Avoiding the Elevator Pitch Mistakes

1. Avoiding the Elevator Pitch Mistakes

2. Eliminate mistakes and improve your chances! Judges tend to reject ideas if they think they are implausible, impractical, or irrelevant. Here are some specific tips to help you avoid being rejected.

3. 1. No problem is a problem! • The more important a problem is, the more likely the judges will be interested in it. • Fads may make money, but scare investors unless you have a VERY clear exit for them • Explain the costs your problem create for others.

4. 2. Sell the business—not the product • A Business Plan Competition is not a “New Product Competition”. • Judges want to know your plan to build a business around your idea • A clever Business Model is often an opportunity

5. 3. Focus, Focus, Focus, Focus, Focus! • Be as specific as possible about THE primary market for your idea. Narrow it in half! • A smaller, dense market is better because it is easier to reach • Add one sentence that indicates you’ll consider other markets AFTER you have conquered this one

6. 4. You have Competition! • Guy Kawasaki says it best “when you say you don’t have competition, your investors hear that you don’t know how to use Google!” • In your problem statement, indicate how others attempt to solve the problem you identified. In your opportunity, explain how you are different.

7. 5. Avoid Puffery! • Don’t use phrases which cannot be documented • “Customers will be thrilled with our experience” • “We’re the most unique entry in the BPC” • “You’ll regret passing on this one” • Use phrases that you can document • “Our device lowers energy costs by 8% for typical consumers”

8. 7. Tapos, Tapas, Typos look bad! • When a judge reads this “is a PREFECT solution”, they assume you didn’t spend enough time on it. • Have someone read your entry before you submit. • AVOID ALL CAPS—HARDER TO READ!!! • Avoid “TYPE A GRAPHICAL ERRORS” (a true line I read) • Don’t Txt Ur ntry 2 us cuzprblm