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Mastering The Elevator Pitch

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Mastering The Elevator Pitch. Troy D. Byrd. tbyrd_at_bryant.edu. September 26, 2005. My Background ... Consult new venture start-ups ... – PowerPoint PPT presentation

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Title: Mastering The Elevator Pitch


1
Mastering The Elevator Pitch
September 26, 2005
  • Troy D. Byrd
  • tbyrd_at_bryant.edu

2
My Background
  • Co-founder Bryant University Global
    Entrepreneurship Program www.bryantgep.org
  • 2003 U.S. Small Business Administration Research
    Advocate of the Year (RI)
  • Consult new venture start-ups
  • 2004 Collegiate Entrepreneurs Organization (CEO)
    Best Advisor Award
  • Entrepreneurial Extravaganza - www.epextravaganza.
    com

3
E-Pitch Experience
  • Coach to 2004 CEO National Elevator Pitch Grand
    Champion
  • Coach to Harvard Business School Venture Pitch
    Winning Team
  • United States Association of Small Business and
    Entrepreneurship (USASBE) 2 time Elevator Pitch
    Competition Winner 5,000 prize
  • Created several competitions including CEO
    National Elevator Pitch Competition Young Money
    magazine

4
Introduction
  • What we will cover.
  • E-Pitch for Competitions
  • E-Pitch for the Real World
  • Tailored to entrepreneurs, designers, inventors,
    salesman, and anyone else looking to capture an
    audience in a quick pitch.

5
Introduction
  • What is it?
  • An Elevator Pitch is a very short, usually 45-60
    second, summary of your business concept, idea,
    product, etc. It is very precise, to the point,
    and leaves a clear image of your idea in the
    minds of the judge/investor/ audience. To do
    this will require an effective presentation
    structure and hours of practice.

6
Primary Goal 1
A clear, compelling and simple image of your
opportunity that is easy to repeat and easy to
remember.
7
Primary Goal 1
I Get It !!!
8
No Perfect Way or Method.
9
IMAGE IS EVERYTHING
  • Dress for success.
  • Professionalism.
  • Attitude.
  • Confidence.
  • Walk into the room. You own it.
  • Do you believe in your own idea? Do you convey
    that? How do you convey that?

10
Techniques
  • Shock
  • Open with a question(s)
  • Provide a visual
  • Interesting fact or stat

11
Structure Part 1
  • For lttarget customersgt who are dissatisfied
    with ltcurrent alternativegt,ltour productgt is a
    ltnew product categorygt that provides ltkey problem
    solving opportunitygt. Unlike a ltcompetitive
    substitutegt, we have assembled ltkey whole product
    featuresgt.

Geoffrey Moore, Crossing the Chasm
  • Adapt presentation to the audience.
  • Stress key buzz words.

12
Example Part 1 Palm Pilot
  • For you music lovers who are dissatisfied with
    MP3 Players, CDs players, and those who hate
    listening to the hundreds of commercials that
    plaque the radio, the I-Pod is a revolutionary
    device that offers rapid access to thousands of
    peoples favorite songs with the turn of a
    button. Unlike the most alternatives on the
    marketplace, the I-Pod not only offers a seamless
    approach to organizing, storing, and playing
    music virtually anywhere including the office,
    the car, the gym etc. but its design is simple,
    elegant, and beautiful.

You just created an Image of Your Opportunity.
13
Specific Market
  • Specific customers with specific problems that
    are uniquely solved by your product!
  • Discuss market size you can dominate in 3
    years.
  • Again you want to implant…
  • Go-to market plan
  • Competitor profile
  • Size of opportunity

14
Structure Part 2 Palm Pilot
  • WE will initially target the ltquantitygt
    ltspecific customergt since they ltunique problem
    that they facegt. ltYour productgt solves this
    problem by ltunique functionsgt. Also, these
    ltspecific customersgt frequently influence ltour
    next target customersgt by lthow they do influencegt.
  • May want to emphasize word of mouth.
  • You want to identify Go-To Market
    opportunity drivers.

15
Example Part 2
  • We will initially target the 16 million college
    students, since they are mobile, love music, and
    are at the helm of the early technology adopters.
    Also, these trend setters will introduce the
    I-Pod to their immediate family, friends who also
    have a passion for music and who live highly
    mobile life.

16
Compare to Competition
  • Attach figures that make your product unique
    relative to competitors and substitutes
  • Compare relative strength of your products
    features that have measurable value compared to
    competitors and substitutes features using a
    simple model, table, chart, graph, etc.
  • Be realistic. Remember you are after a slice…not
    the entire market.
  • Example In year 3 we expect to capture 10 of
    the market giving us 50 million in sales
    revenue.

17
Primary Goal 2
  • Close the deal.
  • ?

18
TIPS by Garage.com
Guy Kawasaki - CEO Garage Technology Ventures,
Author of The Art of the Start
  • Assume short buildings.
  • Put a tag on it!
  • - Chevy Like a Rock.
  • Nike Just Do It!
  • Got Milk?
  • Solve a problem. Turn the problem into an
    opportunity.
  • Lay out the benefits.
  • Im not just presenting a great idea.
  • Im presenting what the idea will do for the
    customers and/or investors.
  • 5. Conclude with a call to action.

19
Successful Pitches
  • Engage the audience.
  • I get it!!!
  • Im familiar with this!!!
  • I could do this!!!
  • I see how this could work!!!
  • They will have all kinds of ideas running
    through their head. Thats what you want.
  • Display Passion and Energy
  • Exude confidence.
  • Are clear about what the presenter is looking
    for. What action do you want them to take? What
    are next steps?
  • Remember to slow down and dance to the music.
    Find your groove.

20
Failures
  • Get too excited….
  • Dont complete sentences
  • Mind rushes ahead
  • Presentation style needs work
  • Too complex
  • Too much in short time
  • Wrong information---must present critical
    information
  • Dont give them a chance to ask questions

21
What happens if…?
  • Audience or Investor is not excited or doesnt
    get it.
  • You forget your pitch?
  • You skip a critical section?

22
Global Considerations
  • Know your audience
  • Know the culture
  • Overcome language barriers
  • Consider having a translator or at the very least
    having the material translated in text in that
    language
  • Do your research
  • Use examples or common terms associated with
    their language and culture

23
The Elevator Pitch hSELLhSELLhSELL
  • What are you really selling?
  • YOU ARE SELLING YOU!
  • You are selling your dream.
  • Entrepreneurs are an amazing breed.
  • Full of vision, passion, optimism and excitement.
  • Let it show.
  • Be Memorable!

24
Bottom Line
Facts Passion Energy- Creativity
25
Conclusion
If they dont get it, dont get discouraged.
Remember not everyone will get it! Doesnt mean
its a bad idea.
26
Troy D. Byrd
tbyrd_at_bryant.edu www.bryantgep.org www.c-e-o.org
www.epextravaganza.com
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