This post originally appeared on Entrepreneur.com - #StartingABusiness
Watch our investors battle it out in a new episode of ‘Entrepreneur Elevator Pitch.’
2 min read
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 once 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 a founder who has invented a device to help prevent household fires. While the product itself raises eyebrows for a few of our investors, the 60-second elevator pitch gives two judges enough confidence to invite her into the boardroom. Will the entrepreneur be able to convert that initial interest into an investment deal from one — or both — of the panelists?
Next, an entrepreneur calls his company the Starbucks app for alcohol, which leaves judge Mike Koenigs telling his fellow investors, “I don’t know what’s wrong with you guys — I’m the only one who likes this company.” But does he like it enough to make an offer?
Watch the video to find out what happens and see the rest of the pitches.