On the new streaming show Entrepreneur Elevator Pitch, founders step into the Entrepreneur Elevator and have just 60 seconds to present their idea, product or business to a panel of investors. Whether an entrepreneur gets invited into the boardroom or sent back to the ground floor depends on what our experts think in that first minute. Each week we’ll dissect what any entrepreneur can learn from these contestants' winning -- or losing -- pitches.
Brothers Jordan and Ian Kay are the co-creators of the Rally Flip Cap (RFC), a double-billed hat with a flip-up feature that reveals a hidden design. They know what it’ll take to inspire the judges to open the Entrepreneur Elevator doors: a well-rehearsed and energetic pitch.
Their golden ticket is their preparedness. By merely having practiced their elevator pitch, which incorporates synchronized gestures and product demos, the Kay brothers prompt the judges to welcome them into the boardroom without hesitation.
Once face-to-face, they have thorough answers to nearly all of the judges' questions at the ready, including extremely specific sales figures and plans about what they’ll do with their requested funding. The questions eventually get ahead of them, but by then, the judges can tell that the guys aren't stumped because they’re ill-prepared -- they just need some expert help getting to the next phase. At that point, it's their understanding of the judges’ expertise and their willingness to collaborate that ultimately gets the panel on board -- and making a variety of offers.
Your pitch is your first impression, and by leading with a clear demonstration of the thought, time and energy you’ve put into your product, business or idea, you prove that you are serious and that you value the listener's time. Any aspiring entrepreneur should harness the power play of a prepared pitch.
Watch the Kay brothers rally the investors in the fourth episode of Entrepreneur Elevator Pitch (above).
Entrepreneur Elevator Pitch streams Wednesdays on Entrepreneur.com starting September 20. Aspiring entrepreneurs, be sure to check back for details on applying to season 2. For those who think they’ve seen the next million-dollar idea on the show, head to Indiegogo to become an early supporter and help the featured entrepreneurs bring their projects to life.