Entrepreneur Elevator Pitch Season 2 Ep. 5: 'Sorry You Felt That Way'
Grow Your Business, Not Your Inbox
Sometimes, it doesn’t matter how promising your product seems -- you have to put your money where your mouth is. And if your mouth is spewing impatient remarks during a negotiation, or failing to explain how your business will generate the $1 million in revenue you say it can, you might have to look elsewhere for backing or hope you get a second chance.
On Entrepreneur Elevator Pitch, contestants get only 60 seconds to prove themselves. In that time, they have to explain their product or business, the progress they’ve made and where they’re headed next. From the ascending Entrepreneur Elevator, they deliver their spiel to a panel of prominent investors watching a livestream from the building’s boardroom.
When the minute is over, the judges quickly put their heads together to decide if they want to listen to more. They then invite the entrepreneur to chat by opening the elevator doors, or they send them down empty-handed.
Even if a meeting follows the elevator pitch, it doesn’t always end in a deal. This week’s lineup features everything from shaved ice to backpacks to solar-powered phone chargers, as well as a few interpersonal conflicts. When the Entrepreneur Elevator Pitch investors can’t reach a consensus, the most optimistic among them predicts doing the “I-told-you-so” dance down the road. And when an arrogant inventor doesn’t take kindly to skepticism, celebrity guest judge and IndyCar race winner Danica Patrick puts him in his place.
The discussions prove that well-developed ideas can always use fine-tuning, and that even the most impressive pitches don’t always hold water. As VC judge Peter Goldberg notes, “We’re here to help entrepreneurs succeed, but we’re also here to look for a billion-dollar business.”
Watch the tensions mount on the episode above, or on Facebook or YouTube. If you think you’ve spotted a billion-dollar idea, don’t forget to support it via crowdfunding on the Entrepreneur Elevator Pitch hub.