Investor"s Diary: Intentionally Poor Elevator Pitches, Problem Very first, Remedy Later

I give my college students annoying homework assignments, the very first of which is to come into class with an elevator pitch for a proposed firm. I define the term “elevator pitch” for them as a 60 2nd description of the organization. Time period – no further explanation. I ask them not to go through up on elevator pitches, and not to observe pitch competitions on YouTube. I want them to wing it – make some thing up that they believe will be convincing.

The college students all do a excellent undesirable job – which is exactly what I want. The pitches are all flawed, but the “intelligent but wrong” encounter helps make it less complicated to do it correct a week later, soon after we have far more thoroughly defined successful ways to pitch their companies.

The most widespread blunder the college students make? Pitches that are all notion, without having context a great deal of “here it is” and no “here’s why it issues.”

The 2nd time close to, the students get it proper: they recognize difficulties that require to be solved and the folks that have the dilemma they define the market place, THEN give the notion and describe how the notion can turn into a business. All in 60 seconds.

Negative pitches leave a “who cares?” hanging on the air. Great pitches helps make us nod, cock our eyebrows and consider, “the world has been waiting for this – why did not someone feel of it just before?”

I invest in existence sciences and biotechnology, difficult problems with complex options. So it is refreshing to hear about a novel nevertheless straightforward reply to a real difficulty.

Case in point. The difficulty: autistic kids wander, and every as soon as in a even though they wander away, and they can’t discover their way back, and they cannot be found. You have witnessed the information stories.

The folks impacted: the families, support people and colleges that face the issues (along with the joys) of caring for these children.

Lauren Thierry has a answer. Lauren is the president of Independence Day, a firm that tends to make clothing specially created for autistic youngsters. Her answer to the wandering issue? Minor GPS trackers embedded in the clothing.

Why didn’t a person feel of that ahead of?

I’ve read through a whole lot about wearable engineering, but so several of the concepts are remedies in search of a dilemma. Google Google glass, smart watches, Bluetooth rings, and iPhone-linked jewelry are modern technologies, but to my primitive thoughts they do not effortlessly and simply answer the “so what” test.

“Keeping track of kids who wander away” does.

(disclosure: I have no organization connection to Independence Day Wearable Tech. I am acquainted with the company President.)

Investor"s Diary: Intentionally Poor Elevator Pitches, Problem Very first, Remedy Later