“An effective elevator pitch can be crucial for entrepreneurs trying to secure funding from angel investors,” he writes. “The goal of the pitch — written or delivered face-to-face — is to briefly share the “who, what, where, when, why and how” of your business, while piquing an investor’s interest.”
The best pitches, he says, describe the market the business is in, explain what problem it solves and demonstrate a track record.
(See How to Win Angel Funding)
Fell presents five of the worst elevator-pitch mistakes entrepreneurs make — and how to avoid them. For example:
Mistake: You don’t explain what problem your business solves.
The Fix: Share why customers will buy your product or service.
Fell says there are three questions startups should be able to answer: Who’s your best customer? How much money do they make from buying your product? And, how much money will you make from selling it?
Mistake: You offer too many facts and numbers.
“While some figures — such as your sales and revenue — are important to establish a track record, don’t go overboard,” he writes.
The Fix: Tell a story.
Fell suggests using personal examples about how your service or product has solved a problem in your own life.
But that’s not all. For more mistakes to avoid when pitching angel investors, read Fell’s full post here.