This post originally appeared on Entrepreneur.com - #StartingABusiness
This episode of our weekly pitch show begins with a tense exchange between one entrepreneur and our investors.
3 min read
This episode starts off with a strong pitch from Sara Rose, co-founder of healthcare startup Tribecan. Rose 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 Josh Stramiello of Fixe Food, who previously appeared on Season 4 of Elevator Pitch but, as he admits, “didn’t really do the best job.” This time, it’s clear he’s been practicing his pitch, as he delivers a concise and compelling 60-second introduction to his tech-based food-delivery service. It’s enough to get him inside the boardroom, but will it be enough to earn an investment?
Samella Watson of vacation rental service My-Cierge starts with a disadvantage: Judge Peter Goldberg is already an investor in a related business, and he cites early on that he would view this company as a conflict of interest. That leaves Watson with only three out of four possible judges. Will any of them bite after her elevator pitch?
Watch the full video to find out and see more pitches.