Is It a One-Hit Wonder or Can This Mom's Business Scale? On the new episode of "Elevator Pitch," find out how much investors are willing to bet on first-time founders.
By Mackenzie Truman Edited by Jessica Thomas
Key Takeaways
- Investors need to see where your business is now but really want to know where it is going.
- Make sure you are nailing it domestically before you start talking about global expansion.
- Beta testing will only get you so far — investors want to see real metrics from real customers.
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"I love seeing first-time entrepreneurs, but what I love even more is seeing two- and three-time entrepreneurs who have had successful exits!"
So says investor Kim Perell on this new episode of Entrepreneur Elevator Pitch, where we learn if contestants with a track record of success can find their way into our panel members' hearts (and wallets) faster than first-timers. Although Kim is impressed with a contestant's history of wins, investor Jonathan Huang isn't quite as sold. "Just because you had an exit doesn't mean you were successful," he notes.
This is another episode packed with lessons that anyone hoping to fund their dream business needs to learn. As long-time viewers know, every episode of Entrepreneur Elevator Pitch gives contestants the chance to step into an elevator and try to win over investors in just 60 seconds. If they blow it? It's back to the drawing board. But if the pitch goes great, life-changing money is on the table.
And speaking of putting things on the table, Marc Randolph gives us a peek inside the investor mind, admitting that he has to fight his tendency to be overly optimistic about some opportunities, and in a later segment, revealing the business category that never ceases to spook him. "Some people are scared of heights, some people are scared of dogs," he says. "I am scared of healthcare."
The investors have no idea what business pitch is coming next, and the contestants have no idea if they're about to say the words that will have our panel ponying up funds or passing. When one entrepreneur expresses a desire to go global with their product, find out if investors are impressed with the grand vision or if they get turned off by a perceived lack of market focus. Watch now to see what happens!
Episode 6 Entrepreneur Elevator Pitch board of investors:
- Marc Randolph, co-founder and first CEO of Netflix, master of scaling
- Kim Perell, CEO of 100.co, serial entrepreneur and investor
- Jonathan Hung, angel investor and managing partner of Entrepreneur Venture Fund
Episode 6 Entrepreneur Elevator Pitch contestants:
- Danny Mayans of Salsa God
- Delia Passi of MyCabinet
- Kelly Garcia of Momper Romper
Season 9 of Entrepreneur Elevator Pitch is presented by Amazon Business with support from State Farm. New episodes stream Wednesdays on entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and Instagram.
