Let’s say you have a business idea. (You do.) And let’s say we have some money to invest in your business. (We do.) How do you convince us that we should invest in your business instead of somebody else’s? That’s where the elevator pitch comes in, and if you have a good one you can win $100 in our Summer Start-up Challenge to start your own business this summer!
Now, what’s an elevator pitch, you ask?
It’s something all entrepreneurs have to learn how to do. The idea is that people in the business world—especially people who might be investors in your business—are very busy, so you don’t have much time to convince them to support you. Often, you only have the time it takes to ride the elevator from the ground level up to their office, so you have to be ready to explain your idea well in that short amount of time.
A good elevator pitch will explain:
- what problem your business will solve (for example, people at your neighborhood park get thirsty and there isn’t a water fountain)
- how you’ll solve that problem (for example, you’ll set up a lemonade stand in the park)
- why you, in particular, will be able to succeed (for example, you have a delicious, secret lemonade recipe)
- what you’ll use the investment/prize money for (for example, to purchase the supplies you need to make the lemonade)
So, can you do it? Then take part in the Summer Start-up Challenge!
To enter, write out an elevator pitch of no more than two hundred words and submit it as a Word document via our submission page. We’ll review all pitches and select a winner, who will be announced in next month’s issue! Remember: this should be your own work! You shouldn’t take anybody else’s idea, and while you are encouraged to talk to others about your idea, you should be the one to actually write the pitch. Only 4th–6th Grade Talent Search participants are eligible to participate. If you have any questions, email navigator@tip.duke.edu.