Elevator Pitch by Sean Wise

Elevator Pitch by Sean Wise - WISE WORD S SETTING THE F O U...

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Want to get a Venture Capitalist's money? First you need to get their attention. The History of the Elevator Pitch An elevator pitch is said to be the amount of information you can com- municate to a Venture Capitalist on the elevator ride between the ground floor and the 60th floor (or whichever floor the VC's office is on). The origin of the term is steeped in myth. Supposedly, during the dot-com boom, young entrepreneurs would hang out in the lobbies of the New York offices of a venture capital fund, tying to spot the fund's key players. On sighting, the entrepreneur would jump into the same elevator car and try to pitch the VC during the ride up. If they pitched well, the VC would give them a meeting. If not, the VC would call security. The Components of a Strong Elevator Pitch When shaping your pitch, you need to focus on combining two focused ideas: the Pain Statement and the Value Proposition. When first working on your elevator pitch, start by asking yourself why you are developing your technology, product or venture. What is the mar- ket need, or pain, that you are focused on fulfilling? The larger the pain, the faster you will get funding, the more attention potential partners will afford you, and the easier it will be for you The Elevator Pitch How to get a Venture Capitalist’s Attention W ISE W ORDS S ETTING THE F OUNDATION FOR E MERGING C OMPANIES ©2004 Sean Evan Wise, Toronto, Canada Since 2000, an ever-increasing per- centage of venture capital has poured in to followon financing instead of new deals. While Venture Capitalists (VCs) claim to still be open for new deals, the numbers seem to indicate otherwise. In 2000, 49% of venture capital in Canada flowed to first-round deals (companies that has not, to date, raised VC money). But that number has been rapidly decreasing ever since, with less than 25% of funds disbursed in the first two quarters of 2002 going to new deals. Limited, www.canadavc.com). As if this weren't tough enough, most Venture Capitalists annually receive 300 plus business plans and hear more than 500 proposals. How can you garner the attention of VCs, cut through the noise, and get them to give your business concept the attention that you know it deserves? The answer: a killer elevator pitch . By: W. Daniel Mothersill and Sean Wise
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to make those first key sales. This is the one time when you want to have a big pain. Pain is measured in two ways: market
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Elevator Pitch by Sean Wise - WISE WORD S SETTING THE F O U...

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