The TEF Elevator pitch is one of the important requirement for any forward looking/optimistic/potential winners of the Toney Elumelu Foundation (TEF) seed capital worth five thousand dollars ($ 5,000).
One beautiful thing about the TEF is, you don't have to pay anything to anybody. If you emerge as a winner, your money will be given to you at the very date and time it was mentioned.
Although, some winners in the past edition of the program have complained of the money not reaching them at the time the organization had announced for fund disbursement. However, in a later article published by the organization, it was discovered that these persons, violated some of the rules of the organization that led to the delay in disbursement of their funds.
This post is specially crafted with you in mind, it is our desire that you win this money. This is why we have put together every resources you need, and also creating a platform where you can ask any question or seek any materials.
It is no doubt that the Toney Elumelu Foundation Applicant has always been victim of scams. This is due to insufficient resources out their from which applicant can get inspired from, to continue on their pursuit of the Toney Elumelu Foundation (TEF) seed capital worth five thousand dollars ($ 5,000).
This post is filled with information about the TEF definition of winning Elevator Pitches. see content of this post below;
Take Away in this Post titled TEF Elevator Pitch
- What is elevator pitch?
- why is it an important?
- Key components of elevator pitch.
- Examples of written elevator pitch
- Pitch from previous winners
What is Elevator Pitch?
Elevator pitch is an informal term used to describe a short speech that outlines an idea for a product, service, or project.
The name comes from the notion that the speech should be delivered in the short time period of an elevator ride. According to investopedia
- We have the one minute elevator pitch
- Two minutes and
- Three minutes Elevator pitch
Applicants for The Toney Eleumelu Foundation $5,000 are required to prepare a three minutes elevator pitch in which they will outline the key components of their idea.
Why is it important for TEF?
Every newbies on the journey of entrepreneurship would ask this question. There are two reasons why it is important for you to have an elevator pitch.
- Elevator pitch for TEF $5,000 is not playful thing, they are the root words of the entrepreneur expressing him/her business idea in the shortest possible time. This is where the zeal is show cased. A determined entrepreneur should have different summarized version of their business idea at their finger tip. It shows how well you understand the problem and the mitigation strategies you propose.
- Investors don't have all the time to sit and read an eleven to twenty page long document to grasp your idea and problem solving strategy. If you have their attention, then you need an elevator pitch to win their pocket. Yes, You heard me, their pocket. You'll soon win that of Toney Elumelu.
Key Components of an Elevator Pitch.
Now that you have know why it is important, their are key components that an investor - in case Toney Elumelu Foundation expects to see in your elevator pitch to be convinced.
These key components vary depending on the expected outcome of the pitch. What do you intend to achieve with the pitch and who are you pitching to? Lets see the components.
- Who you are: let them know you have a name, and you came from somewhere. You are a person.
- Time Bound: As mentioned in the importance of pitches, investors do not have all the time to listen to a long sermon. From TEF, it is expected that your pitch should not exceed three minutes time mark
- Clarity: specific simple English terms should be used, avoid professional jargons. some of the judges at TEF may not understand the sense in your professional jargon, this might make them score you low in places you would have made more points. So, it is better to be in the middle using words that everybody can relate with.
- Articulate the Conceived Problem: The problem is the reason why you have a business. This is the first instrument that does the magic. Exude knowledge of the problem you intend solving. One thing about investors, they wouldn't want to place their money in a no-profit-venture. from the problem definition, your investor will ascertain the lifespan of the business. If the problem is long term (a little secret nobody told you).
- Your Solution: Tell them how you want to save the day. define the business line you caught out of the problem. Bring it to light before the judges. let it be brief and heavy, savor your presentation with confidence and a glaring eye of strong conviction that the idea will strongly curb the problem.
- Money talk: Announce the income, state how much your solution can generate
- Pitching Intent: now that you have done the above, do not forget to allow them the opportunity to fund such a great vision. Demand for sponsorship. Yes, now you can say TEF, give me the $5k. lol. but seriously, ask for investors
These Whole Steps are Summarized into
- A quick introduction of yourself and your company
- A brief description of the problem your company's product or service solves
- Why your solution is unique, has a competitive advantage, or is superior to other solutions
- A glimpse into the earnings potential of your product or service
- A persuasive call to action
Examples of written elevator pitch Using the steps above
Introduction: “Hi I’m [name], a [position title] at [company name]. It’s great to meet you!”
Problem: “Since you work with [company name or industry] I figured you’d be interested to know that [problem + interesting statistic].”
Solution: “The great part about working at [your company’s name] is that we’ve been able to fix just that problem by [solution].”
Value proposition: “In fact, we’re the only company that offers [value proposition].”
CTA: “I think our solution could really help you. Are you available this week to speak further on this?”
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