Vital to every successful business is a “sticky” Elevator Pitch, one that includes a brief, memorable business description around 2-4 sentences. A potential resource needs to understand what solution you are offering. Have real, vibrant examples prepared that demonstrate how you helped a customer overcome a unique challenge. Providing examples demonstrates that you can solve problems specific to the individual.
Be clear in what you are asking for with the pitch. This is most effective when you have a clear understanding of where your business is at in terms of development. Are you solely in need of funding, or can this person provide you with potential customers, mentorship, resource connections, or talent? Construct your pitch with your end goals in mind.
Example: Start Co. is a non-profit organization that works with ideas and entrepreneurs that have ideas; we accelerate those ideas into startup companies; and surround those companies with an ecosystem of support resources. It is our relentless building of founders and their early stage companies that we feel is the missing ingredient to stimulating Memphis’ economic growth.
Early stage refers to those startups ranging from ideas to companies demonstrating product success. Starting up is very difficult because of the lack of early stage technical assistance; access to quality mentors; connections to seed, validation, and angel funding; and access to resources that can stimulate growth. Start Co. solves this problem through its Start Mentoring, Start Investing, Start Launching, and Start Empowering platforms; where we are mentors, investors, evangelist, and catalysts who do so while being inclusive of the underserved entrepreneurial community in minorities, women, students, and the social sector.
A great example of how we help entrepreneurs is Brit Fitzpatrick who came to one of our startup weekends with just an idea that was chosen and launched. After which she received ad hoc mentorship and was chosen to go through a Start Co. Accelerator program where she received $15,000 and 200 hours of technical assistance. She received post accelerator mentorship further advancing her business where she secured $175,000 through the Start Co. Angels platform, and now she is generating revenues and growing to secure more investment capital.
Start Co. is seeking support in four distinct areas; operational dollars to continue to provide these services free of charge; private investment in the form of seed funding, validation funding, and angel funding; mentors to better assist the startups, and greater storytelling to get more invisible entrepreneurs to take real actionable steps to starting up.