This post originally appeared on Entrepreneur.com - #StartingABusiness
The investors in our weekly pitch show hear from founders in a wide range of industries, including yoga and auto maintenance.
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 a yoga-based startup whose founder calls herself the Tony Robbins for female entrepreneurs. Fortunately for her, the panel of judges features Peter Goldberg, who is a certified yoga instructor in addition to a season investor, and Mike Koenigs, who has previously worked with Tony Robbins. Will either of the judges be able to find a deal they like?
The next pitch comes from an entrepreneur in the bridal service industry — specifically, a platform that allows married people to re-sell their wedding supplies on a single platform. However, the founder fails to mention a few key details during her 60-second intro, which leaves the investors wondering about the company’s profitability. Will they be intrigued enough to open the elevator doors and find out more?
To find out the answers and watch more pitches, check out the video above.