One of the most important skills an entrepreneur needs for success in a startup is the ability to deliver the ‘elevator pitch’. That’s the 60 second version of your business idea. The goal of the elevator pitch is the ability to generate further interest in your deal with a potential investor. I once heard an entrepreneur tell me that he couldn’t explain his business in less than 35 minutes. I asked him why would he spend 35 minutes telling someone about his idea or business without knowing if the investor is interested or not? The elevator pitch gives you the ability to screen potential investors. After gauging their interest, you can choose to spend more time discussing.
At the Open4Business Conference on November 11, 2008, the Central Texas Angel Network will hold a Fastpitch competition. Entrepreneurs are invited to submit a one-page summary of their business to the Director of the Central Texas Angel Network at (director @centexangels.org). The deadline for submissions is October 20, 2008. Contestants will be chosen from the submitted plans. Each contestant will get 60 seconds to pitch their business to a panel of angel investors. The winner will receive a one-hour coaching session with the angels after the event.