It's quite interesting to see how a pitch for a venture develops over a few days. It is even more astonishing to see how the vision of a project develops between partners. Over the last two weeks there has been an array of thoughts rushing through my head. At times I find myself thinking about the project at the random moments throughout my day. As with most ventures the idea seems great and easy to create at the very beginning of the process, but issues arise from the initial cost to operations.
Upon reading this week articles from the Harvard Business Review "Knowing a Business Idea When You See One", it left me with more questions than answer, again. The questions marks looming over my head had a great deal to do with the our idea and the market we planned on reaching out to. Yes, there exist something similar in the medical field in Mexico that applies the same principals were are trying to implement but I am concern about the initial reaction we'd get from potential cliental. I began to conduct more research to find out what other ventures have done in the past (i.e. whats worked and what has not) and I stumbled upon the elevator pitch builder provided by HBS ( http://www.alumni.hbs.edu/careers/pitch/).
While I do acknowledge that hasn't answer all my questions it has provided me with a foundation. The build an elevator pitch is provides an outline of what the elevator pitch should include.
Step One: Who are you reaching out to?
- What would you most want the listener to remember about you? Keep it short!
- What value does the company bring to the investor.
- How does your idea/company stand out.
- Make them concrete, defined, and realistic.
While I still need to work on my delivery, my thoughts are more concrete and detailed. Often times we forget that simplicity takes an idea a long way. Professor Tim Zak has emphasized this since day one, now I know why. The idea does not have to be complex, it can be simple. It just needs to solve a problem that society is currently facing.
Going forward the business strategy/model will prove to be key. To my fellow classmates, what has helped the process of designing you own business models/strategies?
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