An elevator pitch (or elevator speech) is an overview of an idea for a product, service, or project. The name reflects the fact that an elevator pitch can be delivered in the time span of an elevator ride (say, thirty seconds or 100-150 words). The term is typically used in the context of an entrepreneur pitching an idea to a venture capitalist to receive funding. Venture capitalists often judge the quality of an idea and team on the basis of the quality of its elevator pitch, and will ask entrepreneurs for the elevator pitch to quickly weed out bad ideas. It is said that many of the most important decisions made on the floor of the United States's House or Senate are made "within the span of an elevator ride" as a staff aide whispers into a Congressman or Senator's ear while they head down to the floor to cast their vote. A variety of other people, including entrepreneurs, project managers, salespeople, evangelists, job seekers, and speed daters commonly use elevator pitches to get their point across quickly.
Elements
An effective elevator pitch generally answers questions like...
- What the product is
- What it does for the buyer (e.g. the benefits)
- Who we are
References in fiction
An elevator pitch (literally done in an elevator) is a key scene in the movie Working Girl.
External links
- Video How to create an elevator pitch of the Canadian Broadcasting Corporation
- Audio Elevator Pitches from the Rice Alliance Information Technology Venture Forum
- Chris O'leary, Elevator Pitch 101
- Startup Nation Learn how to Deliver a Great Elevator Pitch
