I recently just participated in an IQE pitch competition at University of Cincinnati. The business idea that my friends and I pitched is a part of the class that my friends and I did for the class Entrepreneurship New Venture. As a musician, this is such a new and interesting experience for me. Our business idea was a mix of music supervision company, agency, and matchmaker between film composers and filmmakers. In my opinion, it’s a pretty good idea that nobody in the industry is doing right now. Though, when it comes to elevator pitching this idea to people, we noticed the problem.
Generally, a good elevator pitch should be around a minute and a half to 2 minutes, which means that you have to break your idea down to its simplest version and present it. The problem with our business idea is that it involves too many aspect of music and film. So, it is almost impossible to present our idea clearly within the given time, especially with so many industry specific terms involved.
Some of the judges feel interested and wanted to know more, so it was ok for us to talk more and delve deeper. But, some judges were really turned off by how complicated it is. That right there made me realize that a great business idea that could attract investors should be ones that are simple, easy to understand, and very effective. From seeing other people’s idea and their elevator pitch, it’s incredible to see how many times the judges like ideas that make them go “wow! I have never thought of that!” It’s even more impressive when it’s something that has always been in our daily lives but we never paid attention to it.
Our group didn’t win anything from the IQE pitch. Though, we learned a lot from it. Our elevator pitch could’ve been better if we could break down our ideas to the simplest possible version of it. Also, getting feedbacks from the judges is always very helpful!