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INVENTOR'S CHECKLIST
THE PITCH

ARE YOU READY TO PITCH YOUR IDEA?

YOUR "PITCH PACKAGE"

All the content we have covered in the previous modules leads you to this point. You now should have all the necessary information to articulate the commercial value of your idea.

However, there is no set one-size-fits-all pitch. Different formats will be required at different stages for the various people that you present your idea to.

You should always be prepared to deliver your pitch in the appropriate format, no matter what situation you find yourself in, whether you are presenting your idea at an arranged meeting with a bank, ad-hoc in front of an audience at a networking event, or the off-chance of meeting a potential high-profile investor in an elevator.

Always bear in mind
  • who you are talking to,
  • what kind of information they require, and
  • what you want to achieve by presenting your idea to them.

When speaking to an investor, you aim is to get them to invest in your business. What they want to hear is that there is a market for the product and that they will get a return on their investment. When speaking to potential customers, you want to get them to buy your product/ service. What they want to hear is that your product/ service will solve a problem that they are suffering from.

There are a variety of formats you can use to present your idea. Here is a list of the main types of formats
Format Description When to use it
Elevator pitch
  • Oral/ Written
  • Most concise summary of your idea containing key points
  • When meeting potential investors in person and presenting your idea for the first time
2 page investor-brief
  • Written
  • Summary of your idea containing more details supporting key points
  • Can be sent to potential investors
  • On crowdfunding websites
3 minute summary
  • Oral
  • Summary of your idea containing more details supporting key points
  • In front of a group at networking events
  • Funding competitions
  • At trade shows
  • Customer meetings
6 minute demo and pitch
  • Oral
  • Summary of your idea containing more details supporting key points
  • Use of prototype to demonstrate
  • At trade shows
  • Funding competitions
  • Customer meetings
  • Investor meetings
30 minute presentation
  • Oral
  • Detailed presentation of your idea
  • Advanced meetings with potential investors/ banks/ potential partners
Business plan
  • Written
  • Most detailed presentation of your idea
  • Working document - updated on a regular bases
  • Funding applications
  • Advanced negotiations with investors
  • For your own purposes as a guide for your business

THE ELEVATOR PITCH

The most effective and concise format for presenting the key points about your idea is the elevator pitch. The concept behind an elevator pitch is that if you walk into an elevator and a key investor/ lead customer steps in with you, you have that person’s attention for the 30 seconds that it takes to get from the 1st to the 6th floor. This means that you have to make every second and word you say count.

The aim of an elevator pitch is not to provide all the details about your idea but to highlight key points which will whet the appetitite of the investor and will hopefully lead to a deeper dialogue later on about what you, your idea nd the business can offer.

A quick search on the internet will deliver a variety of templates for "the best elevator pitch". You may wish to use one that you have found yourself on the internet and which suits you best or you can produce an elevator pitch using our template which corresponds to the information you have been gathering throughout the previous modules.

ELEVATOR PITCH TEMPLATE

For [insert segment] customers, whose problem is [insert burning problem],

We have an [insert idea], which is like [insert analogy or metaphor].

We have an edge with [detail competitive edge] because of [unique attributes], which will allow us to [what you want to achieve].

We are expecting that it will generate [£xxxx] revenue in [x] time.

So far, we have accomplished [insert key milestones] and are now looking for [what you want to ask for], so that we can accomplish [next steps].

EXERCISE 1 - YOUR ELEVATOR PITCH

Exercise Template (Download)

Develop an Elevator Pitch for your product/service using the template and the information you have gathered so far.

SO WHAT NOW?

Now that you have read through this guide, you should have a better idea about your idea.

You can now submit your bright idea form for our advisers to evaluate.

By building a structured profile of your idea, you can help our team of advisers to quickly assess it and offer constructive advice where it's needed.

Create your profile here