This post originally appeared on Entrepreneur.com - #StartingABusiness
This episode of our weekly show starts with a strong pitch and a serious ask.
3 min read
This episode starts off with a strong pitch from Sara Rose, the co-founder of healthcare startup Tribecan, who showcases her long history within her niche, her business expertise and her willingness to negotiate. This last aspect is particularly noticeable for the judges when Rose asks for a $75,000 investment without specifying her company’s valuation.
Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the interest of a group of judges. 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 via a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the judges vote on whether to open the doors or send the founder back down and pass on investing.
The fifth season of Entrepreneur Elevator Pitch offers a dynamic change in the show’s format. Before, our four judges needed unanimous agreement to make an offer to the pitching entrepreneurs — including three out of four “yes” votes just to open the elevator doors. Now, it only takes one investor to open the doors and one judge to make an offer. The panel of four can then choose whether they want to collaborate or compete against one another.
This episode begins with an entrepreneur named Ron Tonini of Sports Engager, who’s seeking to create a new twist on old sports-player cards. Rather than utilizing printed cards of famous baseball, football or hockey players, this startup wants to create digital cards for parents, detailing their children’s stats in real time. Tonini’s concise and practiced pitch, combined with his company’s revenue-making partnerships with big names like the New England Patriots and Anaheim Ducks, draws the investors’ attention right away. Just as important is Tonini’s presence — judge Peter Goldberg says Tonini is a “serious-looking guy with a serious ask,” while Thom Beers says his “tie is worth more than my outfit.”
However, the pitch ends with a huge ask: $2 million at a $6 million valuation. Can Tonini do enough to convince the investors he’s worth such a hefty price tag?
After, husband-and-wife team Bill and Sonia Massey of The Restroom Kit show off their portable product made for those who need to use a restroom away from home, particularly in public where the bathrooms can be especially unsanitary. Their engaging and entertaining pitch makes the judges laugh. Will it make them open the elevator doors?
Watch the full video to find out and see more great pitches.