The document discusses the elevator pitch, which is a concise verbal message between 30-120 seconds used to quickly describe a business opportunity to a potential investor or partner. An effective elevator pitch should include the problem being solved, the proposed solution, and the value proposition. It should follow the "Rule of Three" structure of a hook, subject, and call to action. The pitch needs to be well-practiced and leave the other person wanting more information through an easy next step of contact. Templates are provided to help structure the pitch around what is done, who is served, how value is delivered, and the key benefits.
The document discusses the elevator pitch, which is a concise verbal message between 30-120 seconds used to quickly describe a business opportunity to a potential investor or partner. An effective elevator pitch should include the problem being solved, the proposed solution, and the value proposition. It should follow the "Rule of Three" structure of a hook, subject, and call to action. The pitch needs to be well-practiced and leave the other person wanting more information through an easy next step of contact. Templates are provided to help structure the pitch around what is done, who is served, how value is delivered, and the key benefits.
The document discusses the elevator pitch, which is a concise verbal message between 30-120 seconds used to quickly describe a business opportunity to a potential investor or partner. An effective elevator pitch should include the problem being solved, the proposed solution, and the value proposition. It should follow the "Rule of Three" structure of a hook, subject, and call to action. The pitch needs to be well-practiced and leave the other person wanting more information through an easy next step of contact. Templates are provided to help structure the pitch around what is done, who is served, how value is delivered, and the key benefits.
The document discusses the elevator pitch, which is a concise verbal message between 30-120 seconds used to quickly describe a business opportunity to a potential investor or partner. An effective elevator pitch should include the problem being solved, the proposed solution, and the value proposition. It should follow the "Rule of Three" structure of a hook, subject, and call to action. The pitch needs to be well-practiced and leave the other person wanting more information through an easy next step of contact. Templates are provided to help structure the pitch around what is done, who is served, how value is delivered, and the key benefits.
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The Elevator Pitch
Pitching in 30 120 Seconds
W. Runge 04/2008 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 also for technology areas 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 companys identity and set yourself apart from other entrepreneurs W. Runge 04/2008 3 What is an Elevator Pitch? Business Plan Context Elevator Pitch: The problem (need) you are going to solve (satisfy) 20 Minute Business Plan Presentation Your solution, your answer Your value proposition Elevator Pitch: a back-of-the-envelope business plan W. Runge 04/2008 4 Elevator Pitch Situations All conceivable constellations to initiate linking investors (backers; sponsors, decision makers) and entrepreneurs (intrapreneurs) (A startup) searching for financial backing or cooperation partners Meeting someone (accidentally or intentionally) at Competence Network Partnering-Events In firms: Meeting a big boy in the canteen, plane, in the lobby of an airport, W. Runge 04/2008 5 You only have one chance to make a first impression! W. Runge 04/2008 6 Approach Give people a hook by talking about something that really interests them It must be succinct, to the point Focus on one simple message Make it simple and easy for people to contact you after the pitch give them an incentive to seek you out For investors: It must be greed inducing (inducing expectations of big profits) W. Runge 04/2008 7 Presenting: The Rule of Three The Hook" Get attention and interest The Subject Explains and proves your point with passion (investors expect energy and dedication from entrepreneurs) Should induce desire (greed inducing) Use the Concept Summary as a framework The Close Call to action or demand for reaction AIDA! W. Runge 04/2008 8 An Elevator Pitch Template WHAT you do WHOM you serve HOW you deliver BENEFIT(S) for clients
EXAMPLE (What are you doing?): "I [WHAT: helping verb] [WHO: target market/ideal customer] [_______] [_______] [_______] [_______] [HOW: deliver what the customer wants] [BENEFIT: key benefit or wanted result]" W. Runge 04/2008 9 USP Template: Wording USP (Unique Selling Proposition) Template: Sentence #1 For (target customer) who (statement of the need or opportunity), the (product/service name) is a (product/service category) that (statement of benefit). Sentence #2 Unlike (primary competitive alternative), our product (statement of primary differentiation). Slide 9.23; Ref. Dorf & Byers, p. 250 W. Runge 04/2008 10 USP/Elevator Pitch: Other Uses If the startup/NTBF is launched and has a Web site, a USP should appear on the firms Web site under the headings Home, Company or About W. Runge 04/2008 11 Call to Action Based on provided material create and present an elevator pitch Based on the template (Slide 8) One lasting 30 (- 45) seconds One lasting 120 (-150) seconds (start with this one and boil it down) Based on the USP-approach (Slide 9) one lasting 100-150 seconds
