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What our members have to say...
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"DONE DEAL - TQ Recycling is one the South West’s leading waste management, waste collection and waste disposal companies, offering a service that enables commercial and public organisations in the South West to manage their waste, from collection and recovery to recycling regardless of the type, volume or location."
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TQ Recycling - www.tqrecycling.co.uk |
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How to Perfect Your Venture Capital “Elevator Pitch”
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If you’re like most entrepreneurs, you want to raise venture capital. But chances are that you’re going about it the wrong way ….
One of the most important parts of raising venture capital is what’s known as your “elevator pitch.”
How many times have you heard successful entrepreneurs or investors talk about "elevator pitches?" This means as a business owner you have to have the ability to think on your feet and establish a fast way of explaining what your business is and how it will be successful. The idea is to keep it under 2 minutes. This means you have to learn it, know it, and practice it several times. After all, you never know when the right venture capitalist is going to be in front of you, especially outside the business walls. Here are a few things that can help:
1) Learn how to communicate what your company sells in a quick and concise manner. Is it a product or a service?
What makes it so valuable? What consumer base will want to buy it? This area doesn’t involve the technical details, because it’s basically a teaser to get the VC interested in the fastest time possible. The most important thing is that you show value during your elevator pitch.
2) It’s also a good idea to acknowledge other companies so you can compare and show that they are competitors.
There is nothing wrong with a competitor (we all have them), but if you claim there isn’t any then you’re going to lose credibility.
Your company IS NOT EXACTLY the same as others. Venture capitalists understand that competition is good, which means they will strongly consider participating.
Now, when you do mention the competitor(s), it’s important to have a compelling case ready that shows how you can beat them.
This means you have to know your competitive advantages and be able to list them off in a hurry. These simple things are what usually wins the attention of a VC.
3) The last thing you have to do is make sure you explain the unmet need in the market. Utilizing this at the end will be important, because its going to be the last thing they remember. There should be large facts introduced or shocking pieces of numerical data that opens their eyes. Then simply tell them that your business (unlike everyone else) is uniquely qualified to succeed, because it meets a specific market need. Even though you have competitors they won’t be able to do what you do.
You will find that there is an art to the elevator pitch. This is why you have to learn it, know it, and practice it like we mentioned in the beginning. If you have any doubts or hesitate it could mean a missed opportunity. In the end you never know when a chance like this will come around again.
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