Idea Transcript
ELEVATOR PITCH CHALLENGE NEW!
What is an Elevator Pitch? An elevator pitch is a brief speech used by an entrepreneur to describe their business, product or service in a compelling and concise way. It is called an “elevator pitch” because it addresses the question, "How would you explain your business if fate placed you in an elevator with an angel investor and you only had the time it takes to get from the first to the top floor – about 90 seconds in a tall building?" A good elevator pitch is one that captures a listener’s attention quickly, is persuasive, excites interest and answers the following questions: • What is your company’s product or service? • What is the opportunity for me as an investor? What are the compelling factors that convince me this is a great opportunity for me? • What sets your company apart from the competition? • What makes you uniquely qualified to get the job done? Guidelines: •
Students will present a 90-second elevator pitch which will share enough information in a short time to pique the interest of a potential investor. See rubric that follows
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This competition will take place on Sunday, March 16, 2014 at the Bay Area Entrepreneurship Conference and Trade Show.
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Your Intent to Compete Registration Form (see competition packet) must be received by February 13, 2014 for this competition.
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Students enrolled in Virtual Enterprises classes will pitch their VE business; Entrepreneurship students will pitch their own business venture. Only one entrant per class please.
Resources: Jon York, Associate Professor in Entrepreneurship, Orfalea College of Business, gives the following tips on how to make an elevator pitch: • • • •
Create a story, something concrete and personal, if possible. Tell the audience something they don't know. Think about the listener. Answer their question: "What's in it for me?" End with a call to action (ask the viewer to do something).
You may want to check out the article, "How to Craft a Killer Elevator Pitch that Will Land You Big Business" (Dumb Little Man). Sample videos of great pitches can be found at http://youtu.be/hLLzGR7evbs: start the video at 5:35 minutes for the top 5 pitches. 12/5/13
ELEVATOR PITCH CHALLENGE Score Sheet COMPANY NAME: RATINGS:
Unacceptable
Requires Improvement
Good
Superior
0-2
3-5
6-8
9-10 TOTAL SCORE
CONTENT INTRO/HOOK Clearly identifies the company name and product or what the company does
You forgot your company name or what the company does.
You identified your company and there is some attempt to create an intro, but I am not hooked. There was nothing unique or it was gimmicky. I get some sense of the problem or opportunity but I really don’t know who your customers are and why they need your product.
You introduced your company in a way that showed some relevance and /or creativity and it was memorable in some way.
OMG! I’m hooked!!! You were honest, but used a twist and now I want to know more.
NEED/OPPORTUNITY Explain the problem facing your customers or the opportunity available to your company. Why and by whom is this product/service needed?
You are unclear if you solve a problem or can seize an opportunity. You just have a product to sell. You aren’t sure you need it.
I understand the problem/opportunity and I am clear who your customers are but I’m not sure why they need your product.
You have told me what your product will do for your customers AND it immediately seems important to me.
BUSINESS SOLUTION Explain how your company, technology, or invention will solve this problem or meet this opportunity.
What problem?
I have only a vague understanding of how your company will solve this problem or take advantage of this opportunity. I have a vague understanding of how you plan to make money but you think everyone will buy your product!
You’ve given me a completed explanation of how your business solves the problem or takes advantage of the opportunity. You’ve made it clear how you will earn your revenue and you are very clear as to who your market is.
You’ve given a detailed & extensive explanation of how business solves a problem or takes advantage of an opportunity. I’m in! You have an awesome revenue model! Why didn’t I think of that? You’ve convinced me that it’s perfect for your market!
REVENUE MODEL Explain how you will earn your revenue and from whom.
You don’t know who your market is and you aren’t clear on how you will earn your revenue
COMPETITIVE ADVANTAGE
Competitors? In your world you think you have no competitors!
You are aware of the competition but you have not presented any evidence that you have an advantage over them.
You have a clear understanding of your competition and have presented some evidence of your advantage.
I’m impressed! You have exceptional understanding of the competition and you have compelling evidence of your advantage.
WRAP UP You have made a compelling case and have asked me for a follow up meeting.
You have not defined the opportunity nor have you shown any passion for your company
You have defined the opportunity but not very clearly and I am not compelled to ask for more information
You have clearly and concisely defined the opportunity but I see no compelling reason to support you and you haven’t ask for another meeting to tell me more
I am fully engaged and I want a follow up meeting – you have clearly and concisely defined the opportunity and your passion for this company is clear. How soon can we meet?!
No eye contact, voice inaudible, you lacked confidence or enthusiasm.
Some eye contact, voice barely audible, some enthusiasm but pitch didn’t flow.
Good eye contact, clear voice, enthusiastic, but you might tweak the flow to get more of a twist.
Great eye contact, clear voice, flow was perfect, and your enthusiasm is infectious! You ROCK!
DELIVERY ENERGY and CONFIDENCE Natural, enthusiastic, speech with clarity, proper volume and good flow
12/5/13