Table of Contents
What Is an Elevator Pitch?
Let me explain what an elevator pitch is. It's a slang term for a brief speech that outlines an idea for a product, service, or project. The name comes from the idea that you should deliver it in the short time of an elevator ride. As a rule, keep it to about 30 seconds, or up to 60 seconds at most.
In finance, an elevator pitch is how entrepreneurs convince venture capitalists that their business idea deserves investment. If it's successful, it sparks curiosity and leads to a follow-up meeting where you present a more formal pitch to raise seed capital.
Key Takeaways
You need to know these essentials: an elevator pitch is a short speech outlining a product, service, or project idea. It gets its name because it should last no longer than an elevator ride, or 30 to 60 seconds. The point is to build enough curiosity for the listener to ask for more details or set up a meeting. Project managers, salespeople, and job seekers use them to market themselves, their products, or ideas. Entrepreneurs rely on them to secure startup capital from venture capitalists and angel investors.
Understanding an Elevator Pitch
Venture capitalists judge whether to pursue a startup based on the quality of its elevator pitch. You see it used by project managers, salespeople, and job seekers to promote themselves or their concepts. Your pitch should cover why the product, idea, or project is worth investing in, including features, benefits, and cost savings.
Entrepreneurs often memorize and practice these pitches when seeking backers. They present them at forums or events with potential investors, like demo days in startup incubators where the CEO delivers the pitch.
In those cases, the pitch describes the problem being solved, past attempts to fix it, and what the startup offers that's new. It explains directly why this idea can succeed where others failed.
Sometimes pitches go longer than 60 seconds, adding details on the team, market entry, customer growth, and broader opportunities.
Fast Fact
A twit pitch on the X platform (formerly Twitter) is even shorter than an elevator pitch, limited to 280 characters to condense a business idea.
Elevator Pitches in Contests
At some events, elevator pitches become contests where presenters compete for prizes like funding, business services, or mentoring. Even without winning, presenting to angel investors and venture capitalists is a major benefit.
How to Create an Elevator Pitch
If you've watched Shark Tank, you know entrepreneurs pitch to investors there, and while those are longer, you can use their elements for your own elevator pitch.
Elements to Include in Your Elevator Pitch
- A quick introduction of yourself and your company
- A brief description of the problem your company's product or service solves
- Why your solution is unique, has a competitive advantage, or is superior to other solutions
- A glimpse into the earnings potential of your product or service
- A persuasive call to action
Continuing on Creation
Keep your pitch concise and engaging, with just enough details to hook the listener into wanting more right away or scheduling a meeting.
What Do You Say in an Elevator Pitch?
What you say depends on the context—what you're pitching and your goal. For a job pitch, include your background, accomplishments, and value to the organization. For a product or service, mention the company's background, offerings, and how it differs from competitors. Always end with a call to action.
How Long Should an Elevator Pitch Be?
Aim for 30 to 60 seconds—short but covering key points. If it sparks interest, you'll have time later for details.
What Makes an Elevator Pitch Good?
A good one is interesting, engaging, and invites more questions. Deliver it confidently and get to the point to make a strong impression. It sets up further action, like an interview or meeting.
The Bottom Line
An elevator pitch is a quick explanation to give enough information to interest your audience in learning more. Mastering a succinct, successful one helps you attract interested parties and connect with investors.
