Recently, we hosted a live pitch session on our Zoom event. We allowed startup founders to come up with their pitches and practice their elevator pitches live on our show. The session was great, and we had several startup founders joining the show and practicing their elevator pitches live.
The Zoom session was hosted by Anshuman Sinha, an angel investor and co-founder of Startup Steroid.
“The idea is to raise your hand and start practicing your elevator pitch. There’ll be a clock ticking in front of your screen to help you know how much time you’re taking to complete your pitch. Ideally, an elevator pitch should be within one minute. But we’re giving you two minutes to practice your elevator pitch. Once you finish presenting your elevator pitch, we’ll give our crucial feedback on it,” said Anshuman Sinha.
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Dr. Ravi Bharathi, Co-Founder and CEO of HealTether Private Ltd, was the first attendee to come up with his elevator pitch. After he finished presenting his pitch, our mentor critically analyzed it, providing him vital feedback on how to make it more impactful.
Then, Krishna Chandra Soni, founder of DatePlatter, also came up with his elevator pitch. He spoke about his startup, DatePlatter, and how this event management firm could create moments and magic for anyone looking forward to elevating the experience at weddings, birthdays, or any other life events.
Our mentor, Anshuman Sinha, suggested he cover some more significant points in his elevator pitch, including a brief introduction about his team, financial projection, and other key details.
Simply put, two minutes is a long time. You can understand how long a couple of minutes can be when you use your microwave to boil a cup of water. Therefore, every startup founder should try to divulge as much details about their startups as possible.
Overall, the idea of this pitching session was to help startup founders craft a compelling elevator pitch within the stipulated two minutes. Initially, it might be a bit difficult, but with regular practice, things can get easier and simpler.
In short, it was an interesting Zoom session, and several startup founders got an opportunity to present their elevator pitches and get vital feedback on the same.
Start with a captivating opening: Begin your pitch with an attention-grabbing statement or question that piques the interest of angel investors. You can start by making a thought-provoking statement or telling a captivating message or anecdote relating to your business. The goal is to immediately engage your listeners and make them curious.
Funding requirements: Clearly state the amount of funding you are seeking and how it will be used. Break down the funding needs into specific categories, such as product development, marketing, hiring, or infrastructure. This gives investors a clear understanding of how their investment will be utilized and helps them evaluate the financial feasibility of supporting your startup.
Problem statement: Clearly define the problem or pain point that your startup is addressing. Be specific and try to explain the challenges or inefficiencies that exist in the market and how they impact your target audience. It’s crucial to articulate the problem in a way that resonates with the angel investors to whom you are pitching your startup idea.
Present your unique solution: Introduce your innovative solution or product that solves the identified problem. Explain how your solution is different and superior to existing alternatives. While naming one or two competitors helps, don’t exaggerate anything or try to equate your startup to already existing big conglomerates. Highlight the key features and benefits that set your offering apart and emphasize how it provides value to your target audience.
Discuss your target audience: Describe the specific target market or TAM that your startup serves. Provide demographic information, customer pain points, and any relevant market trends or data that demonstrate the size of your target audience. In addition to TAM, briefly discussing SOM (Serviceable Obtainable Market) can also be helpful. It helps investors understand the market opportunity and your ability to reach out to your target customers.
Business model: Explain how your startup generates revenue and sustains its operations. Describe your revenue streams, pricing strategy, and any unique aspects of your business model that contribute to its profitability. This is one of the most important sections and can be vital for angel investors to shortlist your firm for funding.
Highlight any significant achievements: Showcase any notable milestones, achievements, or traction your startup has achieved to date. This can include customer acquisitions, partnerships, product development progress, or any other relevant accomplishments. Demonstrating early success or validation can instill confidence in investors and show that your startup is making tangible progress.
Identify your main competitors: Identify and briefly discuss your main competitors in the market. Highlight what sets your startup apart from these competitors, such as unique features, superior technology, or a differentiated value proposition.
Emphasize your competitive advantage and explain how your solution positions you for success in the market. However, as a startup, you can’t consider big corporate houses and companies as your competitors even if they are in the same line of business as yours. Instead, you can categorize all startups offering similar products and services as yours as your competitors.
Marketing and sales strategy: Outline your plans for marketing and selling your product or service. Explain your distribution channels, marketing campaigns, customer acquisition strategies, and any partnerships or collaborations that support your marketing efforts. This section should demonstrate your understanding of how to reach and engage your target audience effectively.
Financial projections: Provide an overview of your financial projections, including revenue forecasts, expected growth rates, and key financial metrics. This helps investors assess the potential return on their investment and evaluate the financial viability of your startup. Make sure your projections are realistic, based on thorough market research and a solid understanding of your business model.
Strength and expertise of your team: Highlight the skills, experience, and expertise of your founding team or key members. Explain why your team is uniquely qualified to execute the startup’s vision and overcome challenges. Investors often invest in the team as much as the idea, so it’s important to convey the talent and capabilities within your startup.
Invite investors to ask questions: Conclude your elevator pitch by inviting investors to ask questions or seek further information. This demonstrates your openness and willingness to engage in a dialogue, allowing investors to clarify any uncertainties they may have. Encourage interaction and be prepared to respond to inquiries effectively.
An elevator pitch is a concise and compelling overview of your startup. It should be delivered in a clear and concise manner, highlighting the most important aspects while keeping the audience engaged. Practice and refine your pitch to ensure it effectively communicates the value and potential of your startup.
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Note: All images have been sourced from Pexels.com