The elevator pitch is a way of communicating to very busy individuals who need to make a decision in a short period of time. These pitches are able to fulfill several needs of a startup in the long run like as raising capital, applying and giving keynotes, competing in startup competitions, establishing partnerships, selling products, and more. It is an important part of the entrepreneurial journey.
A good elevator pitch provides the listener with enough quality information in a short period of time. This includes information about the problem you wish to solve, the solution you provide, and who you are doing it for.
This elevator pitch can used in emails, presentations, elevators, networking sessions, coffee shops–it can be very useful.
The pitch deck is essentially the business plan displayed as a slideshow presentation. This can be easily presented to a room of investors without them having to read a long narrative. Often, the pitch deck is requested by investors ahead of time so they can get a basic idea of what you are pitching before. The pitch deck is a more visual representation of your business plan and highlights the key points. It shows graphs and visual assets as an aid to your presentation.
The executive summary provides initial due diligence for investors and summarizes your business plan into a few pages. It can be the sales pitch for your business because it communicates the basics of the business and sells the value of your idea in those few pages. It allows investors to see why your startup would make a good investment. Investors are often very busy people and do not have the time to read extensive business plans. You want to grab their attention through the executive summary.
It is important to always have a business plan with you, but if you are introducing yourselves to investors, they want easier to read documents like the pitch deck or executive summary. When you are interested in a movie, you don’t go straight to watching the movie. You will usually watch the trailers to decide what movie you want to see. The pitch deck and executive summary acts as the trailer of a movie where the movie is the business plan.
A website is always recommended to have because it serves as another source to find information for those who are interested in seeing more after hearing your pitch. It also gives investors a little bit more about who you are and what you are trying to accomplish. It also shows that you are serious about the business venture.