Ask any entrepreneur and they’ll say that one of the biggest keys to success is the ability to sell your product to a potential customer or investor in three minutes or less. A good “elevator pitch” is essential.
Kaeya Majmundar knows all about the importance of a good pitch. Majmundar first came up with the idea for the BZBox, a collapsible box that does not require any assembly, when she was helping a friend pack and the box suddenly fell apart. While building her product, she also became something of an elevator pitch expert, entering and winning the Collegiate Entrepreneurs’ Organization’s pitch competition in 2012.
Those skills were also put to use recently when Majmundar was selected to appear on the season finale of ABC’s hit show “Shark Tank,” where she successfully convinced investor Lori Grenier to back the BZBox.
Majmundar, a senior at Emory University, shares these pointers on how to create a great pitch.
Draw your audience in
“You have to hook them,” says Majmundar of potential investors. “I’d say the most important thing is to not get bogged down with the technical details. They’ll ask the right questions if they are enticed.”
Create a storyline
It’s important to think of yourself as a storyteller, she says. A good story may convince people to overlook some shortcomings. Also, let your passion shine through. “I didn’t have the business [savvy] when I got started,” says Majmundar. “But people saw my enthusiasm and believed in me.”
Remember, all feedback is good feedback
Even people who react negatively to your idea can still teach you something. “I tend to focus more on the negative feedback than the praise because it motivates me,” says Majmundar. An iffy reception from a potential investor can lead you to come up with necessary tweaks to the product.
“The biggest thing that I’ve learned is to stick with it,” says Majmundar. “I can’t even say the number of times people have turned me down. But there’s really no dead end. You can either take a left or a right.”
Follow Lakshmi Gandhi on Twitter @LakshmiGandhi.