This post originally appeared on Entrepreneur.com - #StartingABusiness
This episode features several rejected pitches and resilient founders.
2 min read
Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the judges’ interest. It’s a high-pressure, fast-paced environment in which startup founders need to race against the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components:
- Defining the company
- Making the request
- Specifying what the investment money will be used for
The investors watch the pitch through a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the group votes on whether to open the doors or send the founder back down and pass on investing.
This episode highlights a wide variety of entrepreneurs and products, from soup to liquor to technology to fashion. Many of these businesses and founders have impressive highlights, including appearances on national morning shows and sales in over 100 countries.
However, the board of investors are tough to impress, and several strong pitches fail to make it into the boardroom. Two out of the three entrepreneurs who actually manage the feat bring samples of their products, allowing the investors a hands-on example of why they should believe in the business.
However, even samples can come with drawbacks. For example, trying to offer soup — when it’s unclear when you’ll actually have a chance to serve it — can lead you to showcase the worst possible version of your product. In the same way that Chick-fil-A refuses to let vendors order waffle fries for parties, sometimes it’s best to understand the real-world obstacles that can prevent you from putting your best foot forward.
The only entrepreneur who makes it into the boardroom without samples inspires the judges to do something they’ve never done on Elevator Pitch before. Click play to watch the episode and see what happens!