Let's talk about the elevator pitch, why it's so important for you as a vegan founder and entrepreneur, and how it can powerfully impact your whole ability to raise capital and achieve your goals.
What is the elevator pitch?
The elevator pitch is a very short statement about your whole company. The point of the elevator pitch is to create a very clear picture in the mind of the person who's hearing it – typically a potential investor. And since anyone can invest as little as a hundred dollars in the projects we develop in the Vegan Launch community, that could be a lot of people!
We want to create this very clear, solid picture for the listener. We want to use language that evokes images in the mind of other people that they can really hang their hat on.
What are the basic elements of the elevator pitch? Well, first of all, you're serving a community. Now as vegans, of course we're all serving the animals. But how are we really serving the animals?
We're serving the animals by decommercializing the exploitation of animals. The animals don't have any money. So to serve animals, we are building businesses that serve human communities.
In our elevator pitch we want to really define the human community we are serving very clearly. And then we want to answer the question, “What is the problem that this community is suffering from?”
What is their challenge? What is our solution? The community that you define is your market. You want to clearly define the problem they're facing and your solution.
Let's construct an example. Suppose you wanted to build a vegan telemedicine company. It seems like a pretty good idea these days!
What is the community we are serving?
First we want to help the potential investor visualize the community we aim to server. In this example, we can define that very clearly. 440 million people throughout the world suffer from Type 2 diabetes. So now we've have our community – the 440 million people who have Type 2 diabetes.
What is their problem?
The problem is that Type 2 diabetes has consistently been demonstrated to be reversible with high reliability by following a healthy plant-based diet. But the people in our community don't know that. They don't know that they could heal from their illness and reduce or eliminate the need for drug treatments.
What's the solution?
The solution is that at “Company X”, we're providing online telemedicine staffed by MDs to help the people in this community understand the nature of their illness and how to heal it with lifestyle and dietary changes.
Let's put that all in one elevator pitch…
440 million people throughout the world suffer from Type 2 diabetes, yet few of them realize that their disease is reliably reversible with a plant-based diet. Our Company X provides online, MD-backed medical guidance so they can make lifestyle and dietary changes to resolve their Type 2 diabetes in most cases.
Somebody hearing this can begin to truly visualize all the pieces. They can imagine those people around the world. They could be healthy if they only knew the right steps. And your company is going to deliver that information professionally to them over the internet.
Now, whether the person wants to invest in this company or not, that's another question, but at least now they know your core value proposition.
So many founders that I've worked with struggle to raise money, not because their ideas aren't good, but because they haven't articulated their core value proposition in a powerful way, where their words trigger strong visual images for the listener.
Working to upgrade the elements of your elevator pitch can really upgrade your leadership conversation.
The elevator pitch is like a tractor beam that pulls potential investors into the conversation. That's what you want. You want others to be attracted to your conversation, and to understand the essence of your project very clearly.
From there, if they're interested, they'll start asking you questions that will guide you to giving them the information they would need to make an investment decision.