Crafting an Amazing Elevator Pitch
Speaker: Nicole Glaros
- Partner at Techstars
- Over a decade of experience helping startups prepare pitches
Importance of an Elevator Pitch
- Definition: 1-2 sentences describing your business in 20-30 seconds
- Purpose:
- Communicate the business value clearly
- Engage the audience and prompt questions
Common Mistakes
- Using complex language not understood by everyday people
- Lack of clarity in explaining what the startup does
Elevator Pitch Framework
- Structure: "For customers who have problem X, we provide solution Y"
- Key Segments:
- Customer: Who is the target?
- Problem: What problem is being addressed?
- Solution: How is it being solved?
- Focus: Explain how you do what you do, not just what you do
Examples
- Pana: For hiring managers who don’t want to spend time booking travel, it provides a chat-based travel concierge for hassle-free booking.
- Prefix: For homeowners avoiding home maintenance hassles, sends a maintenance crew to perform chores like cleaning dryer vents.
Developing Your Pitch
- Drafting:
- Write 5 versions of your elevator pitch
- Practice with different audiences
- Iteration:
- Use feedback to refine the pitch
- Ensure team consistency in delivering the pitch
- Engagement:
- Be aware of audience questions as a measure of interest and clarity
- Practice and prepare answers to common questions
Enhancements
If time allows:
- "Unlike" Comparison:
- Compare to competitors to highlight uniqueness
- How You Make Money:
- Explain the revenue model
Conclusion
- Aim for clarity, engagement, and consistency
- Continue to iterate and refine based on feedback
This guide encapsulates the essentials of crafting a compelling elevator pitch as outlined by Nicole Glaros at Techstars. By following a structured approach and focusing on clarity and engagement, entrepreneurs can effectively communicate their startup’s value proposition.