How to Perfect Your Elevator Pitch

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3:04Disclosures available at public.com slash disclosures. So, okay. Talk about elevator pitch. Yes. And seven steps to nailing your elevator pitch. Yeah, so first thing first is anyone that's listening to this. If you're going to be pitching, whether it's at Invest Fest or you're going to be pitching at any place, the first thing is you want to have a clear and concise message. Who are you? What do you do? Who do you serve? What is it that you're actually giving to people? What do you want the judges to know or the investors to know? So, have a clear and concise message. The second commandment that I would say is make sure that you know the problem. What's the problem that you're trying to solve? A lot of times I've seen people come in pitch, Richard, and they really don't know what the problem is that they're trying to solve. They just want to sell a product to you or say, hey, can you invest in my product? So, you have to make sure that when you're pitching with your message being clear and concise, you need to make sure that you also know what the problem is. And then third, know the solution to the problem.

4:06What are you trying to solve? I understand you want to be able to have a tech company, but what is the solution or what's the problem that's being solved and what's the solution? What are the vehicles to solve that problem? The third thing is make sure that you know your market stats. What's going on in the market and the industry right now? A lot of people don't do their research on the industry stats, which leads to the next one, who's your competitor? Right? I've seen people do pitches and we don't even know who your competitor is. You just tell us all about the business, but if we were to go deeper beyond a 60-minute elevator pitch, a 60-second sorry elevator pitch, and let's say that you all were to ask more questions, one of the questions that investors are going to ask is who your competitors are, what's the market? So because of that, it's important for anyone that's pitching to do that. Make sure that you're using proper visual aids. That's another thing too. I'm not really sure how it's going to be for investors. When we get there, but if there are going to be visual aids,

5:07make sure that your visual aids are not all over the place. Make sure that you're not using all these different fonts and colors and everything like that. Keep it clean, keep it fresh, but make sure that everyone, every judge that's looking or any investor that's investing into what are interested in what you have to say, can understand it clearly in your visual aids. I will also say just making sure that as they go through their pitch, that they speak clearly, that they understand, and also do a call to action. We've had pitch, I've sat and pitched up matches or pitch competitions where, so what are you asking for? You never really say what you're asking for. Be clear and concise, and make sure that whatever the call to action is, that it is clear, it is realistic. I'm looking for $2 million to do what was. What's the budget? What's the forecast? What's the numbers? That's another one. Know your numbers, right? What are the numbers going to? Where's this money going to? When is it going to happen? Most investors don't want to be married long term to something.

6:09So we want to make sure that we understand I'm an investor myself. Make sure that we understand what's the return on investment. Do we get equity, right? All of these things are what people should be considering when it comes to their elevator pitch, whether it's 60 seconds, two minutes, five minutes, even up to a 30 minute pitch. A tremendous insight, because we get pitched all the time. You actually have now just helped us. And I'm sure everybody that's listening will take notes from it as well. You said that vocal health is important. And so these things sound like how I will prepare as I'm going to the stage. Yes. But there's that build up. And we talked to a lot of people. We just had a pitch competition a few months ago. And people were talking about the anxiety that it felt leading up to the day. So what are some of the type of things that you suggest for people leading up to the event? What should they be doing at home the week before or the month before to prepare themselves for this moment, this five minute moment that could change their lives potentially? Absolutely. First things practice, practice, practice, practice. And there is a couple of ways in which a person can practice, right?

7:10So the first thing I will say is practice in the mirror. See yourself. So you can see how your facial expressions look. See if the nerves are taken over, right? See yourself. And lots of times people do not like to see themselves. They don't even like to hear themselves back, right? You'd be surprised that a lot of anxiety that happens on the stage happens because of what people are going through in their personal lives. And it just comes over in there. So practice, practice, practice. Practice in front of family and friends and peers, a mentor, a coach, right? And also record yourself on video and watch yourself back with no judgment. That's one of the ways in which you can actually help yourself prepare for the pitch. Another one is actually do what we call mindfulness. Walk through the pitch without you having to say something. So how am I going to enter the stage? How am I going to intro myself? How am I going to speak what I need to say? How am I going to exit the stage? How am I going to leave? Like all of that is what we call mindfulness. Whether you're performing as an entertainer or speaker.

8:10That's one of the things that will tell people, sit through in mind, do mindfulness of it. Another way to prepare is breathing techniques. Believe it or not. There's a couple of breathing techniques that I tell people to do. One is the 4-7-8. Is you breathe in for four counts. You hold it for seven counts. You breathe out for eight counts. What this does is it triggers what we call the parasympathetic nervous system. Which is if you're having like a warm bowl of super ice cream and you're kind of like calm. Where there's something called a sympathetic mode, which is that fighter flight mode. The moment people get on a stage, their palms get sweaty. They want to use the bathroom. Their knees want to buckle. Their mouth gets dry. And so mindfulness breathing helps them to trigger that PNS, that parasympathetic mode. I always say to arrive early. I tell people, go to the venue. See what it looks like. Like, look at the stage. Sit down on it in the chair. And actually visualize what it's going to look like.

9:11The audience that's going to be there. Walk yourself through it as you do mindfulness. But be in the environment as well. That's going to help a lot in preparing. And then also to making sure that you have a backup. One of the, I had a pitch competition that was a judge at one of the persons forgot their visuals. And so they did a whole entire pitch, asking for a whole bunch of money with no visuals. What so ever. Mess up their entire elevator pitch. And so I tell those that are preparing, make sure you have a backup. If you're going to be doing something where you're sending something electronically. Make sure you have something on a USB drive. A Google drive. Some sort of electronic drive. So that your anxiety can actually decrease. Because lots of times people kind of cause their own anxiety too. Because of lack of preparation. So those are practical things that they can do to prepare their pitch. Just a follow up because a lot of times people will confuse anxiety with nervousness. Yes. Some people will say it's healthy to feel nervous.

10:11It's healthy to feel angst before something. Because you're prepared for it. You want to deliver it. Yeah. You want to do a great job. Yeah. Is it healthy or when does it not become healthy? Absolutely. It's absolutely healthy to be nervous. I was nervous coming here because I've never met you guys in person. What? Are they going to ask me? I don't know. So there's something called good nerves. You just can't allow those nerves to take over and become your master. And that's where anxiety comes in. Anxiety in angst really says, what if something happens? And what do I need to do to prepare it just in case what if happened? So there's something between wisdom and then allowing anxiety to take over. Wisdom says, you know what? Let me have a backup. That's not anxiety. That's just wisdom. But anxiety is like all of the intrusive thoughts going through your head. That's literally just thoughts. Two things that I've learned in life, guys. No one owes me anything and never create a story. Anxiety is the culprit that helps people create stories that literally don't even exist. And so because of that, absolutely, there's a difference between nerves and anxiety.

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