Over the past few weeks, I’ve been heads down working on a bunch of things for a few portfolio companies as well as having a ton of 30 minute no harm, no foul meetings. One of the interesting things about those meetings is the vast majority of them are pretty much centered around either “Let me tell you about my idea/business” or a discussion about the VC/Angel world.
On the idea/business front, I’ve been giving people the 60 second stop watch test. I simply say, okay, step one, let’s see if you can, in 60 seconds, tell me what you do and why. Currently, I’m running about a 35% success rate which is, in a weird way, a good thing because we can then spend 39 minutes working on a bit of fine tuning. Makes for a true no harm, no foul session.
Try it. Get a clock/watch with a second hand and see if you can do this. 60 seconds is a long time, much longer than you realize. Check out the various radio and tv ‘quick updates’ and watch how much can be packed into 60 seconds.
Get this down to a science, it is a great step one. With a tight opening, lots of practice, you’d be amazed how many people will appreciate the clarity, direct information, and engage you in a productive conversation.
60 seconds.
P.S. I’ve typically told people, what’s the problem, how do you solve it, where’s the money, as being the three things that are core to any ‘pitch’ or idea looking for funding. What you are doing and why in sixty seconds is the same things.
not so easily done.
it's been 6 months of heads-down work since you did a session with me (thanks!). but i'm still trying to learn who my customers will be, why they will buy from me, and how they will use my product.
every week i learn more, and my answers get tighter. but i've been surprised more than once by how wrong my early assumptions were.
the smug confidence required for a focused elevator pitch early in a business may be a very dangerous sign.]
Posted by: tom | July 03, 2009 at 03:59