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How to rock the house with your elevator pitch
Nov 22, 2010 (The Miami Herald - McClatchy-Tribune Information Services via COMTEX) --
What's it like to present your elevator pitch before an auditorium full of people? What did the finalists do well and what could they have done better?
Last week, the contestants in the Elevator Pitch Contest (presented by The University of Miami's Launch Pad entrepreneurship center) had just 90 seconds to deliver their message and then another 90 seconds to field follow-up questions from the judges.
Entrepreneurs use elevator pitches to get the notice of investors, customers and others who can benefit their business. The pitch should be short -- about the length of a typical elevator ride -- meaty and rehearsed enough that it sounds natural.
The entrepreneurs, all owners of existing small businesses, were judged equally on the clarity of their presentation; market opportunity; value to customer; differentiation; business model; and milestones reached.
Each of the 22 finalists advanced from preliminary competitions last month, which attracted 144 entries. After the preliminaries, they received coaching from The Launch Pad staff.
The end result: Awesome pitches, said head judge Devon Rifkin, CEO of The Great American Hanger Co. and head judge. "It takes a lot of courage to get up there; they all did a great job."
"They were all articulate and conveyed the message in a short period of time," added judge Sam Hollander, managing director of Concept One Intl.
Still, there is always room for improvement.
Rifkin said some needed to work on giving a well-rounded explanation that better answers all the major questions. "You want to make sure the follow-up questions are seeking clarification on points, not 'so start over, what do you mean?'aEUR% " he said.
In some cases, the entrepreneurs were asking for a lot of investor money, Rifkin said, but they had a hard time articulating what they would be using the money for.
Hollander added that some of the contestants needed to work harder on how to answer follow-up questions, learning to anticipate queries about their business model, competitive landscape, marketing strategy, etc.
The winners will share a prize package of $100,000 in goods and services designed to help the entrepreneur get to the next level.
These are their stories:
DETAILS MAKE THE DIFFERENCE
Tyler Campbell invented Fingerlings -- rings made of cotton, cashmere, denim, leather and other exotic materials, some with crystals for bling-seeking customers. There are rings for every outfit, and at $6 each -- or less if you buy two at a time or a variety pack -- they are affordable, too.
He attended the Elevator Pitch Contest, but he couldn't present. That's because Tyler is only 8, so he delegated that to his business partner and stepdad, Jason Weber.
Weber, a lawyer who started selling Fingerlings online (www.TyC-fingerlings.com) about five months ago and at Dadeland Mall in October, ended up winning the Grand Prize in the community category.
In the preliminaries, Weber had scored lowest on conveying milestones he has reached, so that is the area he boned up on most during coaching sessions. In the finals, he was much more specific. "I really think that made all the difference," Weber said.
The judges agreed.
"Beyond saying he sold in the mall, Jason said how much he sold in that one little kiosk in a month. That helped us understand what is possible and how scale-able the business is. He also gave us the example of Silly Bandz's success, which gave us a full flavor of the market potential," explained Ralph MacNamara, director of client services at Kaufman Rossin and a judge in the community contest.
The prize packages hadn't been determined at press time, but whatever it is will probably be fine with Tyler. "He's the man. He always has the new creative ideas," said Weber. "But he runs a tight ship, too. He's is always asking, 'Papa, how many did you sell today?'aEUR%"
BACK TO BASICS
Imagine hearing from one of the preliminary contest judges that you should hire someone else to speak for your company. Ouch.
Yet, Marcos Menendez focused on the positive. That judge -- as well as other judges -- also said his product had huge potential. Menendez's company, Momares, offers a tool to help small businesses create affordable text-message-based marketing campaigns.
"I said, 'I can work on me,' . . . If this is a boxing match, I am the underdog."
So between the preliminary and the final rounds, Menendez worked on content and delivery.
