In last week’s entrepreneurial media class, I discovered there is some truth to Marilyn Monroe’s famous quote, “Give a girl the right shoes and she can conquer the world.” Okay, so I didn’t exactly conquer the world in my $20 Target pumps, but I did survive my first ever elevator pitch.
For those of you who don’t know, an elevator pitch is a short speech given to a potential customer or investor about a product or business idea. This might seem like a cakewalk from an outsider’s perspective, but trust me when I say it’s not. Elevator pitches are intense because in the real world you only get one shot with most investors.
The night before the pitch, I dreamed that I froze up and forgot my speech. Even though I practiced a million times, this worry plagued me the entire next day. Where did my speech anxiety come from? I think it can be traced back to sixth grade when I dropped all of my note cards during a pretend cereal commercial, but I’m not exactly sure.
Thankfully, nothing awful happened during my pitch. In fact, I got a lot of positive feedback from my classmates, who also had wonderful speeches. After watching the other speakers, I discovered body language and enthusiasm are essential to a good pitch. I also was impressed by the quality business ideas that my class came up with. Nearly all of my classmates came up with apps that I would download, including Sara and Anna’s traveling app, and Kass and Moriah’s taxi app among others.
Although mine and Maddie’s wedding planning app was well received by our classmates, I think we could have done a better job explaining how it app is different than other apps on the market.
Our next step is to figure out our revenue streams. Specifically, we will need to find out if local photographers, florists and venues are willing to pay to be featured on our app. If not, we will need to evaluate other ways to make money. Another option might be to implement a freemium business model, requesting that users pay to access top content, such as the registry feature.