SMU Classification: Restricted
APPENDIX 1: Two-minute Elevator Pitch Individual Assignment
STEP 1: READ MATERIALS ONLINE ON HOW TO GIVE AN ELEVATOR PITCH Browse three or four different websites to get diverse perspectives on elevator pitch. STEP 2: WRITE DOWN WHAT YOU INTEND TO SAY FIRST
Plan first what you intend to say. I suggest that you cover the following points: • WHAT IS THE PROBLEM OR OPPORTUNITY?
Focus on stating the problem or opportunity clearly. Do not rush. Take your time. It is important to state the problem clearly.
• WHAT IS THE SOLUTION?
Highlight the product or service that your company intends to sell to solve the problem. Be specific and concise. Use simple language that everybody can understand. Avoid jargons and technical terms. Do not go into unnecessary details, just provide a broad overview.
• WHY IS YOUR SOLUTION BETTER THAN EXISTING ONES?
Highlight why your products differ and are better from those in the market. Do not go into unnecessary details, just provide a broad overview.
• WHAT KIND OF HELP DO YOU NEED FROM THE CLASS?
Describe quickly your specific goal, i.e. what you want out of this audience. Do not ask for money as you will usually not get it from your classmates. Instead ask for help in completing the assignment, such as if you need someone who know marketing or finance, or IT skills etc.
STEP 3: PRACTICE, PRACTICE, PRACTICE Remember to keep the pitch to two minutes.
FREQUENTLY ASKED QUESTIONS REGARDING ELEVATOR PITCH
Q: How long is the pitch?
A: The pitch is two minutes in total.
Q: Must I present the pitch in person?
A: Yes, you have to present the pitch in person in front of the whole class.
Q: If I use statistics or data on my pitch, must I share the source?
A: If you cite any references, you can write them down in a word doc and submit it via eLearn. The Teaching Assistant will help you with this.
Q: Do I have to submit any transcript or slide for my presentation?
A: No need. You don’t have to submit the transcript or slide of my presentation.
SMU Classification: Restricted
Q: Can I use slides or any objects to help my presentation?
A: No. Just use your words and gestures. Imagine if you meet someone in an elevator, you will not carry your slides or props everywhere you go. So must be able to explain just verbally.
Q: How is the order of the presentation decided?
A: I will use a random number generator to decide on the order.
Q: Is there any materials on how to prepare a good elevator pitch?
A: Yes, you can see it in eLearn in the folder for the pitch week, or you can search in the Internet on how to make a good sales pitch.
Q: Can I pretend to be someone else?
A: Do not pretend to be someone else. Just be yourself. Remember Tob in the video. He never pretends to be someone else. Just ask people to listen to your story.
Q: Must the product be entirely new?
A: No. An entirely new product is really hard to find. Most products are a combination of something old and something new. You need to bring in something new but it doesn’t have to be entirely new.
Q: Should I be a new start-up or should I represent an existing company?
A: For this class, you should find an idea for a new start-up. So do not sell a franchise business (e.g., open a new McDonald store)
Q: Can I sell a product that already exists outside of Singapore?
A: Yes. Bringing a product from overseas is not easy. So you can sell that kind of idea. Usually you need some kind of customization to fit the local market.
Q: Should I pretend that my audience is investors?
A: Don’t do that. Treat them as they are, which is your classmates. That’s why try to ask for skills and help rather than financial support.
Q: Must it be a product, or can it be a service? A: Either one is fine.
14.
Q: Can it be a social enterprise?
A: Yes, it can. But a social enterprise needs to make money too. Cannot rely on donations all the time.
Q: What makes a good pitch?
A: From my experience, here is what makes a good pitch:
Q: Can I pitch
an idea for which I do not have the technical capabilities to
implement? (I.e, an application, but I do not have any coding knowledge)
A: Yes, you may pitch an idea even if you do not have the required technical capabilities. The purpose of the pitch is to get teammates, so this is where you can appeal to potential teammates who have the required technical capabilities.
SMU Classification: Restricted
On the presentation
– Good eye contact with the audience
– Clear pronunciation of words
– Being able to project your voice or speak loud enough
– Do not rush especially when you state your problems. This is critical
since we will have many pitches in one session. Your audience may still be thinking of the previous pitch. So do not rush and give them time to tune in to your pitch.
– Effective use of hand gestures
– Passionate about your ideas
On the content
– Use data to back up your claim. Saying that the market is USD 20 million is better and more specific than saying that the market is large. The former shows that you have done your market research and know your numbers.
– Share an idea that the audience can relate to, although this can be tricky since different people have different interest
– Identify clearly why your product is unique and better than competitors
– Acknowledge your competitors. This shows that you have done your
market research and is not naïve or assume that there is no competitor
– Share an opportunity that is big enough to induce investors’ interests,
unless you want to pursue an idea that is more of a lifestyle.
Q: Can I read from a note in front of the class?
A: Ideally not. This will prevent you from making good eye contact with the audience. Better if you can just speak without notes.
Q: Can I use props/ slides?
A: No props or slides at all. It is meant to simulate an elevator pitch, where you can talk about your idea anywhere, anytime without any props.
Q: What should be included in the reference sources document?
A: Any research that you include in your elevator pitch (e.g statistics about the industry, features of the existing product, competitors, etc)
Q: How can I submit my reference sources document?
A: Enter eLearn > (Class section Folder) > Assignments tab > Elevator Pitch Resources > Attach your document and submit.
SAMPLEOFELEVATORPITCHVIDEOS
1. https://www.youtube.com/watch?v=Tq0tan49rmc&t=2s
a. I like this video. Gives a really concise and humorous summary of the two-
minute pitch. His suggestion is also more or less similar to mine, although
when you are in doubt you can just follow my suggestions. 2. https://www.youtube.com/watch?v=0HKOf3l6350
a. I like this video because the presenters use a lot of data to back up his claim. He definitely knows his numbers very well. He is also passionate and very articulate in his presentation.
SMU Classification: Restricted
There are many other videos about elevator pitch out there but I believe these two are sufficient to start with, although you are welcome to watch more.
