Many of the companies in this week’s episode still have a lot left to prove.
July 31, 2019 2 min read
Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the judges’ interest. It’s a high-pressure, fast-paced environment in which startup founders need to race against the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components:
- Defining the company
- Making the request
- Specifying what the investment money will be used for
The investors watch the pitch through a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the group votes on whether to open the doors or send the founder back down and pass on investing.
This episode starts out with a pitch that contains several compelling points, as well as several red flags. For example, the company is a mission-based venture, meant to help first responders and action-sports athletes contact their loved ones during emergencies. However, its primary offering is not a bit of wearable technology, as some of the investors might have hoped, but instead a card — something that a few of the judges have alread seen offered in the market. In the end, the vote becomes a split decision. Will they decide to open the doors?
Next come the co-founders of a company called Canopy, which sells hats with interchangeable patches. The idea catches the attention of investor Kathleen Griffith, who explains that she’s recently had experience with a similar product. But will the entrepreneurs be able to convert that initial interest into something more?
After that, entrepreneurs pitch flip-flops for women getting pedicures, an estate planning app and a coffee business. But can any of them get through the doors, and further, secure an agreement?
To see the answers and watch the pitches, click play.