This post originally appeared on Entrepreneur.com - #StartingABusiness
Watch our panel of investors bid against one another in this episode of our weekly pitch show.
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 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 starts with one of the stronger pitches of the season, as the founder of a sustainable and reusable straw company (literally) breaks down her product and her sales record, both of which wow the four-person panel of judges. However, she makes one critical mistake in her pitch, which investor Peter Goldberg is quick to point out at the end of her 60 seconds. Can you spot the error before he gives it away?
Still, two judges, Goldberg and Lindsay McCormick, vote to open the elevator doors and hear more before weighing whether to make her an investment offer. But will her steep valuation of $20 million drive them away?
Watch the full video to find out and see more pitches.
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