You've Got a Great Invention. Now How Do You Get People to Buy It?
It's a good idea to start a business by solving a problem, but make sure to consider who is actually paying for your solution.
This week's episode of Elevator Pitch features a founder with 20 years of experience in her industry...and an entrepreneur who's only 12 years old. The businesses on this episode are just as varied, spanning from fast food and mental health to job placement and fitness.
Like most startups, each founder and business have some weaknesses and concerns for our investors: entrepreneur Shaun Neff, angel investor Kim Perell and Netflix co-founder Marc Randolph. For example, how does a brick-and-mortar fitness class intend to deal with the long-reaching effects of Covid? Which business partner in the mom-and-daughter nail-care team holds more weight?
The first entrepreneur in the elevator faces an even simpler question: Who is his customer? While his patented french fry-holder makes it easier for customers at a fast-food restaurant to eat on the go, he's not actually selling to a McDonald's eater. He needs to sell to McDonald's management and other fast-food chains, which have different incentives and emphases than their customers. Will he satisfy the investors' concerns and have them bite on his invention?
Watch the full episode to see which entrepreneurs anticipate and assuage our investors' fears to make a deal. Stream this and all past episodes at Entrepreneur Elevator Pitch.
Related: This Is the No. 1 Mistake You Can Make When Pitching Investors
Season 7 of Entrepreneur Elevator Pitch is brought to you by Amazon Business with support from State Farm* and T-Mobile for Business. New episodes stream Wednesdays on entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and IGTV.
*State Farm Mutual Automobile Insurance Company is not involved with the judging or prize distribution of this contest hosted by Entrepreneur
