Many of you have heard of “The Elevator Pitch”. Many Investment Promotion Agencies including ours have provided training for staff in which utilizing an elevator pitch was part of that training. The elevator pitch is the situation in which a person with a business opportunity or idea has a chance opportunity to attract a potential investor–like a short elevator ride with a wealthy investor. Unlike formal meetings where you are able to show data, slides or videos and give a lengthy proposal to investors, the elevator pitch is a brief oral presentation that will hopefully interest the investor enough that he will want to hear more through a full presentation.
Now the point of the elevator pitch is not to immediately secure an investment, it is to court potential investors and spark interest in your idea. Since you do not want your idea rejected, the point is to not get too wrapped up in your idea that you forget to highlight incentives for the investor too. The elevator pitch is actually a great tool for conveying your idea simply to potential investors, and while it may not always work for you, when it does work it can be really great. It is always better to be prepared than to have never prepared or practiced that little elevator pitch….Here are three important points provided by Theodore O’Brien on how to be successful at your pitch:
- Be Brief and Interesting: The key to a successful elevator pitch is brevity. While you don’t want to appear unprofessional by not listing enough real details, a quick outline of your business idea will leave your audience interested. Remember, elevator pitches take the investor’s time and if it isn’t short and interesting, the investor may immediately reject your idea.
- Try For a Full Meeting: If the potential investors seems interested in your idea, and most investors make it very clear when they are not, then try to arrange for a full meeting to discuss your idea, or at least offer to send the investor a more detailed business plan.
- Explain Your Idea For the Investor: Your idea may be really exciting to you, but investors are mostly interested in making money from your business. So explain your business plan in terms of benefiting the investor, like how your idea will prevail over your competitors and how that will translate to profits.
- By: Grace ¦ On: 11th , Jun 2020COVID-19 has devasted lives all over the globe. The speed at which the virus inv... Read More
- By: Grace ¦ On: 6th , Jun 2019Like most places in the world, Dominica has realized that it cannot be business... Read More
- By: Grace ¦ On: 21st , Mar 2019A few incidents over the last few years have left me wondering whether expecting... Read More