In this lesson, we’re going to dive into what an elevator pitch is, how it differs from a full presentation, and why it’s a crucial tool in your fundraising efforts. An elevator pitch is a brief, persuasive speech that you use to spark interest in what your business does. Unlike a presentation, which is detailed and comprehensive, an elevator pitch is short, direct, and designed to quickly convey the essence of your startup to potential investors.

Common Mistakes to Avoid

When crafting an elevator pitch, it’s easy to fall into some common traps. Here are a few to watch out for:

• Too Long: Keep it concise. Your pitch should be delivered in under 60 seconds.
• Too Vague: Be clear about what your startup does and why it matters. Avoid generalities.
• Too Specific: Don’t get bogged down in technical details or niche specifics that might confuse your audience.
• Big Ask: Don’t immediately jump to asking for large amounts of money or commitments. Focus on sparking interest first.
• Unclear Next Steps: Make sure your pitch ends with a clear call to action or next step, whether that’s scheduling a follow-up meeting or simply asking for their thoughts.

Elements of a Good Elevator Pitch

A strong elevator pitch answers the key questions that investors care about. Here are the elements you need to include:

1. What Problem Are You Solving / What Opportunity Are You Grabbing?

   Clearly state the problem your startup addresses or the opportunity you’re seizing in the market.

2. How Are You Doing It?

   Briefly explain your solution or approach. How does your startup uniquely address the problem or take advantage of the opportunity?

3. What Is the Outcome of Your Actions?

   Highlight the potential results or benefits of your solution. What impact will it have on the market, customers, or industry?

4. Why Only You?

   Explain why your team is the best one to execute this idea. What makes your approach or solution unique and why are you the right person to bring it to life?

5. What Do You Want Me to Do?

   End with a clear call to action. What’s the next step you want the listener to take? It could be as simple as asking for a meeting or requesting feedback.

Crafting Your Elevator Pitch: Two Approaches

There are two main ways to craft an elevator pitch:

1. Deriving from Your Base Narrative:

   If you already have a well-developed base narrative for your startup (as you would if you’ve completed the “Crack the Pitching Code” course), you can extract your elevator pitch from this narrative. This method ensures that your elevator pitch is aligned and consistent with your overall messaging.

2. Starting from Scratch:

   If you don’t have a base narrative, don’t worry. In the upcoming modules, we’ll guide you through the process of crafting a powerful elevator pitch using a structured approach. You’ll learn how to identify the key elements and combine them into a compelling pitch that resonates with investors.

By now, you should have a clear understanding of what makes a strong elevator pitch and be ready to start crafting your own. Let’s move on to identifying the problem you want to highlight in your pitch!