I was honored to serve as a judging panelist for Mercer University’s annual Elevator Pitch Competition, hosted by Mercer’s Stetson-Hatcher School of Business.

This was a rapid-style pitching session, with over 20 contestants competing. Each contestant was allotted a two-minute podium-style presentation and the three judges shared a three-minute Q&A session after each presentation. With a $500 cash prize up for grabs for five-minutes’ worth of work, the competitors took the process very seriously!

The flow and run-of-show were smooth. The two-minute time limit was not just a suggestion; the timekeeper sat directly in front of the contestants’ podium and gave 30-second warnings and a kind, yet firm, cut-off at the two-minute mark.

There were three judges on the panel (including two Mercer alumni!) who brought academic, corporate, and entrepreneurial experience: The Dean of the Stetson School, an Atlanta-based corporate IT director, and Entrepreneur and corporate finance/marketing Me. The panel had to share three minutes for Q&A after each presentation, so the event moved quite quickly! I’ve served on other elevator pitch and shark tank judging panels in the past; this one has been the fastest-moving one so far.

If you are an entrepreneur, you no doubt understand the need for initial funding to get your idea off the ground and into the hearts, minds, and hands of your consumers as a product or service. Serving on judging panels such as this one is a task I take very seriously, as I know the effort involved in ideation…and in crafting the perfect pitch.

As a judge, my job was to listen to and evaluate each pitch using a prescribed judging rubric, to ask pointed questions using the criteria below, and to select a winner through consensus with the other two judges. The specific dimensions for the judges’ rubric are listed below:

 

Judging Criteria

• The idea is innovative and creative;
• The idea solves an important problem;
• There is a well-defined solution for a well-defined market;
• This idea could be implemented by this founder;
• The pitch delivery is clear, strong, and professional; and
• The pitch engaged you enough to be interested in a follow-up meeting.

 

After the conclusion of the competition, I reflected and summarized my judging comments into three themes:

 

Top Three Success Tips for Elevator Pitch-Style Competitions

1. Professionalism.  While it is a plus to show enthusiasm and personality during your presentation, be sure to avoid the “too-casual-too-soon” trap. Do not address your audience or open your presentation with, “Hey, Guys.” The opening line is the most important tool for a contestant to grab his or her audience’s attention, so do not squander the opportunity by setting a too-casual tone.
2. Q&A Preparedness. Understand the judging criteria in advance and prepare for questions based on it. If you honestly cannot answer a judge’s question, be honest. It is fine to tell them what you DO know. It is even MORE important, however, that you acknowledge when you cannot directly address the specific question. The judges know that you cannot possibly anticipate or prepare for every potential question, but as “investors,” they must know whether you are trustworthy, honest, and transparent.
3. Differentiation.  If your idea is already in the marketplace, be sure to take time to build out a differentiation strategy. If you are pitching a cookie-baking business, do you have a unique distribution channel or route-to-market? Do you use unique or healthful ingredients? Are you able to distribute to a previously under-served market?

 

By pitching their ideas in a public forum such as this one, these aspiring entrepreneurs have made their first steps into the world of becoming their own boss!

Have you participated in an Elevator Pitch-style competition?  Subscribe to the #CEO Newsletter, and let me know about your experience in the comments below!

Kathryn

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