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.
It takes more than a heartwarming family story for a mother-daughter duo to win over the Entrepreneur Elevator Pitch investors. Brittany Evans, a college-age entrepreneur, shows off her smarts when selling her idea for a shareable in-ear audio device, called Sparkbudz. Her intimate knowledge of her market and competition earn her financial backing for her well-researched passion project.
Many entrepreneurs find themselves unprepared to answer follow-up questions during pitch meetings. On Entrepreneur Elevator Pitch, we watch as these contestants shake their heads in disappointment when they’re sent back downstairs. Evans, on the other hand, walks away with a deal in hand, thanks to careful research that demonstrates the promise of her product in the world of teen-oriented tech. By targeting a specific audience and articulating her plan for the future — not just a dream or projection, but a logical roadmap backed by painstakingly gathered data — Evans wins support for Sparkbudz.
Aspiring entrepreneurs, take note: You should always take the time to conduct research and gather statistics specific to your product or idea. Doing so will help you confidently persuade skeptics and construct a savvy pitch. Before seeking support for your next big idea, learn from Evans’s example and do your homework.
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.