0:01
So one of the things that entrepreneurs have to do and we discuss
and teach is, that at some point they have to tell their story.
And it's often called the pitch or the elevator pitch, whatever else.
So from your point of view what is involved in a sucessful elevator pitch?
And what, are the common mistakes people make when
they try to do these pitches? >> Well when you.
0:38
But, essentially the other people. Are, are not.
Don't have the same level of exitement for some aspect of
it, whether it's technology or something or something else and so who
cares that you are actually going to do this.
It's probably the most important piece and, and if
you started that articulation then you engage the person.
1:03
If it's compelling enough and if the person comes back and says, oh, okay
I, I get that but why is, why you are qualified to solve this problem?
What is the unique way that you are solving the problem?
If he asked you that question, it gives you an opportunity to engage and
to explaining a lot more of the stuff that you are really excited about.
1:22
But hooking him to get him to ask
that question is the essence of the elevator pitch.
>> So the elevator pitch isn't design to close the
sale, the elevator pitch is designed to begin a dialogue?
>> That's right.
1:48
That's a, that's a, great beginning. >> That's good.
And so, related to that, when people go wrong.
When they, where, where do they go wrong typically.
>> They, they start too much with with Something unique that they have found.
Yu know, technical guys always start by saying you
know, what I just did this DNA experiment and do you know what I did?
I did this, this, this, this, this, this, this and
this and, and it's all about what would enable that solution.
and not the solution itself.
And If it's somebody in the lab, who
understands all that, maybe they will get excited.
And they will say well, you know tell me
a little bit more about what you're working on.
But that will be a small circle of people,
who actually understand that part of it. But if you were to say hey, you know,
because of this I cured this, people Can't get it.
People can say, Yeah I think I see the, I see what your trying to do.
And now tell me why, only you can solve the problem.
2:53
So it's, it's really asking the, you know, answering the question as to who cares,
as opposed to how do you do it, is the, is a big part of [INAUDIBLE]
>> And when you know that you're going to a meeting or you're going to tell your
story, are there particular things you do to
prepare yourself to get ready to tell the story?
3:18
>> Well, it's, it's different, you know, you definitely
have to know a lot about the person himself.
And, and the more you know about their background and
what interests them and what they've already done and everything else.
I think doing that homework is very important.
Because, if somebody is an expert in something, you
go there and say something silly, you lost it.
You lost the deal.
Professor Buck GoldsteinUniversity Entrepreneur in Residence and Professor of the Practice
Dr. Holden Thorp, PhDProvost and Professor of Chemistry and Medicine
