Would You Give This Former Hacker Your Money? On the new episode of "Elevator Pitch," our investors need to contend with some serious trust issues.
Key Takeaways
- Keep your pitch as simple and jargon-free as possible.
- Make sure you hit on how your product or service makes peoples' lives better.
- Invest in customer research — to expand future sales, you need to know who is buying now.
Tech entrepreneurs face a particular obstacle: how do you explain your complex solution to a complicated problem in simple terms that all investors can understand?
It isn't easy — but nothing is easy when you sign up to appear on Entrepreneur Elevator Pitch. This is the show where entrepreneurs have just 60 seconds to pitch their company to a board of investors in the hopes of landing a life-changing investment.
One tech founder wows the board with his 60 seconds but leaves some heads a bit scrambled. "I need the fifth-grade explanation of that pitch!" laughs Pinky Cole, founder and CEO of Slutty Vegan. Marc Randolph, co-founder of Netflix, agrees: "You're not the only one feeling a little lost — he managed to fit more buzzwords into that minute than I've ever heard before."
Can he overcome this hurdle, plus the small question of whether or not he has a criminal background? Find out by watching the new episode of Elevator Pitch!
Some takeaways from this week's episode:
- Lay off industry jargon as much as possible. Explain your business as if the person you are talking to has minimal knowledge of your field.
- Make sure you make it clear exactly how your business will make customers' lives easier — and how it is different from your closest competitors.
- Invest time and resources in marketing research and analytics. In order to grow your business, you want to know exactly who your customers are and how best to reach them.
Season 10, Episode 6 Board of Investors
- Marc Randolph, co-founder and first CEO of Netflix, master of scaling
- Kim Perell, CEO of 100.co, serial entrepreneur and investor
- Pinky Cole, founder and CEO of Slutty Vegan
Season 10, Episode 6 Entrepreneurs
Zach Barney, founder of Mobly, a mobile sales tool that quickly scans and enriches leads, records contacts, and logs activity directly into the user's CRM.
Rick Deacon, founder of Interlock, a suite of DeFi cybersecurity products to protect consumers and enterprises.
Alexandra Baker, founder of In the Kitchen with Alexandra and their condiment Pikliz (pronounced "pick-lees"), a pickled slaw native to Haiti and the West Indies.
How to Watch
Amazon Business presents season 10 of Entrepreneur Elevator Pitch with support from State Farm. New episodes stream on Wednesdays on Entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and IGTV.
