An important part of being an entrepreneur is pitching or making the case for the product, project or idea you intend to sell. An elevator pitch is a condensed, easy-to-understand version of a business pitch that is delivered in the time it takes to ride an elevator. Entrepreneurs must be prepared to give a pitch at any time, including during an elevator ride.
Key elements of a successful elevator pitch include:
- Brief Description: Give the investor a brief description of the primary features of your product, project or idea.
- Target Audience: Let the investor know the target market, including size, for your product, project or idea.
- Projected Earnings: Tell the investor the profits you anticipate from sales of your product, project or idea.
- Personal History: Provide the investor with a synopsis of your qualifications and achievements.
- Competition and Advantage: Give the investor information about your competitors, highlighting features that make your product, project or idea superior.
An elevator pitch should be concise and clear, but also interesting. If your elevator speech has been successful, the potential investor will request a full presentation or ask for a referral.