The elevator pitch

Preparing for your 3 minutes of fame

Peter RussoJaninka Feenstra

Agenda

• Introduction: who’s who?• COMS YTA process• Theory of a good pitch

My name is…

COMS Young Technology Award

• Process:– Sunday: introduction to pitching– Monday: 10 AM announcement of

finalists during plenary session– 13.30-15.30 Lessons learned in

Technology Startups– 16.00 – 17.30 Practice and improve your

pitch– Tuesday: 16.00 start finale (3 minutes)

Importance of a good pitch

• Sometimes, Your Only Chance• Average VC Listens for Only 90 Seconds• Process Forces You to Clarify Your Concept

– Usually You Understand More Clearly

We’ve all pitched before

• Situations for an elevator pitch:– Birthday parties– Networking events where you meet potential

customers, partners and investors– Or during a phonecall with media

• The key to success: – Be prepared– Use the building blocks relevant for that specific

situation– It’s not about closing the deal, it’s about starting the

conversation!

Preparation

Think about: • Who is your listener / audience?

– No jargon: make it easy to understand• What do you need from them?• What should they remember?

The first impression

• Enthusiasm and belief• Likeability • Getting the attention:

– Rhetorical question – Joke– Tell a short story that we can relate to

Stage attitude

• What you say and what the audience hears:– An audience’s opinion is based for more

than 50% on how you say something, not what you say

– Don’t be afraid of silence– Dress to impress!

Building blocks• Introduction

– Get our attention!– Your name and your company name– What are you looking for

• Which problem are you solving for whom? • Your solution: product or service? • What’s your competitve advantage?• Business model

• Team• Competition• Marketing/sales/distribution• Status and timeline

90-seconds

If you still have time

• Summarize and call to action Always!

Customer perspective of the problem

• Who is your customer? • Your customer’s problem is:

– A pain he wants solved (priority)– Relevant and important– He/she wants to pay for it to go away

• How many potential customers are experiencing this problem?

Your USP

• Convince the audience you have the best solution – Happy customers– Case studies

• Value proposition: your solution quantified:• Saves money• Increases turnover• Saves time• Is more accurate

Team

• Investors invest in a team, customers buy from people

• Do you have an experienced team, an absolute authority in the field? Tell us!

3 minutes

• You won’t have enough time to tell us everything (so don’t zoom in on the technical details)

• Make the listener and the judges want to ask you for more info

• No powerpoints

Try This Sample• Our business will deliver ______ to _______. Until now, this

market has been underserved because _________.• Our business was / will be launched on ____and we will

begin delivering product ______.• Our business model involves ______ and we expect to reach a

breakeven level in the ___ quarter.• We have put together a team led by ____ and _____, who

have ______. In addition, our Advisory Board includes ______.

• We have raised ___ thusfar and are now seeking _____ to finance _______.

• We anticipate an exit strategy in year ____ through _____.• I would like the opportunity to schedule a meeting to discuss

this with you in greater detail.

Questions?

• www.slideshare.net/kennisparktwente

Practice

• Giving feedback:

– Describe the behavior of the person pitching and the effect on you as a listener

– What went very well– What still needs some work

Good luck preparing!