Imagine this: You step into a crowded conference, the chatter of eager entrepreneurs and professionals filling the air, you spot a prominent venture capitalist, someone who could potentially catapult your startup to success. You have exactly 30 seconds to capture their attention and make them believe in your vision. You need an elevator pitch.
In this week’s Entrepreneur Weekly, we’ll be helping you with some steps to pitch perfectly. HubSpot says, “An elevator pitch — also known as elevator speech — is a short, memorable description of what you do and/or what you sell.” It’s a skill every entrepreneur should master.
The goal of an elevator pitch is to earn a second conversation, not to convince the person you’re talking to that they should buy your solution.
Pitch Perfectly: Establishing Strategic Partnerships
A pitch is your chance to showcase your passion, vision, and the value your venture can bring to investors, partners, or potential clients. A well-crafted pitch can make or break your entrepreneurial aspirations. This gives you the opportunity to create a solid network, and in business your network is not just a list of contacts; it’s your net worth. Building meaningful connections can open doors, secure investments, and provide invaluable mentorship. An entrepreneur’s journey often begins with a single connection that leads to a world of opportunities.
Who Can Entrepreneurs Pitch To?
Entrepreneurs can pitch to a wide range of stakeholders, including:
1. Investors: Venture Capitalists, Angel investors, and Crowdfunding platforms.
2. Partners: Potential Business Collaborators, Co-founders, or Strategic Allies.
3. Customers: Demonstrating your product or service’s value to potential clients.
Tips For a Perfect Elevator Pitch
- Start with a Hook
Begin with a compelling hook that grabs the listener’s attention. This could be a problem statement, a surprising statistic, or a thought-provoking question.
- Introduce Yourself
Quickly introduce yourself and your business. Keep it concise but impactful.
- Describe the Problem
Clearly articulate the problem your product or service solves. Make it relatable and relevant.
- Present Your Solution
Explain your solution in simple terms. Highlight what makes it unique and effective.
- Share Success Stories
If applicable, share success stories, testimonials, or early traction to build credibility.
- End with a Call to Action
Conclude with a clear call to action, such as scheduling a follow-up meeting or providing contact information.
The Scrub Daddy™ Story
The Scrub Daddy™ story is a true testament of the potential of a good pitch. The story began in 2012 when founder Aaron Krause appeared on the popular TV show Shark Tank where he pitched his revolutionary sponge that changed texture based on water temperature, making it a versatile cleaning tool with a soft touch in warm water and a firm scrub in cold water. The sharks were captivated by the concept, and Lori Greiner, the “Queen of QVC,” saw its immense potential. Lori invested US$200,000 in Scrub Daddy™, and the rest, as they say, is history.
With Lori Greiner’s backing and expertise, the sponge underwent a redesign, taking on the now-iconic smiley face shape. Today, Scrub Daddy™ is more than just a cleaning product; it’s a household staple. Its widespread popularity and numerous positive reviews have cemented its position as a trusted brand. Now that’s a partnership of a lifetime!
JBDC Virtual Biz Zone – Strategic Partnerships: How to ‘Work the Room’
The Jamaica Business Development Corporation (JBDC) will be hosting its Virtual Biz Zone Webinar on Tuesday October 10, 2023 under the final series of 2023, Marketing & Customer Service. Dr. Natalie Irving-Mattocks, Co-Founder & Executive Director of the Caribbean Training and Education Center for Health will present on, Strategic Partnerships: How to ‘Work the Room’. Register now at www.jbdc.net/events/.