What is an Elevator pitch?
The elevator pitch is a concept that is not only restricted to the startup world but it’s also used in job interviews and other places but in this article, I will be talking to you about startup elevator pitches.
A startup elevator pitch is basically a 30-second to a 1-minute short description of the product idea or startup that should make investors curious to know more about your product.
Now the question comes why you should be good at your elevator pitch as a start-up founder?
Because as a start founder, you have to pitch your startup multiple times like thousand times in front of investors for raising funds. So it is a very important and very good exercise as a founder to know your startup elevator pitch very well.
Elevator Pitch and Business Pitch Deck
The difference between a pitch deck and an elevator pitch is that other as I have already mentioned an elevator pitch is about 30 second to 1-minute short summary of the product idea or startup but a Pitch deck consists of about 10 to 15 slides which consists of the problem you are trying to solve, the solution you have, your traction, your business model, your unique selling point and much more.
The process to create Elevator Pitch
As you guys have already seen what is an elevator pitch and how it is different from a pitch deck now let’s see how to create an elevator pitch.
The process of creating an elevator pitch is quite simple,
So basically we start with a question that addresses the problem you are trying to solve with your startup starting with a question is seems important to me because it makes your pitch very much interactive to the investors.
Secondly, after mentioning the problem, you should move to the solution which as a startup you’re providing to the market segment you should also talk about the market segments you targeting and after that, you should mention about the unique selling point which you have a start-up and later on, you should talk about the traction of figures which have achieved so far.
So, basically, all these things should make investors curious to know more about your startup and they want to talk later on with you regarding your future endeavors.
So majorly you can divide it elevator pitch in five parts
The first one is the problem,
Second is solution which you’re providing,
The third thing is the customer segment that you are targeting
the fourth point is like what are unique selling point you have
and the fifth one is the traction or figures which you have achieved
Elevator Pitch Example
So guys here I will be taking the example of elevator pitch on YouTube. so, guys, I will be taking you the time when YouTubers started in 2004 so I take time the people used to share video by uploading to the email and then sharing the videos so the problem is very different at that time. (Check the above video for better understanding of pitch )
So guys let’s start:
As you already know video files are too large to upload on email or any other host and as such there is no standard video format on the web.
So we came up with YouTube we are creating a platform where users can upload video on YouTube and we serve them to millions. YouTube is basically in a community that connects the user to the users’, users to the videos, and videos to the videos.
Our back-end technology converts the uploaded video to flash videos. Currently, YouTube has 65 thousand videos of course per day and we have about 10 million video views per day.
so guys let’s analyze it a little bit which I am just given so we can see that basically, I start to tell you about a big problem that people are facing at that time like a lot of large size of video coding on the web and then I come to the solution which YouTube is providing a platform then I like to talk about the unique selling point like the converting the uploaded videos we have back end the flash videos then later, in the end, I’ve talked about attraction which they have on the website like how many users they have how many video views they have placed.
Tips for Elevator Pitch
Some final tips on the elevator pitch
So I would say try to avoid the targets in the elevator pitch because 30-second pitch if you’re pitching so many targets it may confuse the investor and also like trying to make the elevator pitch more like a conversation and a hint of attraction of your product or service you have it would be great!
Do check out our Startup Basics Series on our Youtube channel for the amazing content on entrepreneurship.