The sixth way to get money to chase you is to have a clear elevator pitch.
Once, a client came to me with an elevator pitch that started something like this:
[Our Company] will maximize shareholder value for small to large companies by utilizing proprietary technology synergistically applied to business intelligence.
You can see the big problem here. The statement doesn't even suggest what the company does. Almost any company could use this statement to describe its business.
Every elevator pitch, and I am talking about the sort of pitch you'd make in an elevator or at a cocktail party, should include the following three things:- A clear statement describing the business. The description should make your business sufficiently clear so that everything else you say about your business is processed by the listener in the right context.
- A list of the three best things about your deal. Typically, I don't recommend that you present the three things literally as a list, but if your three things were your patented technology, your rapid growth and your profitability, you might say something like, "our patent portfolio supports our high margins and rapid growth."
- An invitation. While many folks suggest an aggressive ask or statement of need, I would suggest that your goal in this context is not to get the money, it's to get a meeting. Ask if your listener has an interest in your space and offer more information.
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I am a newbie to the investor scene and can use all the help I caould get. I have a wonderful proven profitable business with exclusive rights to Hawaii/Asia and a comprehensive business plan, but I have reached that mark of being totally terrified, Asking someone to back this. Never in my life have I asked to borrow money and I am afraid I will screw it up if I have the opportunity.
Mahalo Nui Loa from Hawaii
Posted by: Charles | September 2, 2006 12:56 AM | Permalink to Comment