The entrepreneurs in this week’s episode include teenagers, felons and cancer survivors.
2 min read
Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the judges’ interest. 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 through a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the group votes on whether to open the doors or send the founder back down and pass on investing.
The first pitch in this episode has some major problems — namely, as investor Peter Goldberg points out, it isn’t a pitch. The entrepreneur fails to mention almost anything about the state of his drone company, including revenue numbers. He also doesn’t make an ask of the judges during his 60 seconds, leaving them wondering what exactly he wants.
After that, a cancer survivor shows off his invention, made to help those with disabilities wear and access smartwatches. However, his demonstration only leaves the investors more confused about what it does. He, too, fails to mention any numbers, including revenue or what he’s seeking, which leads judge David Meltzer to say, “If we don’t know the product, we can’t invest.”
Next up is 13-year-old Alina Morse, who graced the September 2018 issue of Entrepreneur with her company, Zolli Candy, which claims to improve dental health. Morse breaks down how her company has grown over the past year and how it intends to keep growing, before asking for $1 million in exchange for 10 percent of her company. The judges are all impressed with her concise, knowledgeable pitch, but will the seven-figure ask prove to be too much to invest in a teenager?
To see the answer and watch more pitches, click play.
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‘If We Don’t Know the Product, We Can’t Invest’
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