What is an Elevator Pitch Competition?
Deadline to enter the Elevator Pitch is Wednesday, March 25, 2015 at 5:00 p.m. Register at http://2015idahobpc.istart.org/ and start practicing your pitch! Incidentally, those judges just happen to have $3,500 to reward good ideas and great pitches!
The Elevator Pitch Competition gives innovators, entrepreneurs, and social entrepreneurs from all across the University of Idaho the opportunity to hone their presentation skills, build confidence, and learn how to work a reception - all while presenting their ideas to an outstanding group of business and professional judges.
So what is an elevator pitch?
A pitch is a brief overview of an idea that can be delivered in the minute an elevator. It could be for a product, a service, or even a social enterprise or project. Learning to pitch is a skill you will use your whole life no matter where your first idea goes.
Do you know what to say if you were lucky enough to step on the elevator with a venture capitalist or the judges from Shark Tank and had their uninterrupted attention for a minute or two?
Executing a solid pitch requires you to know what you are selling and why it is important. The essential elements of a good pitch will include:
- A Pain Statement: What is the problem you are solving? Without a problem, there likely isn’t a reason for your business, product, or project.
- Who has the Pain? Identify who has the problem, how many of them can identified and reached, and the business model you have created to get to them.
- What is your Solution? What is the value proposition that you are offering them? If you have found a potential customer base with that problem, explain how your venture solves their problem and how doing so creates a business or social venture proposition for you and your investors.