Inventors often ask us how they should present their ideas. The truth is, it depends. We review ideas at all stages of development. If an innovation is truly unique and disruptive, it will probably make an impression even if it's scribbled on a napkin.
However, many great ideas aren't so blatant. They need to be presented in a way that informs and persuades the listener about their value. And in a world where time and attention are closely guarded, your most powerful tool can be the elevator speech.
The concept of the elevator speech is simple. Pretend that you board an elevator and find yourself standing next to the very person who can make your idea a reality. You have her attention until she gets off the elevator: a precious two minutes. Given that, how would you present your idea to inform, interest, and hook her?
The two-minute overview is a powerful technique for several reasons. Most obviously, it's a discipline for organizing a concise argument. More importantly, the exercise can clarify for you what's powerful about your idea. It forces you to distill your idea into its most basic form, identifying and articulating key strengths.
Your elevator speech should cover the following:
- Identify the 'job' that your invention is doing--what problem it's solving or what task it's fulfilling. This is your core message. You should have a hook but avoid hype. Instead of "I have a fantastic idea for a revolutionary new space heater," try "I've created a highly affordable space heater that doesn't dry out the air while it heats."
- Explain why your idea performs this job better than existing alternatives. "The heaters now on the market generate dry heat, which can be uncomfortable. My heater humidifies while it heats. That means the user feels more comfortable and warmer than with a regular dry heater."
- State who would pay for your invention and why. Again, don't exaggerate, but make it clear that it has fairly broad appeal.
- Explain why someone would pay to license your idea: What are they buying? For example: "I have a utility patent," "It's fully developed," "I've had it quoted and it's less than $7.00 to produce," etc.
- Incorporate memorable images and analogies. You want to impress your immediate audience--and make the pitch vivid enough that they'll be able to retain your points to sell others in their organization.
Try formulating one sentence for each point, and then elaborate where needed. Remember that passion is an important element of your presentation. But backing that up with clear, convincing arguments will really sell your idea.
Think innovation. Think BIG.
Mike Collins |
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Big Idea Group was created by Michael Collins. Mr. Collins is an inventor and serial entrepreneur. Mr. Collins has an undergraduate degree in engineering from Dartmouth and an MBA from Harvard Business School. He founded Kid Galaxy, a specialty toy company and producer of the award-winning Bendos line. Mr. Collins is a frequent speaker on the business of innovation, appearing at industry conventions, university forums, and inventor groups. He can be contacted at