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Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them 60 seconds to pique the judges’ interest. It’s a high-pressure, fast-paced environment in which startup founders need to race the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components:
- Defining the company
- Making the request
- Specifying what the investment money will be used for
The investors watch the pitch through a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the group votes on whether to open the doors or send the founder back down and pass on investing.
The four women founders who appear in this episode have created a wide range of products and services in the childcare, wedding, fashion and music industries. Each one has past the point of prototypes and started making sales. They have been working on their businesses for years and doubtless know them back-to-front.
Even so, the clock manages to disrupt some of the presentations. One founder rushes through her pitch, using only 40 of her 60 seconds and failing to adequately differentiate her company from its competitors. Another runs just a little over her time and needs to squeeze in one final line at the buzzer.
Two of the four founders manage to convince the judges to open the elevator doors, but that’s only the first step. From there, they have to explain a more complete version of their vision and negotiate with the judges to create a deal that fits both sides.
Watch the video to see who manages to make it all the way through the process and secure an investment from the judges.
May 29, 2019 at 07:18AM