This post originally appeared on Entrepreneur.com - #StartingABusiness
The ticking clock can throw off even the most courageous entrepreneurs.
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.
The first entrepreneur on this episode of Elevator Pitch spent eight years as a U.S. marine and was deployed twice before spending time as a military instructor. Despite this and his practiced pitch, he can’t help but stumble at the beginning.
From inside the boardroom, investor Mike Koenigs encourages the entrepreneur to push through. “Don’t stop!”
“Come on, dude!” says another of the judges, Kim Green-Kerr.
But will he be able to rebound and continue his pitch? If so, will he be able to impress the investors with his business acumen in addition to his background?
“I’m a marine, but going into that elevator and having that clock staring at you … it’s overwhelming,” the entrepreneur says afterward. “It just messes up your whole mental game.”
Watch the video to find out what happens and see more pitches.