Creating a successful elevator pitch to land investor interest is hard work, and it requires a minimum of particular data and information (our criteria) before it reaches a point of sufficiency. Reread the four examples and internalize what is good and bad about each presentation. Although the specifics of each example have been modified for the purpose of this book, I would like to note that whereas the first two examples did get funded by professional investors, the last two examples did not.
Start working on your investor pitch by mapping in your best answers/comments on all the identified criteria. Be objective and determine if you have sufficient content to reach at least an 8 out of 10 overall ranking against all eight criteria. Experience and background needs to be 10 out of 10—so if you have some minor weaknesses and want to overcome these concerns, find team members that beef up your corporate résumé. If necessary, don’t be bashful about bringing in a more experienced CEO who can raise the probability of success. Having developed and successfully used your elevator pitch to gain interest in next steps, you will need to prepare an appropriate slide presentation to go into greater depth about your firm.
Many people advise entrepreneurs to construct a business plan early in the business creation process.
