elevator pitch training - akro€¦ · what is an elevator pitch? “anelevator pitchis a short...
TRANSCRIPT
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WHAT IS AN ELEVATOR PITCH?
“An elevator pitch is a short description of an
idea, product or company that explains the concept
in a way such that any listener can understand it in a short period of time.”
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TIPS
• Should you have slides?• If you do, keep them professional
• Don’t try cover everything, highlight key info • Pitch to your investor
• Know your numbers and• Know your market need!
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THE PITCH
“We solve [problem] by providing [advantage],to help [target] accomplish [target’s goal].
We make money by charging [customers] toget [benefit].”
Step 1:
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THE PROBLEM
• “The problem” is your most important asset so make the investor feel the pain point.
• Why is this an important problem to solve and how does it affect the end user?
• Personal experience / story telling?
Step 2:
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THE SOLUTION
• How is your product/service going to improve the world by fixing this problem?
• How does the world look after your solution is implemented?
• DEMO’s? very tough in an elevator pitch.
Step 3:
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MARKET NEED
• Be realistic and cite sources
• Avoid the “If I only capture 1% of this market, that will be enough to make millions!”
Step 4:
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BUSINESS MODEL
• How are you going to make money?
• Revenue streams and pricing – Recurring Rev or One time payment? – Fixed or dynamic pricing?– …
• Avoid too many or too complex Rev streams
Step 5:
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COMPETITION
• How are you solving the problem differently?
• How is your business model more effective/efficient/scalable/sustainable?
• Don’t knock the competition
Step 6:
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GO-TO MARKETSTRATEGY
• Marketing Plan – know your target market
• Three engines of growth. Sticky, viral or paid?– If it’s sticky – what is the current retention rate?– If it’s viral – what are your growth KPIs?– If it’s paid, how much does it cost to get more
users / R turnover?
Step 7:
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THE TEAM• What’s the value of an idea without proper
execution?
• How do start up’s raise large capital pre revenue?
• Your team: – Relevant experience and skills– Team diversity can mitigate lack of industry
experience
Step 8:
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TRACTION or PROJECTIONS
• What have you achieved so far?
• Revenues? Growth? Key clients & partnerships?
• Pre or post revenue
Step 9:
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BUSINESS NEEDS
• What do you need to realize your project’s potential?
• Distribution of funds
• Define exactly what you are looking for
Step 10:
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SUMMARY
• Step 1: THE PITCH• Step 2: THE PROBLEM• Step 3: THE SOLUTION• Step 4: MARKET NEED• Step 5: BUSINESS MODEL• Step 6: COMPETITION• Step 7: GO-TO MARKET STRATEGY• Step 8: THE TEAM• Step 9: TRACTION or PROJECTIONS• Step 10: BUSINESS NEEDS
https://youtu.be/OYWIfYIAYrI
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Keep it punchy, visual and always keep in mind the point of view of the end user.