Pitch your idea in 60 seconds - Elevator Pitch

Elevator pitch is a short pre-prepared speech, required to introduce about yourself, idea or business to a new person (potential partners, investors, customers, referrals or influencers). Ideally it should be between 45 to 60 seconds or 60 to 100 words with an objective to generate an interest and create opportunities to discuss further.

Significance: Elevator pitch provides clarity of a business idea to new people who are completely unaware about the challenges and potential of the idea. These new people can also join as investors, partners, founders, advisors, customers or employees.

In my 10-year experience in Buddy4Study, I have given hundreds of elevator pitches in various events and in front of thousands of people. Many of these people join my mission in different responsibilities. Some of them are my investors, employees or bring plenty business opportunities.

Framework: An effective 60 second elevator pitch has 5 parts:

1. Introduction line, that talks about you & your idea: I am ______, founder of ______. It is _______.
2. Problem you are solving: XX% <target customers/users> are not______.
3. Your USP: We created this tech-based solution to simplify (or streamline) the _____ for <target users>.
4. Current traction: So far, we have _____.
5. Ask (optional): We're looking for ______.

Buddy4Study elevator pitch as example:

(1) I am Ashutosh, founder of Buddy4Study platform. It is India’s largest scholarship platform serving more than 35 lakh students. (2) In India, 93% students are not aware about available scholarship opportunities, when they come, how to apply & what documents are required. (3) We created this tech-based platform to simplify scholarship awareness for students and application management for scholarship providers such as corporations, foundations and HNIs, etc. (4) So far, we have felicitated around 100 crore worth of scholarship fund to 80,000 scholars as beneficiaries. (5) We're looking for scholarship providers who would be interested to setup scholarships as social initiative to support meritorious students in completing their education. (or We're seeking $X Mn in Series X funding, which will fund the next year growth of our business plan, enabling our scholarship models to serve global market.)

Pitching tips:

1. You may provide a small takeaway item (a business card or a brochure) to people after delivering your elevator pitch. These takeaway items should talk about your product idea or business.
2. Tailor your pitch as per different audiences.
3. It takes some time to get your pitch organized & sounds natural in conversation.
4. Speaking slowly (with passion) demonstrates confidence and competence. Give the same care and attention to the way you describe yourself 

Bonus: Famous elevator pitch examples: 

1. Airbnb Elevator Pitch: Most tourists booking online care about price- and hotels are one of the highest costs for when traveling. On the other hand, platforms like Couchsurfing have proven that over half a million people are willing to lend their couches or spare bedrooms. We have created a platform that connects travelers with locals, letting them rent our rooms, or even entire places. Travelers save money, and locals can monetize their empty rooms- we just take a 10% commission. How does that sound?
2. WeWork Elevator Pitch: There are 40Mn independent workers in the US: consultants, freelancers, and small business owners. Solving office space is tough and expensive, especially in cities like New York. We created the concept of space as a service. We have 20 locations in the city- where people can rent a desk or an office without any of the complications of a traditional lease, effectively saving at least 25% of the cost. They get access to a shared front desk, mailroom, and a community of like-minded people.
3. Tesla Elevator Pitch: Why does Tesla exists? We have record high CO2 levels in the atmosphere resulting in a steadily increasing temperature. And its still climbing. Combustion cars emit toxic gases too, killing 53,000 people every year. What can we do to change this? How can we make a difference? What we're trying to do with Tesla is accelerate the world’s transition to sustainable transport. At Tesla we make great electric cars. This is really important for the future of the world.
4. Did you know that nearly 30 percent of trucks in the U.K. aren’t carrying any cargo because they can’t find a load to carry on return trips? This leads to more than $500 million in wasted fuel costs alone. We’ve created a technology company that matches empty trucks to companies looking to move cargo, so trucking companies can generate business from previously empty trips. So far, we’ve landed contracts with two of the largest trucking firms. Now, we’re hoping to raise additional capital so we can expand our operations and grow into countries outside of the U.K. My team and I have more than 30 years experience in the trucking industry and are well positioned to grow this business significantly.