2. W. Runge 04/2008 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
3. W. Runge 04/2008 3
What is an Elevator Pitch?
Business Plan Context
Elevator Pitch:
• The problem
(need) you are
going to solve
(satisfy)
20 Minute Business Plan Presentation
• Your solution,
your answer
• Your value
proposition
Elevator Pitch: a back-of-the-envelope business plan
4. 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, …
5. W. Runge 04/2008 5
You only
have one
chance to
make a first
impression!
6. 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)
7. W. Runge 04/2008 7
Presenting: The Rule of Three
• The “Hook"
Get attention and
interest
• The Subject
Explains and proves
your point with passion
(investors expect energy
and dedication from entrepreneurs)
• Should induce desire (“greed inducing”)
• Use the Concept Summary as a
framework
• The Close
Call to action or demand for reaction AIDA!
8. 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]"
9. 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).
Slide 9.23; Ref. Dorf & Byers, p. 250
10. W. Runge 04/2008 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
11. W. Runge 04/2008 11
Call to Action
• Use your product or invent one to 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
Hinweis der Redaktion
Sometimes also called an elevator speech.
Pitch – Geschäftsgespräch,
Geschäftsplanvorstellung so schnell wie ein Aufzug, ein „Aufzugspräsentation“
Aussagekräftige (Betonung auf “kräftige”) Formulierungen den Vorrang vor Projekteinzelheiten geben.
„Was machen Sie eigentlich beruflich?“ Eine einfache Frage, häufig gestellt auf Tagungen und Kongressen. Und eine gute Chance zur Anbahnung von Geschäftskontakten. Mit der Antwort gilt es, den Gesprächspartner neugierig zu machen. Kurz, knackig, mit wenigen Worten. Wie das geht, verraten die Regeln des so genannten Elevator Pitches, der Kurzvorstellung in 30 Sekunden.
There are several definitions emphasizing particular aspects, for instance,
The time for a business-oriented message,
The content-oriented anticipated answer about ...
The situation and related opportunity to opportunity
The elevator pitch changes with time as your company and your businesses change. Update your speech as your situation changes
A well delivered pitch is remembered long after it is given. It should explain what problem you solve and grab your audience attention to make them want to know more.
Having an elevator pitch means having the basis for getting attention for any subsequent presentation of the business plan.
Key characteristics:
Succinct - bündig
Easy understable
It must be greed inducing - Gier
Must be irrefutable = unwiderlegbar
Continually perfecting the elevator pitch ensures that you are always able to put your best foot forward as your business grows and changes and your client base expands.
BUT: Every business grows and changes, and your pitch needs to grow and change with it.
Business model: die Logik wieWerte erzeugt werden – für mich/meine Firma und die Kunden – und meine Geldgeber
Meeting someone in the lobby, hall or in the queue for coffee of a technical conference or exhibition, special conference event “investors to meet entrepreneurs”, during lunch time
In firms: Meeting a “big boy” in the plane, in the lobby of airport, meeting the company’s president in the canteen in the queue, …
When developing an Elevator Speech for a specific employer you've targeted, do research the organization and incorporate that knowledge into your speech.
Remember as you deliver your Elevator Speech that the listener may be mentally asking, "What's in it for me (or my company)?"
In US you can say “greed inducing”
In Germany rather: inducing expectations of big profits
“Große Gewinnerwartungen weckend”
The Rule of Three:
For the key content elements of a good elevator pitch:
The HookA statement or question that piques their interest to want to hear more.
most unusual, exciting, dramatic, or humorous aspect of what we offer. Usually one sentence long and often a question that has a high probability of being answered in the affirmative.
"hook" an intriguing aspect that will engage the listener, prompt him or her to ask questions, and keep the conversation going.
The Close — demand for action –or- demand for reaction. Usually this is a request for a subsequent meeting with a couple options for times/dates offered; provide your bsuiness card
Do you want their business card, to schedule a full presentation,
Write and rewrite your speech, sharpening its focus and eliminating unnecessary words and awkward constructions