What is an Elevator Pitch Competition?
Deadline to enter the Elevator Pitch is Wednesday, April 1, 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.
- Who is your competition? and what are your competitive advantages in relation to them?
- What is your call to action, your close? What is it that you want from the target of your pitch? A follow-up meeting to discuss specifics? An investment pitch at a later date? A referral to someone they are connected to? A mentor for you during the new venture creation process?
Create a plan to get the judges’ agreement and leverage it to acquire what you need. The objective of the Pitch is to get judges to give you their support which is signified by them giving you a business card. A good idea with a good pitch equals a business card. A great pitch will get you a card with a signature which signifies real interest and counts for more towards that pot of pitch gold, the prize money.