The Goal Of An Elevator Pitch

6/14/2007

One of the key lessons of Stephen Covey’s excellent book The Seven Habits of Highly Effective People is that successful people begin with the end in mind.
     They know what they want to achieve before they start working.
     That turns out to be critical advice for anyone who is trying to create an Elevator Pitch. If your Elevator Pitch was the only chance you had to convey your message to someone before they decided to back you — or not — then it would make sense to cram as much stuff into it as possible.
     But that’s not the case.
     Instead of being the Alpha and the Omega of an investment decision, an Elevator Pitch is just one step in the process. Yes, it’s an extremely important step, but at the end of the day you will have several other opportunities to tell — and to flesh out — your story.
At this point, all you want to do is get The Audience’s attention.
     For example, if you do manage to get a venture capitalist’s attention with your Elevator Pitch, then they will probably ask to see your Business Plan. If the Executive Summary appeals to them — and to their firm — then they will likely read the rest of your Business Plan. Assuming your plan holds together, they will then ask you to come in and give a one-hour presentation.
     What this means is that you shouldn’t get ahead of yourself when writing or delivering your Elevator Pitch.
     Instead of trying to close the deal then and there, your goal should be to just get to the next step; sending them your Business Plan or to giving them your Investor Presentation.