors
- What you can do that your competitors can’t
The last component of delivering an effective elevator pitch is to be passionate. It’s very easy to recite your pitch in the mirror a hundred times and have it come off like a robot when you finally tell someone. This is something you are excited about so don’t be afraid to show it! Motivated people draw others to them, and this is no exception with venture capitalists.
One of the easy ways to do this is to think in bullet points for the follow-up conversation. This allows the conversation to flow more naturally. If you memorize everything that you want to say in response to every question, you WILL sound like a robot. If you have a few key points you want to touch on instead, this will let you integrate them within the conversation much more naturally. It also will make remembering your elevator pitch far easier.
I hope that these tricks will help you deliver better elevator pitches in the future. Mastering this will give you a leg up on the competition and help you create natural conversations with VC’s instead of cornering them for a pitch-attack.
Best of luck!