How to Perfect Your Pitch
Each pitch will have a duration of 30 seconds to three minutes long, and focus ideally on the following six topics (from http://www.businessknowhow.com/money/elevator.htm). For early stage ideas, not all of these topics have the same emphasis. Not all questions listed below must be answered, but your pitch should preferably answer the 7 main questions to a certain extent.
1) What is your product or service?
Briefly describe your idea.
2) Who is your market?
Briefly discuss who you are selling the product or service to. Why do they need this product/solution?
3) What is your revenue model?
More simply, how do you expect to make money? How will you charge your costumer? Per item sold? Per hour spent? Rent?
4) Who is behind the company?
Describe your team – why are you the right people for this, even if you are alone. If you have strong advisors, who are they are and what have accomplished?
5) Who is your competition?
Don’t have any? Think again. Briefly discuss who they are and what they have accomplished. Successful competition is an advantage-they are proof your business model and/or concept work.
6) What is your competitive advantage?
Simply being in an industry with successful competitors is not enough. You need to effectively communicate how your company is different and why you have an advantage over the competition. A better distribution channel? Key partners? Proprietary technology?
7) What do you need to take your business forward?
Do you need more partners with certain set of skills? Money? Connections? Advice? Mentors? Government approval? Do you need to do more research about your costumers? Your competitors? This part is about what’s stopping you from being a successful entrepreneur.
Finally, your pitch should be delivered well. Try to avoid backtracking, repeating yourself too much, pausing, etc. Be sure to speak clearly and with some energy. Judging pitches is an art, not a science, so we encourage you strive beyond what has been listed here to make your pitch the best it can be.
Examples of elevator pitches can be seen at http://www.thebusinessmakers.com/episodes/shows/2009/april-2009/episode-202/2009-rice-alliance-business-plan-competition.html
Don’t forget to…..THINK BIG!