APPLICATION TIPS: THE ELEVATOR PITCH - Lightning Lab
entrepreneurs

APPLICATION TIPS: THE ELEVATOR PITCH

When applying for any of our programmes, one of the first questions is “Describe your business in 140 characters or less”.

This is your elevator pitch and the idea is to capture our attention in just a few seconds. You have to nail your 140 character description because this will be our first impression on what you do, and once that sets in, it’s pretty hard to recover from it.

So here’s a quick tutorial on how to write a 140 character description. Start with this basic formula:

For {customer segment}, with {problem x} we offer {solution y}

This is a really rough formula which you’re not required to use but it does give you a good starting point. The key here is to be specific, we want to know what you specifically sell or do. The best way to highlight this would be to give us some examples.

Here are some descriptions from some previous Lightning Lab companies. These aren’t perfect and were put together before going through the programme, so you’re getting the raw, unedited versions. But they’re pretty good and we get a clear picture of what they do in only a few words.

CoachSeek
CoachSeek is an online marketplace connecting sports players with private sports coaches. Athletes can compare, book & review coaches.

Preno
Prenois web-based hotel management tool, that provides an integrated offering for small to medium accommodation providers.

PocketPhysio
PocketPhysio is a web-based tool that helps physios create best practice video rehabilitation programs that patients can actually follow.

Homescore
For young professionals and couples, saving and getting organised to buy their first home can be daunting. HomeScore helps by tracking savings, regular expenses and the housing market. This helps make informed changes that will have a big impact. HomeScore allows customers to save smarter and move in sooner.

Jrny
Jrny is a platform for customers like insurance companies and banks who struggle to keep up with their customer service demand. Jrny empowers them to streamline their customer journey by deploying integrated chatbots into their digital ecosystem. This helps them serve over 10 times as many customers as they normally would, reduce their customer acquisition costs and increase their net promoter score.

Now it’s your turn

Spend some time crafting your elevator pitch and test it out on people. Listen to their feedback, iterate on the questions you get asked, and test again. Keep testing until you get to the point where people know immediately what you do. You don’t just need it for a Lightning Lab application but you’ll need it to describe your business in the long-run.

 

 


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