An elevator pitch is a true art of being able to get one’s unique idea for a business proposal across to someone who can make the dream come to life. The art is about making the pitch that can change a life all in the matter of seconds or minutes that it takes the elevator to rise a few floors. Elevator pitches are all about using precious little time to impress a mover and shaker to want to hear more.
Fast Company is collaborating with Hyatt Regency to find the next great business idea, offering a $10,000 prize for the ultimate elevator pitch in the Pitch It to Win It competition. The contest will involve 40 entrants who will be given a chance to convey their perfect “elevator pitch” for their business in an actual elevator at a Hyatt Regency hotel. Every pitch is to be video recorded in order to choose four winners from each of the two Hyatt Regency locations holding the contest.
An interview by Carol Ruth Weber with Stacey Snyder, from Hyatt Global, revealed the importance of Pitch It To Win It.
Snyder, as director of brand experience for Hyatt Regency, understands the importance of why marketing is important to grow one’s brand. Just as Hyatt markets their hotels, one needs to market themselves in order to grow their own brand, and business ideas. The elevator pitch is an important tool that one can use in marketing their brand.
Carol Ruth Weber: How did Hyatt Regency become involved in the Pitch It To Win It campaign?
Stacey Snyder: We are here celebrating why it’s good not to be home and spend time with customers, to understand what they need and want when they are staying with us. The competition is about making new connections and getting away from your routine. Hyatt Regency is using the elevator pitch competition to raise awareness why it is nice to get away with Hyatt Regency’s “It is good not to be home” campaign.
CRW: Why do you feel the elevator pitch can be so important?
SS: It’s giving entrepreneurs a break a chance to break from their routine, get away and have a chance to make connections, along with the support of the Hyatt Regency company. The Elevator pitch gives opportunities for one to connect with other entrepreneurs as well as with professionals.
CRW: What can one do to perfect their elevator pitch?
SS: That is why we have Wiley [referring to Wiley Cerilli, a venture partner at First Round] here to give his expert advice on how to get an idea pitched in one minute. It is important when pitching to get down to the most important core points.
CRW: What will help in closing the deal?
SS: Get right to the story and benefit of the product. When choosing the winner it will come down to who has the most compelling story.
“This is the first of many things to come, with a series of workshops with Fast Company spreading the statement that ‘It is good not to be home,'” Snyder excitedly added.
The eight finalists chosen from Fast Company’s panel of judges will then have the opportunity to be part of another competition. The final eight will be featured in a DC vs. Chicago bracket competition on FastCompany.com for the winner to be voted on by the Fast Company user community. The winner of the best elevator pitch will receive $10,000 along with two tickets to a Fast Company event, 3 Hyatt Nights Certificates and will be upgraded to Diamond membership status in the Hyatt Gold Passport program from the time of receipt of the prize through Feb. 2017.
Before entering the elevators, those competing will be given the opportunity to be mentored by Wiley Cerilli, a venture partner at First Round where he works with startups. On Oct 28, 20 local entrepreneurs from the D.C. area will be given the chance to pitch their dream at Hyatt Regency Tysons Corner Center. Once the elevator doors close each will have one minute to pitch their amazing business idea.
The top four pitches from the Hyatt Regency Tysons Corner Center event and the top four pitches from the Hyatt Regency Chicago event to be held on Nov. 2 will be featured in a DC vs. Chicago bracket competition on FastCompany.com. Users on Fast Company will have a chance to cast votes to decide on the grand prize winner.
Connections in business can be invaluable. The Pitch It To Win It competition is part of a series of workshops and networking events designed to allow guests to make new connections. It is supported by the Hyatt Regency brand’s largest-ever integrated marketing campaign.
Ever wonder how some people have all of the luck? It can be as simple as being in the right elevator at the right time and knowing how to make the perfect pitch. Fast Company prides themselves on having a “unique perspective on the people who are changing business, shaking up management, and finding opportunity in the global marketplace. ” This makes Fast Company the perfect business to partner with Hyatt Regency to seek out the ultimate of elevator pitches.
Focus on the art of the pitch and never be afraid to dance!
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