The Elevator Pitch
“What is an elevator pitch?”
A good elevator pitch let’s anyone sum up your startup or idea with relative accuracy in 30 seconds or so. We’ve decided on an extended elevator pitch (two minutes) and a five minute pitch as part of this program. The elevator pitch helps listeners instantly understand what problem the startup is solving, what their specific solution is, and how they’re different from others in the same market. . While you shouldn’t try to cram everything into the pitch, your main points should be thoroughly covered.
“I find a lot of startups are often missing important aspects, such as information about the size of their potential market,” our CEO Nathan Millard, told me. A number of startups mention the total market share that is in their industry, but rarely do they provide the market share amount that is immediately accessible.In the initial pitch session, we provided startups with the foundations of good pitching. When asked to give an elevator pitch, many of the startups are often unprepared and curious about what parts to include and what not to.
For a company like tiltcode where the advertising industry is said to be a $3.2 billion dollar market in the US alone, the challenge during their pitch is specifying what parts of that $3.2 billion they can immediately go after.
For others like Luke Korea’s CEO, Samuel Lee, a simple switch from basing his script around his deck to basing his deck around his script helped change the focus from his slides to Lee himself.
While some of the startups are still in the planning and beta stages, others have forayed onto the global arena.
For KamiBot and CDO Asaph Kim, the challenge during his pitch is to explain in greater depth how his product helps children to learn code. With their product already on crowdfunding platform Indiegogo, Kim and his team hope to use the opportunity to build better global connections.
The most improved pitch in the program has come from Baum. CEO, Steve Yi’s first pitch left many in the audience dumfounded about what exactly his product did. Yi’s product is a software solution that helps chipmakers to analyse power consumption of a complex semiconductor in days. In comparison, current options on the market take years to measure the same thing.
“For Baum, clarity was the biggest issue during the pitch,” Nathan recalled. Pitching a technical product is difficult enough but when compounded with a language barrier, the problem becomes exacerbated.
However, by the latter session Yi did a complete reversal presenting his product clearly and concisely.
Asked about what he focused on to improve, Yi found learning about “the organization of a pitch was very helpful for me.” He further noted that learning about structuring the pitch in a “Problem, solution, business model, market, achievement, and call to action” format helped keep his pitch “simple and concise.”
What your pitch needs
Pitching tech startups – in any language – is always going to be challenge. While the science behind your startup may be outstanding, a pitch forces you to simplify and condense it. For startups in the K-Global Startup Engine program and those whose native language is not the one they’ll be presenting in, this is very challenging.
During the program we’ve found that simplification and structure improves pitches dramatically. A startup may have all the flashy lights and big red buttons, but they still need to figure out what parts of their businesses most intrigue investors.