Entrepreneur Elevator Pitch Season 2 Ep. 7: Ready for Half a Million? This week, our investors and guest judge Rashad Jennings have to separate a great cause from a working business.
Do these two things add up to a single product? Is this idea better in theory than in practice? These are just a couple of the dilemmas that our panel of high-profile investors grapples with on this week's episode of Entrepreneur Elevator Pitch.
Every week, contestants race the clock -- they have 60 seconds to convince the judges that they've got the next billion-dollar business idea. They talk a little about their product, and maybe even share some personal backstory to explain why they invented it. The most effective pitches also feature some success metrics and make a request for funding, all within that quick minute in the Entrepreneur Elevator.
After each entrepreneur is finished pitching, the judges convene. They, too, have mere seconds to decide whether they should open the Entrepreneur Elevator doors and bring the contestant into the board room to chat about a potential deal. It's either that, or they send the entrepreneur back to the ground floor without a chance to negotiate. If it seems as though the idea is nothing more than an "expensive novelty item," full of "buzzwords" but not substance, or simply "delusional," there's always crowdfunding as a back-up plan.
Related: Entrepreneur Elevator Pitch Season 2 Ep. 6: 'It's Not About the Man, It's About the Market.'
This week, the judges struggle to grasp the market for a product infused with CBD, a contraption to make disposable razors last longer and an accessory to keep wearers hydrated on the go. They also explore options with an entrepreneur who wants to take his tutoring company to the next level.
As celebrity guest judge and former NFL running back Rashad Jennings underscores, "education is pivotal." His fellow investors on the panel can't argue with that, but will that elementary fact inspire them to shell out hundreds of thousands of dollars for a concept?Watch the episode above, or on Facebook or YouTube, to see how the investors dole out funding -- and in what cases they offer advice instead. If you think one of the entrepreneurs has the next billion-dollar idea, check out our Entrepreneur Elevator Pitch landing page to support them via crowdfunding.