Post submission and shortlisting, I have refined my business idea thereby altering critical data. Is this likely to be negatively assessed at The Elevator Pitch?
Answer: Of course not. The panelist expects you to alter your business proposal,and refine it to include more accurate data and learnings.
The panelist talks of consumer acceptance to guage profitability of our business venture. Does this hold true for as yet undiscovered products?
Answer: In case of products/services that have not yet been launched in the market place, entrepreneurial aspirants are advised to attach a dip-stick survey to depict potential market need and consumer acceptance.
My educational background varies from my chosen area of entrepreneurship. Is this likely to negatively impact my performance at The Elevator Pitch.
Answer: Entrepreneurs are judged basis soft skills and a diverse background often helps enhance skill sets. At the Elevator Pitch, you are judged, not just your business idea. It's therefore important to be confident whilst presenting your idea.
What is the minimum return on Investment below which an idea will not gain Investor acceptance?
Answer: A minimum of 10x return is likely to attract a venture capitalist to your business proposal.
My business proposal centers around a design service. In lieu of this, will we allowed to include photographs in our Elevator Pitch submission?
Answer: Preferably, do not include photographs in The Elevator Pitch. In necessary situations like the one above, you may include photographs as long as the file size of the PowerPoint does not exceed 1MB.
What do you think is the primary reason for the failure of start-ups?
Answer: Businesses fail due to indigestion and not starvation! If a business is going too many places at one time, it is likely not to succeed. Persistence and passion are critical to business survival. Also, it's not so much the Power of an Idea, but the Power of Execution that helps realize an entrepreneurial dream. Remember not to be disheartened and conserve cash! Cash is critical to harness your entrepreneurial venture. After all, it's a marathon not a sprint race.
In the Financial segment of The Elevator Pitch submission form, are we allowed to include data in a spreadsheets format?
Answer: No, spreadsheets data cannot be attached in this segment. However, a six line table can be included in the PowerPoint itself.
What should I keep in mind whilst choosing an Investor?
Answer: It's important to understand that you don't choose an Investor, an Investor chooses you. However, the best Investor is one who shares synergy with you, whilst believing in your business idea. Also, if the Investor has Invested in businesses similar to your area of operation, it is likely to stand you in good steed. Additionally, how a venture capitalist responds to distress situations is also critical.
Does the Investor bet on the jockey or the horse?
Answer: At The Elevator Pitch, 2/3rd importance lies with the individual and his/her conduct while the rest is given to the idea. The aspirants' gumption for risk is critical to attracting a potential Investor.
How critical is it to include patents in the business proposal?
Answer: Patents are “good-to-have” to a business proposal; they give you the edge to stand out in the market place. However, venture capitalists eventually will choose a good idea, irrespective of whether it is patented or not.
In case of multiple years of operation, what data should I include in the Financial Segment of The Elevator Pitch form?
Answer: Three years financial data, and three years financial projections should ideally be included in The Elevator Pitch form.
Should you have any additional questions, or if you haven't received any critical communication material from The Power of Ideas Team, do get in touch with us at: firstname.lastname@example.org. We'll be pleased to help answer your queries.