Zack Yap

When pitching without a prototype or traction, make sure that the problem and solution you describe resonates with the audience. They have to be able to relate to it.
 
In other words… Make whoever you pitch feel the PAIN! Half the battle is won if you can rub salt into the wound and see discomfort on their face.
 
If you don’t see them wince, rewrite your pitch until they do! 

Always be prepared with 3 elevator pitch for your startup.

This was the lesson I learned just 2 days ago. For the past month, I’ve prepared myself with 2 elevator pitches, one structured to be generic and lasted at most 30s and the other structured to be more specific, with more detail on what the startup actually does and would last from 3 - 5 mins.

When I was asked to give an impromptu 1 min pitch, I was stumped. I went up and tried to fit in as much detail as I could from the longer pitch but I ran over time and what I managed to ramble turned out to be incoherent because I didn’t manage to get to the point within the minute. That made me realize the importance of the 1 min pitch that I was not prepared for.


I will first outline the 2 pitches I was prepared for:

1. The 30s pitch
2. The 3-5min pitch


The 30s Elevator Pitch

The usage of this pitch is pretty clear and straightforward. It’s for occasions when you have a chance to introduce yourself and what you do but have very limited time with the person you are pitching.

This pitch will be generic but should generate enough interest so the person you pitch is willing to follow up or at the very least, try your product.

The best guide for this I have come across is Adeo Ressi’s Madlibs for Pitching and this is the template to follow:

My company, (company name) 
is developing (a defined offering) 
to help (a target audience) 
(solve a problem) 
(with secret sauce)

Fill in the above and you have a pitch fit for anywhere between 20s to 30s.

The 3 - 5 min Pitch

This pitch will require much more detail. And this is the structure that I followed to create my pitch:

1. Start off with an introduction of yourself and the 30s pitch.
2. What is the problem you are trying to solve?
3. Explain what your company does to solve the problem.
4. Talk about your target market and why they will use your solution.
5. Talk about your competitors and how you will differentiate.
6. Talk about your revenue model.
7. Talk about your team and why your team is the best fit to do this.
8. Talk about what phase you are in and what you need. (eg. Funding? Advice?)

There will be quite an amount of detail that you should have done thorough research on, and these are important details that people need to know in order to be truly interested in your business whether they are investors or potential employees. Make sure you know all these information at the tip of your fingers.


The 1 min Pitch

There will be times when you will need to give details of your business so that the main points of the business gets across but you have limited time to impress.

This is where the 1 min pitch comes in. Time to put your tweeting skills to use. Be interesting and be concise. Your main goal here is to solicit comments and feedback on top of building interest in what you do.

What does the person you are pitching absolutely has to know in order to understand enough of your business to be able to give valuable feedback?

Here is the structure that I followed to create my 1 min pitch:

1. Introduce yourself and your company.
2. What is the problem you are trying to solve?
3. Explain what your company does to solve the problem.
4. How do you make money?
5. What do you need from the person you are pitching?

The core of this pitch lies in your company’s solution to the problem described. Get this wrong and be prepared to entertain a befuddled audience.