Elevator Pitch (or Elevator Speech) is an informal term for a brief introduction of the company, product, project or startup to the potential business partner or investor. In other words, through the elevator pitch you must “explain what you are doing during the ride in the elevator even to your grandmother”.
Elevator Pitch in practice: Elevator pitch must explain the basic ideas and the value (value proposition). It naturally differs in nature as to whether it is intended for the investor / venture capitalist (it has a greater emphasis on a business model), for a business partner, customer (it has a greater emphasis on the product and its value) or it is about personal performance in an job interview. Its length should not exceed two minutes.
The basic content of the elevator pitch is roughly as follows:
- what I offer
- To whom it is addressed, who is the typical customer, for what markets is it intended
- What is my competitive advantage, market differentiation and what I offer in addition (value proposition)
For investors further:
- How far I am with the idea
- How and on what I will earn
- How much investment will I need
- What team I have
- What is the volume of potential profits and turnover