Reflecting more on last week’s adventure at the amazing SaaStr Annual and Endeavor international selection panel, I noted that entrepreneurs, with all their enthusiasm and energy, have an opportunity to improve on their elevator pitch and storytelling.
The simplest, and most straightforward, elevator pitch is like a Mad Libs:
My company _________ helps businesses like _________ make more money by _________.
Pretty easy, right? Start with the company name, then add social proof via existing customers, and finally top it off by a brief explanation of the actual service.
Let’s look at an example:
My company Calendly helps businesses like LinkedIn and Zendesk make more money by scheduling meetings without the back-and-forth emails.
Now, there’s much more to the business, vision, etc. but the goal isn’t to share your life’s story. Rather, the goal is to assess interest, evaluate body language, and decide if it’s time to share more. With a positive nod and enthusiasm from the simple pitch, it’s time for the next step.
With the audience primed, it’s time for the 100 word story.
Warby Parker, a popular direct-to-consumer eyeglasses company tells their story in 100 words.
Once upon a time, a young man left his glasses on an airplane. He tried to buy new glasses. But new glasses were expensive. “Why is it so hard to buy stylish glasses without spending a fortune on them?” he wondered. He returned to school and told his friends. “We should start a company to sell amazing glasses for non-insane prices,” said one. “We should make shopping for glasses fun,” said another. “We should distribute a pair of glasses to someone in need for every paid sold”, said a third. Eureka! Warby Parker was born.
Share the origin story of the business.
Share the vision of the future.
Share what’s next.
But, most importantly, do this in 100 words. Something succinct. Something easily digestible. Too often, entrepreneurs take too much time and go into excruciating detail. Keep it light, fun, and memorable. Stories are memorable, details are not.
Take a few minutes, develop a simple pitch, a 100 word story, and align the team around it — think storytelling, not detail telling.