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The Elevator Pitch

The Elevator Pitch. Pitching in 30 – 120 Seconds. What is an Elevator Pitch? Context of Entrepreneurship. A business-oriented , purposeful verbal message as fast as a ride in an elevator (30 -120 seconds) in understandable language – also for technology areas

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The Elevator Pitch

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  1. The Elevator Pitch Pitching in 30 – 120 Seconds

  2. What is an Elevator Pitch?Context of Entrepreneurship • A business-oriented, purposeful verbal message as fast as a ride in an elevator (30 -120 seconds) in understandable language– also for technology areas • A concise, carefully planned, and well-practiced “answer” about yourself, your business, your firm, your project etc. • A situation with an opportunity to sell your company’s identity and set yourself apart from other entrepreneurs W. Runge 04/2008

  3. What is an Elevator Pitch?Business Plan Context Elevator Pitch: a back-of-the-envelope business plan Elevator Pitch: • The problem (need) you are going to solve (satisfy) • Your solution, your answer • Your value proposition 20 Minute Business Plan Presentation W. Runge 04/2008

  4. Elevator Pitch Situations • All conceivable constellations to initiate linking investors (backers; “sponsors”, decision makers) and entrepreneurs (intrapreneurs) • (A startup) searching for financial backing or cooperation partners • Meeting someone (accidentally or intentionally) at … • Competence Network Partnering-Events • In firms: Meeting a “big boy” in the canteen, plane, in the lobby of an airport, … W. Runge 04/2008

  5. You only have one chance to make a first impression! W. Runge 04/2008

  6. Approach • Give people a “hook” by talking about something that really interests them • It must be succinct, to the point • Focus on one simple message • Make it simple and easy for people to contact you after the pitch –give them an incentive to seek you out • For investors: It must be greed inducing(inducing expectations of big profits) W. Runge 04/2008

  7. Presenting: The Rule of Three • The “Hook" Get attention andinterest • The SubjectExplains and provesyour point with passion (investors expect energyand dedication from entrepreneurs) • Should induce desire (“greed inducing”) • Use the Concept Summary as a framework    • The CloseCall to action or demand for reaction AIDA! W. Runge 04/2008

  8. An Elevator Pitch Template • WHAT you do • WHOM you serve • HOW you deliver • BENEFIT(S) for clients EXAMPLE (“What are you doing?”): • "I [WHAT: helping verb] [WHO: target market/ideal customer] [_______] [_______] [_______] [_______] • [HOW: deliver what the customer wants] [BENEFIT: key benefit or wanted result]" W. Runge 04/2008

  9. USP Template: Wording USP (Unique Selling Proposition) – Template: • Sentence #1 For (target customer)who (statement of the need or opportunity),the (product/service name) is a (product/service category)that (statement of benefit). • Sentence #2 Unlike (primary competitive alternative),our product (statement of primary differentiation). W. Runge 04/2008 Slide 9.23; Ref. Dorf & Byers, p. 250

  10. USP/Elevator Pitch: Other Uses • If the startup/NTBF is launched and has a Web site, a USP should appear on the firm’s Web site under the headings • Home, • Company or • About W. Runge 04/2008

  11. Call to Action • Based on provided material create and present an elevator pitch Based on the template (Slide 8) • One lasting 30 (- 45) seconds • One lasting 120 (-150) seconds(start with this one and boil it down) Based on the USP-approach (Slide 9) • one lasting 100-150 seconds W. Runge 04/2008

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