Originally posted by MET student Robert Remmerswaal on 15/01/2018
While a little longer than 30 secs-1 min, I believe that without being on a stage, this would easily be an elevator pitch.
Study Soup
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Study Soup presented an elevator pitch for a relatively straightforward business goal – to be the ‘world’s biggest academic services marketplace’ by selling college student study guides and notes created by fellow students. This online platform attempts to alleviate the ‘pain’ of the hours of reading and time spent in class through the use of their structured study guides while allowing students more meaningful, relevant and profitable work creating and selling these study guides as opposed to working a minimum wage job such as a cafeteria.
As this is an elevator pitch and not a full venture pitch, the CEO of Study Soup focuses primarily on data on slides to demonstrate the viability of the company, providing the rate of growth in users and revenue, no. of registered users, a simplified plan to reach $100M in revenue as well as noting the traction they have with current users on the site, closing with a clear ask to meet with potential investors after the pitch.
With regards to the presenter and the founders, I have seen more passionate, engaging and compelling pitches. However, the product itself is not a flashy, highly speculative venture like AI and the presentation reflected that – which I appreciated. I believe this pitch was effective in clearly presenting the venture and to invite further conversations for potential investors.
Would I be willing to have a conversation with the CEO and meet his team? Based on the pitch, I wouldn’t mind learning more about the platform, possibly see a demo, pose more specific questions on the product, and depending on the response, would be willing to hear their Venture Pitch and review their Business Plan.