An elevator pitch is – what you describe about your venture in a 1 – 2 minute window. The pitch could be to a potential investor, or even a potential client/ partner/ employee.
The purpose of an elevator pitch to an investor, is to excite him or her about THE BUSINESS CASE OF YOUR CONCEPT. The business case is about ‘Who will pay how much for what and to whom’.
An elevator pitch is usually a short conversation, which starts with a one-line introduction to your venture. This one-line description is something that should excite the investor to know more.
Once the investor is excited with a one-line descriptor, the follow-up answer should cover a brief overview of the concept, your aspirations, and most importantly, what you expect from the person e.g. possibly a meeting to present your concept.
Here’s an example of an ‘elevator pitch conversation –
Entrepreneur: “Hi, I am the co-founder of Tune Patrol, an online platform for independent musicians to upload, share and sell their music. We are in beta stage. The results look very good. We are now seeking a USD 100,000 in funding to go to a million users mark. We are currently funded through friends and family, including my ex-boss who invested USD 5,000 in my venture”
Investor: Looks good. Tell me more.
Entrepreneur: Thanks. My name is Saurabh. We launched the platform a month ago. I have two co-founders, one of whom is a techie, the other a music promotion professional. I have 3 years of experience as a marketing professional. The ex-CEO of one of the largest music channels in India is an advisor to us. We have what we think is a good business plan, and a strong business case. Apart from funding we need mentoring and insights to help us convert our dream into a very large company.
Investor: Good. How can I help?
Entrepreneur: Could we come over and meet you someday? We have a presentation and would really appreciate your advice, and of course seek your investment.
Investor: Sure we could meet. Here’s my card. Drop me a mail with a presentation and the link to your platform. I will put you on to someone from our office to set up a meeting. All the best.