Mastering Your Tech Startup's Elevator Pitch
What was your last elevator ride like? If you spoke with someone during the ride, you likely covered at least one topic which may have had you walking off an elevator still thinking about it or walking off the elevator continuing the conversation.
The elevator pitch is when you explain how something is of value, such as your knowledge and skillset or an idea, and to whom. The pitch occurs within the time you go from one floor to the next, which has been estimated to be 30 seconds. During this short time you are answering the question: why? Why should someone invest their time in an idea, or why they should they invest their time in you.
Any #startup looking for funding must master the pitch. Some common hurdles include the fact that #investors have already heard an onslaught of pitches already, they may have heard your idea before, and if they hear your idea, they want to make sure that the idea is a good market opportunity and that the startup team is ready to go to market.
#Techstartup pitches are a bit different from the other startups. This is mainly due to the nature of the science. The science of the product can cause some startup teams to lose not only their focus, but also the attention of the investor. For instance, it’s fairly easy to litter the pitch with jargon because you know the terminology, but forgot that not everyone is as familiar with the words and phrases. Also, the nature of the science from your innovation may be so cool and sophisticated that you can’t help but talk about it, and talk about it, and not realize that it’s too much.
Perfecting the Tech Startup Elevator Pitch
Here’s how you can limit confusion, impress the investor, and perk their interest. Present the information in a story that captures the investor’s imagination. Give a quick introduction of who you are and your team. Then, proceed into your objective by indicating the problem you are trying to solve and the urgency for it to be resolved.
Next, demonstrate how your product is the solution and how it's different from competitor’s products by sharing numbers and anecdotal experiences with customers. Describe the customer base and the traction you have made so far in the market. Finally, end your pitch with a call-to-action that builds a relationship. Schedule a phone call or a meeting and follow up with an email or social media connection after the meeting.
The pitch will resonate with the investor when you show passion or excitement for the technology product, and when the information is clear and concise. It’s always good to have you and your team members present the pitch so each person can help build the excitement within the story and showcase the team’s expertise.
Presenting the information in a simplistic and clear way makes it easier for the investor to understand and most importantly remember the product. It helps them to share what they’ve learned about your product and their experience with your team with other stakeholders in the business when making the case for funding your business.
The elevator pitch is the tool that opens the door to meetings with an investor and their colleagues. It addresses a pain point and explains why your #technology is the solution in a way that engaging.
So, craft your elevator pitch and practice not in the comfort of your home but publicly at various events. This will allow you the opportunity to make some tweaks, but it will also prepare you so when you and your team encounter a key investor everyone is at ease.
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