Mastering The Elevator Pitch

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Mastering The Elevator Pitch
September 26, 2005

• Troy D. Byrd
• tbyrd_at_bryant.edu

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My Background

• Co-founder Bryant University Global
  Entrepreneurship Program www.bryantgep.org
• 2003 U.S. Small Business Administration Research
  Advocate of the Year (RI)
• Consult new venture start-ups
• 2004 Collegiate Entrepreneurs Organization (CEO)
  Best Advisor Award
• Entrepreneurial Extravaganza - www.epextravaganza.
  com

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E-Pitch Experience

• Coach to 2004 CEO National Elevator Pitch Grand
  Champion
• Coach to Harvard Business School Venture Pitch
  Winning Team
• United States Association of Small Business and
  Entrepreneurship (USASBE) 2 time Elevator Pitch
  Competition Winner 5,000 prize
• Created several competitions including CEO
  National Elevator Pitch Competition Young Money
  magazine

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Introduction

• What we will cover.

• E-Pitch for Competitions
• E-Pitch for the Real World
• Tailored to entrepreneurs, designers, inventors,
  salesman, and anyone else looking to capture an
  audience in a quick pitch.

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Introduction

• What is it?
• An Elevator Pitch is a very short, usually 45-60
  second, summary of your business concept, idea,
  product, etc. It is very precise, to the point,
  and leaves a clear image of your idea in the
  minds of the judge/investor/ audience. To do
  this will require an effective presentation
  structure and hours of practice.

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Primary Goal 1
A clear, compelling and simple image of your
opportunity that is easy to repeat and easy to
remember.
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Primary Goal 1
I Get It !!!
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No Perfect Way or Method.
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IMAGE IS EVERYTHING

• Dress for success.
• Professionalism.
• Attitude.
• Confidence.
• Walk into the room. You own it.
• Do you believe in your own idea? Do you convey
  that? How do you convey that?

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Techniques

• Shock
• Open with a question(s)
• Provide a visual
• Interesting fact or stat

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Structure Part 1

• For lttarget customersgt who are dissatisfied
  with ltcurrent alternativegt,ltour productgt is a
  ltnew product categorygt that provides ltkey problem
  solving opportunitygt. Unlike a ltcompetitive
  substitutegt, we have assembled ltkey whole product
  featuresgt.

Geoffrey Moore, Crossing the Chasm

• Adapt presentation to the audience.
• Stress key buzz words.

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Example Part 1 Palm Pilot

• For you music lovers who are dissatisfied with
  MP3 Players, CDs players, and those who hate
  listening to the hundreds of commercials that
  plaque the radio, the I-Pod is a revolutionary
  device that offers rapid access to thousands of
  peoples favorite songs with the turn of a
  button. Unlike the most alternatives on the
  marketplace, the I-Pod not only offers a seamless
  approach to organizing, storing, and playing
  music virtually anywhere including the office,
  the car, the gym etc. but its design is simple,
  elegant, and beautiful.

You just created an Image of Your Opportunity.
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Specific Market

• Specific customers with specific problems that
  are uniquely solved by your product!
• Discuss market size you can dominate in 3
  years.
• Again you want to implant
• Go-to market plan
• Competitor profile

• Size of opportunity

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Structure Part 2 Palm Pilot

• WE will initially target the ltquantitygt
  ltspecific customergt since they ltunique problem
  that they facegt. ltYour productgt solves this
  problem by ltunique functionsgt. Also, these
  ltspecific customersgt frequently influence ltour
  next target customersgt by lthow they do influencegt.

• May want to emphasize word of mouth.
• You want to identify Go-To Market
  opportunity drivers.

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Example Part 2

• We will initially target the 16 million college
  students, since they are mobile, love music, and
  are at the helm of the early technology adopters.
  Also, these trend setters will introduce the
  I-Pod to their immediate family, friends who also
  have a passion for music and who live highly
  mobile life.

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Compare to Competition

• Attach figures that make your product unique
  relative to competitors and substitutes
• Compare relative strength of your products
  features that have measurable value compared to
  competitors and substitutes features using a
  simple model, table, chart, graph, etc.
• Be realistic. Remember you are after a slicenot
  the entire market.
• Example In year 3 we expect to capture 10 of
  the market giving us 50 million in sales
  revenue.

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Primary Goal 2

• Close the deal.
• ?

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TIPS by Garage.com
Guy Kawasaki - CEO Garage Technology Ventures,
Author of The Art of the Start

• Assume short buildings.
• Put a tag on it!
• - Chevy Like a Rock.
• Nike Just Do It!
• Got Milk?
• Solve a problem. Turn the problem into an
  opportunity.
• Lay out the benefits.
• Im not just presenting a great idea.
• Im presenting what the idea will do for the
  customers and/or investors.
• 5. Conclude with a call to action.

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Successful Pitches

• Engage the audience.
• I get it!!!
• Im familiar with this!!!
• I could do this!!!
• I see how this could work!!!
• They will have all kinds of ideas running
  through their head. Thats what you want.
• Display Passion and Energy
• Exude confidence.
• Are clear about what the presenter is looking
  for. What action do you want them to take? What
  are next steps?
• Remember to slow down and dance to the music.
  Find your groove.

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Failures

• Get too excited.
• Dont complete sentences
• Mind rushes ahead
• Presentation style needs work
• Too complex
• Too much in short time
• Wrong information---must present critical
  information
• Dont give them a chance to ask questions

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What happens if?

• Audience or Investor is not excited or doesnt
  get it.
• You forget your pitch?
• You skip a critical section?

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Global Considerations

• Know your audience
• Know the culture
• Overcome language barriers
• Consider having a translator or at the very least
  having the material translated in text in that
  language
• Do your research
• Use examples or common terms associated with
  their language and culture

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The Elevator Pitch hSELLhSELLhSELL

• What are you really selling?
• YOU ARE SELLING YOU!
• You are selling your dream.
• Entrepreneurs are an amazing breed.
• Full of vision, passion, optimism and excitement.
• Let it show.
• Be Memorable!

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Bottom Line
Facts Passion Energy- Creativity
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Conclusion
If they dont get it, dont get discouraged.
Remember not everyone will get it! Doesnt mean
its a bad idea.
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Troy D. Byrd
tbyrd_at_bryant.eduwww.bryantgep.orgwww.c-e-o.org
www.epextravaganza.com