"We tackled the judging categories one by one and reworked the entire pitch. I sought advice from my business partner, my wife, potential investors, absolutely every one that I came across. I knew I needed to deliver with passion, enthusiasm and lots of energy."
With Launch Pad's coaching, he focused his new pitch more on the business itself rather than how the business started. He targeted it at investors.
Then he practiced like a crazy man.
The payoff: Menendez took first place in the community category. "The contest was a great opportunity to get help from professionals and nail down my message to investors," he said.
Menendez said Momares (Momares.com) offers a simple, affordable way for small businesses to deliver their marketing message using the one device no one can ignore: the cellphone. "I'm betting that mobile is the ultimate platform -- it's the Web 3.0."
COMMUNICATION IS KEY
Tyler McIntyre, whose business is Lucid Technologies, wowed the judges from start to finish, winning the Grand Prize in the student category.
"Did you hear him? He was so humble up there," Rifkin said. "Tyler has such a great product that he has the tiger by the tail. It is refreshing that while confident, he is as nice and receptive as they come."
Frustrated last year that his Blackberry Messenger didn't communicate with the iPhone and vice versa, McIntyre got tired of waiting for someone else to develop a way to do that. His company, Lucid Technologies, offers a cross-platform messaging application for Blackberry, iPhone and Android devices.
The UM sophomore, who is studying entrepreneurship, finance and marketing, comes from a family of entrepreneurs; this is his third business. He has been selling his application -- LucidMessenger.com -- for the last six months. More than 3 million messages were delivered last month globally, McIntyre said.
McIntyre said the contest helped him hone in on becoming better able to succinctly explain a technology system to the general public.
"Of all the contestants in the finals, he has hit the most milestones in the short time he has had the business," Rifkin said.
SHOW YOUR PASSION
Brittnay Sparks developed B-Long with her mother, a cosmetologist. Through a patent-pending process, B-Long customizes interchangeable wigs and makes hair for every occasion. Its target market is regular wig users, trend-setters and hair-loss sufferers.
Sparks competed in the elevator-pitch contest last year, but wasn't happy with her performance. "This time I felt I was more ready," said the UM graduate student who is studying public relations.
Sparks prepared for the contest by attending The Launch Pad's workshop with her mom and also taking advantage of Launch Pad coaching.
Then she drew up her pitch and began refining it -- and practicing. Still, something didn't feel right.
After a talk with her oldest brother, it crystallized. He told her she sounded too rehearsed. "He told me, speak from the heart -- your passion will come through."
Sparks, who also showcased her wigs during the pitch, won first place in the student category.
"She had a lot of moxie, a lot of personality," said Hollander, one of the student judges. The audience members thought so, too: They voted her as their People's Choice award..
Sparks said B-Long (www.myblonghair.com) is in the prototype and testing stage, but she and her mom hope to begin selling their wig system next year.
"I love working with my mom," Sparks said. "We trade off each other's strengths. We bring out the best in one another. "
WINNING ISN'T EVERYTHING
Susan Amat, executive director of the Launch Pad, is quick to point out that the power of the elevator-pitch contest is not about the winning -- it's about the opportunity to learn from experts about preparing your pitch and then getting the platform to show your stuff and make connections.
Paulette Bethyl, whose company is called Gym in a Shoe (gyminashoe.com), was delighted to get the opportunity to present her product, which helps exercise the arms while walking but without carrying bulky weights. Although she didn't win the judges' vote, she was honored to be chosen the People's Choice in the community contest.
Another finalist, Laura Paresky Gould, founder of Alphabet Goods (AlphabetPlates.com), said she entered the contest because pitching like this does not come naturally for her. The graphic designer's company is an online retailer of personalized products for kids.
"It was such a great experience to write it, practice it and get up there," said Gould. "You should always have that skill in your back pocket."
To see more of The Miami Herald or to subscribe to the newspaper, go to
http://www.herald.com. Copyright (c) 2010, The Miami Herald Distributed by
McClatchy-Tribune Information Services. For more information about the content
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