Entrepreneur Elevator Pitch Season 5 Episode 3: 'Let's Make It Competitive Here' Check out these fascinating pitches, companies and founders in a new episode of 'Entrepreneur Elevator Pitch.'

By Entrepreneur Staff

Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the interest of a group of judges. It's a high-pressure, fast-paced environment in which startup founders need to race against the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components:

  1. Defining the company
  2. Making the request
  3. Specifying what the investment money will be used for

The investors watch the pitch via a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the judges vote on whether to open the doors or send the founder back down and pass on investing.

The fifth season of Entrepreneur Elevator Pitch offers a dynamic change in the show's format. Before, our four judges once needed unanimous agreement to make an offer to the pitching entrepreneurs ⁠— including three out of four "yes" votes just to open the elevator doors. Now, it only takes one investor to open the doors and one judge to make an offer. The panel of four can then choose whether they want to collaborate or compete against one another.

Related: Entrepreneur Elevator Pitch Season 4 Episode 12: 'I'm a Failed Entrepreneur'

This episode starts with a pitch for boat cover clasps that pulls off something rarely seen in Season 5 thus far, convincing all four judges to vote "yes." Once inside, the husband-and-wife co-founders convince investor Rachel Springate to offer exactly what they asked for: $80,000 in exchange for 15 percent equity. It seems like a done deal, but that's only the beginning — and chaos follows.

Later in the episode, an entrepreneur's rapid-paced pitch leaves each of the four judges wondering something simple, yet vitally important: Is he offering 15 percent of his company or 50 percent of it? Only one of the four judges is curious enough about the product and its patent to find out, but will he be curious enough to offer a deal? Even if he does, will more unexpected developments come afterward?

Watch the video to find out what happens and see the rest of the pitches.

Entrepreneur Elevator Pitch, in partnership with Sports 1 Marketing, streams Wednesdays on Entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and IGTV.

Entrepreneur Staff

Entrepreneur Staff

Editor

More from Entrepreneur Elevator Pitch

'That Was Ridiculous!' See What Left One Investor Exasperated on the New Episode of 'Elevator Pitch'

It Was All Going Great Until Someone Said the F-Word. Watch an All-New Episode of 'Elevator Pitch'!

Their First Pitch Failed. Can These Entrepreneurs Turn Their Flops Into Fortune?

Editor's Pick

Related Topics

Business News

McDonald's Is Making a Major Change to Its Burgers in 2024

The beloved Big Mac will also be getting a big makeover.

Growing a Business

Serial Entrepreneur Turned VC Reveals 4 Numbers You Need to Know to Scale Your Company

If you're looking to attract investment or simply seeking to scale your business, there are four key numbers you should use as your guiding light.

Marketing

5 Tips for Helping Your Book Stand Out In an Overcrowded Niche

Writing a book is one thing. Getting people to read it is an entirely different kind of challenge.

Thought Leaders

3 New Ways to Develop Laser-Like Focus

To boost focus in the face of distractions, you need a new approach to success.

Business Ideas

This Teacher Sells Digital Downloads for $10. Her Side Hustle Now Makes Six Figures a Month: 'It Seems Too Good to Be True, But It's Not.'

When one middle school teacher needed to make some extra income, she started a remote side hustle with no physical products and incredibly low overhead. Now she brings in six figures each month, and offers courses teaching others how to do the same.

Growing a Business

What It Takes to Build a Best-In-Class Company — 3 Essential Elements

The journey to excellence is not a matter of chance but a deliberate pursuit to shape the future and raise the bar for all who follow.