Randy Accetta on creating the elevator pitch, executive summary, investor presentation and business plan.
It may help to think of your business communication as an iceberg. At the very tip, you may touch on a few key points of your business in 25-50 words. Immediately below this is your elevator pitch, a 1-minute summary of your business. Below that might be an executive summary or simple one-page collateral document describing your product. Further below might be your presentations. And just above the water line is your business plan. Each piece is somewhat larger than the piece above.
But if you've ever seen an iceberg, or pictures of one, you'll know that the true substance falls below the water line. This is your business plan appendix, your research, your prototype testing, and your knowledge and expertise. Even the infamous business plan napkin presentations of the Silicon Valley days were still the result of endless hours of research, discussion, and consideration before they hit the coffee shops.
While you can improve your chances of success by working in an incubator, you still need to roll up your sleeves. There are no shortcuts! Tip: you will always need to know more about your business -- you are the expert, after all -- but you need to say less about that more. Got it? Invest time in articulating your idea; distill key points and practice your pitch and presentation from the first day you enter the incubator.
The value of your pitch is not necessarily your ability to deliver it, but rather the ability of others to deliver it. They need to easily grasp the idea to see opportunities and areas where they can help; but more importantly so they can accurately tell your story. People are going to want to talk about your business, and you want to make sure they get it right. You don't want to include anything confidential in the pitch, just general facts to express the idea, strike interest, and possibly attract new partners or investors.
The video session provides an overview of tools you need to present your business clearly and successfully. It includes traditional and current investor presentation content, resources for business plan development, and a few tips and tricks to help you create your elevator pitch. Good Luck!
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